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FinancialNews
05-02-19
Iraqi planned 40 oil wells to produce 450,000bpd
(MENAFN) The output timeline of the deal inked between Iraq's Basra Oil Co. and Iraqi Drilling for the drilling of forty oil wells is 24 months.
Production under the pact penned a week ago is forecast to stand at 450,000 barrels per day (bpd), unveiled Iraqi Drilling Company Director General Bassim Mohammed Khudair.
Works on drilling the 40 oil wells in the Majnoon field is expected to be launched this year, the director general further revealed.
"The program will help the field increase production operations in record times and at reduced cost," stated Oil Minister Thamer Ghadhban.
According to the minister, the agreement "represents an important step for the development of oilfields with national capabilities through specialized companies."
MENAFN0502201900450000ID1098072812
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