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China's Bohai Drilling Engineering Co. Secure West Qurna Two Drilling Contract

$156.74 million drilling contract approved by Iraq Oil Ministry

The Iraq Ministry of Oil has approved a deal for China’s Bohai Drilling Engineering Co. at the West Qurna Two oilfield operated by Russian oil major Lukoil.

Under the deal, worth $156.74 million, Bohai will provide drilling services for 28 production wells, with work to begin in January over a two year period until completion at the end of 2020.

State owned Basra Oil Company is also in discussions with Bohai over a second drilling contract opportunity at West Qurna Two. According to BOC official the contract would involve the drilling of a further 26 oil wells worth approximately $148 million.

Production at West Qurna Two is currently around 400,000 barrels per day (bpd), with operator Lukoil having signed a development plan with the BOC earlier this year with the aim to double production to 800,000 bpd by 2025.

Source: Reuters

 

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