Iraq Awards 2 Deals Worth Nearly $1B for Oilfield

Associated Press
Wed, May 7, 2014

Iraq's Cabinet has approved two deals with two oilfield services providers jointly worth nearly $1 billion to run operations at the country's largest oil field.

A Cabinet statement Tuesday says it granted Britain-based Petrofac Ltd. a $538.5 million, three-year deal for management services for Rumaila field projects. It added that China Petroleum Engineering & Construction Corp. won a $425 million service deal for engineering, procurement and construction work for a power station at the field.

Iraq produces about 3.5 million barrels of oil a day now.

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