Wednesday, April 04, 2007
15 Arab, Asian and U.S. firms invited to drill in Iraq
Oil
(Reuters) - Iraq has issued invitations for 15 Arab, Asian and American firms to drill 100 oil wells in the country’s south as part of efforts to boost production, the oil ministry spokesman said yesterday. Asim Jihad said the invitations, issued at the end of March, would close at the end of May. The state-run South Oil Company will review the offers, he said.
He said among the companies invited were Syrian, Iranian and Chinese firms.“We want to drill 50 wells in Maysan (province) and 50 in Basra. It will take from one year to three years,” he said. “These new wells will give us between 50,000 to 60,000 bpd.” Iraq has the world’s third-largest proven oil reserves and needs billions of dollars to revive its oil sector. Most of Iraq’s proven oil reserves are in the Shia south or the Kurdish north.
Iraq’s cabinet has endorsed a draft oil law regulating how wealth from the vast oil reserves will be shared by its ethnic and sectarian groups.The world’s top oil companies have been manoeuvring for years to win a stake in Iraq’s prized oilfields such as Bin Umar, Majnoon, Nassiriyah, West Qurna and Ratawi – all located in the south of the country. The oil law which is still awaiting parliament’s ratification has given the regions the right to negotiate with international firms on developing oilfields.
Labels: Asim Jihad, Basra, Maysan, oil wells, South Oil Company
