FINANCIAL NEWS

Iraq awards drilling contracts worth $500m

01 Apr 2010

(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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