Accessibility links

Breaking News

Iraqi Company Strikes Drilling Deal With U.S. Firm

BAGHDAD (RFE/RL) -- The U.S. oil services company Weatherford has signed a $224.4 million contract with the Iraqi state-owned oil company Maysan that allows it to drill some 20 wells in the Bazargan oil fields in Iraq's southern Maysan Province over the next two years.

Maysan Director Ali Miarich al-Bahadili told RFE/RL's Radio Free Iraq (RFI) that the project will add 50,000 to 60,000 barrels per day (bpd) to the province's current output of between 100,000 and 110,000 bpd.

He said the contract with Weatherford also provides for exploiting gas that is currently being burned.

Al-Bahadili added that international companies are invited to take part in biddings the next few days for expanded drilling rights in five other oil fields in the province.

The tenders will proceed in two stages, each dealing with 30 wells. Al-Bahadili said these additional projects will increase Maysan's oil production by some 100,000 bpd.