Contract Award: $278M to Drill 30 Oil Wells in Iraq
Iraq has approved a $278 million drilling deal with Halliburton for the southern West Qurna- 1 oilfield. Under the 30-month contract, Halliburton is to drill 30 oil wells in the 8.7-billion-barrel West Qurna Phase One field. Oil production at the West Qurna-1 field is running at a rate of 360,000 barrels per day due to problems with low levels of water injection, which is needed to boost production.
The field is currently operated by Exxon Mobil. Iraq has awarded lucrative oilfield development contracts to majors such as Royal Dutch Shell, BP and Exxon Mobil with the ambitious target of expanding its oil production capacity to 8.5-9 million bpd by 2017.
ABOUT Halliburton
Founded in 1919, Halliburton is one of the world's largest providers of products and services to the energy industry. With more than 80,000 employees, representing 140 nationalities in approximately 80 countries, the company serves the upstream oil and gas industry throughout the lifecycle of the reservoir – from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production through the life of the field.