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Several licenses signed to drill oil wells in Iraq by the Ministry of Oil

The Iraqi Ministry of Oil has signed contracts with foreign companies for the drilling of new oil wells in Kirkuk, Baghdad, Basra, Maysan and Nasiriyah, as part of a long-term plan to increase oil production to eight million barrels per day by the end of 2027.

Several licenses signed to drill oil wells in Iraq by the Ministry of Oil

Director of the Iraqi Drilling Company at the Ministry of Oil, Mr. Basem Abdul Karim, announced today that the company is about to sign a contract to drill 37 oil wells in Zubair oil field, the main operator in Basra province. Mr. Abdul Karim also noted that Italian company Eni has delivered 14 oil wells and will drill three more wells in a previous contract, bringing the total drilling contracts in the oil field to 54.

Abdul Karim said that “following intense competition among the foreign drilling companies for the contract to drill 30 wells in the Rumaila field, west of Basra, British Petroleum (BP) won the contract, stressing “the company’s readiness to start drilling operations immediately upon getting the contract.” 

Moreover, Abdul Karim announced the signing of a contract with CNOOC, the operator of the Bazargan field in Maysan, to drill 22 wells in partnership with Chinese company Bohan at a cost of up to $160 million, confirming the end of two-year discussions on this issue, resulting from COVID-19. A preliminary agreement with CNOOC to reclaim 150 wells in Bazarkan was also reached, he said. Phase one includes 71 wells, phase 2 follows.

According to Abdul Karim, in Dhi Qar, the company is currently implementing a plan to drill 20 wells in the Nassiriya field, with the assistance of the American company Weatherford, which will enhance the strategy to increase production by up to 60 thousand barrels per day in the future, as it contains about 4.4 billion barrels of oil.

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