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FinancialNews
07-09-19
Iraq's BOC inks deal for 80 wells in oil field
(MENAFN) Basra Oil Company (BOC) in Iraq is looking to prepare and wrap up a project for eighty wells within Majnoon oil field, located in Basra province, through securing an agreement with a Chinese firm.
Iraq's Oil Ministry announced "BOC signed a contract with China's Hilong Oil Service & Engineering Co., Ltd, to prepare and complete 80 oil wells at a cost of 54 million U.S. dollars."
BOC further secured a USD255 million agreement with the Iraqi Drilling Company value on the drilling of 43 oil wells within the oilfield giant.
Oil Minister Thamir al-Ghadhban stated "the signing of the two contracts is part of BOC's plans to increase the oil production rates in Majnoon to 400,000 barrels per day in 2022."
MENAFN0709201900450000ID1098975296
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