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FinancialNews


  • 01-04-10

    Iraq awards drilling contracts worth $500m

    (MENAFN) The Iraqi government said that it has awarded nearly $500 million worth of new drilling contracts for the giant Rumaila oilfield, Reuters reported. Iraq awarded contracts to drill 49 new wells each valued at around $10 million, according to Abdul-Mahdy al-Ameedi, director of the Oil Ministry's licensing office. Chinese firm Daqing and a joint venture between Schlumberger and the state-owned Iraq Drilling Company are being awarded contracts to drill 21 new wells respectively, while Weatherford International was awarded with 7 new wells, Ameedi said. Iraq, in desperate need for cash to rebuild its battered economy after years of war and sanctions, has struck a series of development contracts with global oil majors that could also signal a bonanza for international oil service companies.

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