Finance & Investing
News Services
Newsletters
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy
pledge.


advertisement

BP Launches Drilling Tenders for Iraq's Largest Oil Field

change text size

(Dow Jones), Feb. 17, 2010

UK oil major BP, along with Iraq's South Oil Co., has announced a tender to drill 56 wells and work on several others as part of the company's 2010 program to develop Iraq's largest oil field, Rumaila, a senior Iraqi oil official said Wednesday.

"A number of companies have been invited to bid for the drilling contract including Weatherford and Schlumberger," Abdul Mahdy al-Ameedi, head of the Iraqi oil ministry's petroleum contracts and licensing directorate, told Dow Jones Newswires.

He didn't name other companies, but separately an Iraqi oil official said Halliburton Co. and Baker Hughes Inc. were also invited.

Ameedi said that the development program of the field called for increasing production from the field by 110,000 barrels a day during this year. Rumaila, which is in southern Iraq and holds oil reserves of 17 billion barrels, is producing 1.07 million barrels a day.

BP and China National Petroleum Corp. signed a 20-year technical service contract in November last year to develop the field.

An Iraqi oil official said the BP/CNPC consortium also invited bids for purchasing rigs. He said there are already 10 rigs owned by the Iraqi Drilling Co. and Weatherford working in the field but that more rigs were needed. He gave no further details.

The BP-led consortium has pledged to almost triple production at the field to 2.85 million barrels a day. Under the deal, BP holds a 38% stake in the venture, while CNPC has 37% and Iraq's South Oil Co. the remaining 25%. The three contractors will receive a fixed fee of $2 for each additional barrel of oil produced from Rumaila.

The Rumaila deal is one of 10 deals signed with international oil companies late last year and early this year in a bid to revamp the country's war-hit oil industry and quadruple the country's production of 2.5 million barrels a day.

Copyright (c) 2010 Dow Jones & Company, Inc.

Related Companies
 Company: BP plcmore info


 - NWS JV to Develop $1B Persephone Project Off Northwest Australia (Nov 27)
 - Azeri BP-Operated Oil, Gas Output In Jan-Sept Near 2013 Level (Nov 20)
 - Egypt Awards BP Two New Exploration Blocks (Nov 10)
 Company: Halliburton Companymore info
 - Baker Hughes CEO Due Millions if Halliburton Deal Closes (Nov 17)
 - Halliburton Worker Killed in Colorado Fracking Accident (Nov 14)
 - Baker Hughes Says In Preliminary Merger Talks With Rival Halliburton (Nov 13)
 Company: Weatherford Internationalmore info
 - Weatherford Appoints 2H Offshore to Develop MPD System Riser Equipment (Oct 7)
 - Baker Hughes Finalizes Deal for Weatherford Business (Sep 2)
 - Rosneft Closes Weatherford Rigs Deal (Aug 1)
 Company: Baker Hughesmore info
 - Halliburton to Buy Baker Hughes for About $35B (Nov 17)
 - Halliburton Faces Tough Sell in Taking Baker Hughes Deal to Regulators (Nov 17)
 - Baker Hughes Says In Preliminary Merger Talks With Rival Halliburton (Nov 13)
 Company: Schlumbergermore info


 - Schlumberger Sees 2% Fourth-Quarter Profit Hit From Iraq shutdown (Dec 3)
 - Schlumberger to Restart Iraq Rumaila Oil Operations, Official Says (Nov 14)
 - Schlumberger Opens New Reservoir Laboratory in AU (Nov 12)
 Company: CNPCmore info
 - Petrobras Says It Gets $2.2B From Sale Of Assets In Peru (Nov 11)
 - Iraq's Rumaila Field Unaffected by Conflict and Oil Price Slide - BP (Nov 10)
 - Rosneft Sells Stake in Vankor Oilfield to CNPC (Nov 10)
 Company: South Oil Co.more info
 - Shell Exports 1st Oil from Majnoon Field in Iraq (Apr 8)
 - Eni, Iraq Amend Zubair Oil Target (Jul 15)
 - Iraqi South Oil Co. Official Allegedly Took Bribes (Mar 5)

Most Popular Articles
From the Career Center
Jobs that may interest you
Floorhand I
Expertise: Floorhand
Location: Odessa/Midland, TX
 
Project Manager / Upstream Projects / Consultancy / Contract
Expertise: Field Development, Project Management
Location: Houston, TX
 
Reservoir Engineer - US Onshore Focus
Expertise: Reservoir Engineering
Location: Houston , TX
 
search for more jobs