Iraqi Oil Co Issues Tender to Drill 45 Wells in South Rumaila

AMMAN (Dow Jones Newswires), Mar. 30, 2009

The South Oil Company, an affiliate of the Iraqi Oil Ministry, has issued a new tender to drill 45 oil wells in the country's southern fields in a bid to address a sharp fall in southern oil production, the oil ministry said in its Web site.

It invited international companies to drill the wells in Iraq's largest producing oil fields South Rumaila near Basra.

The tender document sets the closing date for companies to submit their offers by April 23.

The giant South Rumaila oil field has proven reserves of around 8 billion barrels.

Drilling new wells in southern oil fields is part of a "Crush Plan" launched earlier this month by the oil ministry to increase Iraqi oil production by 500,000 barrels a day in two years time. Iraq is currently producing around 2.3 million barrels a day.

SOC, and Missan Oil Co., both are operating in southern Iraq, has issued several tenders over the last few months in order to double production in producing oil fields.  

Copyright (c) 2009 Dow Jones & Company, Inc.

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