Sclumberger Bags Iraq drill deal....
Gould dust: Andrew Gould-led Schlumberger wins large drilling deal in Iraq
US contractor giant Schlumberger has bagged a large drilling deal in Iraq from a consortium led by Russia’s Gazprom Neft. very close to our region.
Eoin O'Cinneide 20 June 2011 13:25 GMT
https://www.upstreamonline.com/live/article262693.ece
The value of the contract to drill 11 wells at the Badrah field has not, however, been disclosed by the Moscow-based oil giant.
NYSE-listed Schlumberger will drill the wells over a three-year period at the field, south-east of the capital Baghdad.
The consortium - led by oil giant Gazprom Neft but also including Petronas, Kogas and Turkish Petroleum (TPAO) – has its eye on drilling a total of 17 wells at the field by 2017. It is not clear from today’s announcement, however, if Schlumberger has retained options for the six remaining wells.
Drilling of the first batch of appraisal and development wells is expected to be completed by early next year but no mention was made of a first spudding date. Nobody was immediately available for comment at Gazprom Neft while Schlumberger has yet to announce the deal.
Gazprom Neft’s deputy chief executive for exploration and production, Boris Zilbermints, wrote: “The formation of operating well stock will enable us to meet the primary objective of the consortium’s participants: to begin production at the oil deposit in 2013, as stipulated in the service agreement”.
That service agreement, aimed at developing the 109-million-barrel field, was penned in early 2010
Gazprom Neft holds a 30% stake in the consortium with Kogas grabbing 22.5%, Petronas 15% and TPAO 7.5%. The Iraqi government retains the balance of 25%.
Published: 20 June 2011 13:25 GMT | Last updated: 88 minutes ago