Iraq: Oil field contracts to be extended

Iraq: Oil field contracts to be extended
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Published October 24th, 2012 - 13:14 GMT via SyndiGate.info

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Contracts on oil fields in Iraq are being extended
Contracts on oil fields in Iraq are being extended
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London
,
WorleyParsons
,
PetroChina
,
BP Iraq NV
,
South Oil Company
,
Andrew Wood
,
State Oil Marketing Organization
,
Organization of Petroleum-Exporting Countries

WorleyParsons has been awarded a USD 90m contract extension by BP Iraq NV, and its partners PetroChina and the State Oil Marketing Organization (SOMO) of the Republic of Iraq, to continue providing Engineering, Procurement and Management services to boost production from the super-giant Rumaila oilfield in Southern Iraq.

In November 2009, BP and its partners entered into a 20 year Technical Service Contract (TSC) with the South Oil Company of Iraq. Under the terms of the TSC, the BP led consortium is required to nearly triple output from the field to 2.85 million barrels of oil per day over the next 6 years. On completion of this work, Rumaila will become the world’s second largest producing oil field, contributing approximately 10% of Middle East production, 7% of OPEC production and 3% of global production.

The contract is being executed from WorleyParsons’ offices in London, UAE and Iraq.

Commenting, WorleyParsons’ CEO Andrew Wood stated, “We are pleased to be able to continue our involvement in the reconstruction and development of Iraq’s oil and gas infrastructure. We understand the significance of the Rumaila development to the regeneration of the Iraqi economy, and we will work closely with the partners in the Rumaila development, BP, PetroChina and SOMO to create the maximum value over the life time of the field”.

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