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


 - BP Says New Sanctions on Russia Appear to Target Access to Markets (Jul 17)
 - US Court Revives BP Retirement-Plan Suit Filed After Oil Spill (Jul 15)
 - Onshore Shetland: BP's Sullom Voe Recruitment Drive (Jul 4)
 Company: Halliburton Companymore info
 - Halliburton Gets Boost from Rebound in North America Drilling (Jul 21)
 - Halliburton Forms Energy Joint Venture In China (Jul 11)
 - Under Sanction Threat, Russia Turns To Own, Chinese Oil Technology (Jul 9)
 Company: Weatherford Internationalmore info
 - Russia's Rosneft Agrees to Buy Weatherford's Russian, Venezuelan Assets (Jul 13)
 - China's Sinopec, Weatherford In Oil Services JV As Shale In Focus (May 21)
 - Weatherford Sells Pipeline, Specialty Services Business to Baker Hughes (Mar 24)
 Company: Baker Hughesmore info
 - Baker Hughes sees robust drilling activity for rest of year (Jul 17)
 - Norway Union to Ask Oil Services Workers to Vote on Wage Offer (Jul 6)
 - New Baker Hughes Educational Center To Consolidate Company's Training (May 19)
 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
 - CNPC Finds Oil, Gas Shows in Disputed Waters in South China Sea (Jul 16)
 - From New York Heroin Dealer to Afghanistan's Biggest Oil Man (Jul 7)
 - China CNPC Sets to Invest at Least $2B in Peru After Petrobras Deal (May 28)
 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
Global Drilling Manager
Expertise: Drilling Engineering, Project Management
Location: Houston, Texas, TX
 
Completions Engineer
Expertise: Drilling Engineering, Workover or Completion
Location: Houston, TX
 
Production Engineer
Expertise: Production Engineering, Stimulation
Location: Houston, TX
 
search for more jobs