Weatherford Wins $843M Iraq Zubair Field Contract

Weatherford Wins $843M Iraq Zubair Field Contract

LONDON - U.S. giant oil services company Weatherford International Ltd. won a $843 million crucial oil field facilities contract from Eni SpA-led group that will boost oil production from Iraq's Zubair oil field by some 300,000 barrels a day, a government spokesman said here Tuesday.

"Weatherford would build six initial production facilities each with 50,000 barrels a day capacity," Ali Al Dabbagh told Dow Jones Newswires on the sideline of an Iraqi energy conference held by CWC Group in London.

Three giant drilling firms Schlumberger AG, Weatherford and UnaRos, a joint venture of Italy's Rosetti Marino and privately held Unaoil, competed for the building the facilities in Zubair located in Basra in southern Iraq.

The initial production facilities, or IPF, will enable the Eni-led consortium to dramatically expand output from Zubair to 554,000 barrels a day from current 254,000 barrels a day after about two years from THE start of work.

Copyright (c) 2012 Dow Jones & Company, Inc.


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Ahmad Ali Rafi Ahmad | Jun. 20, 2012
I think Weatherford is expanding in Oil Industry. I have worked in Weatherford for almost 4 years now and Ive seen good developments in the company all around the globe. Weatherford stocks in NASDAQ will boom. Its a very good news for Weatherford and a new start.

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