Business | Oil & Gas
Baghdad inviting bids from contractors to drill 7 new oil wells
Iraq is inviting bids from contractors to drill seven new oil wells and complete work on four natural gas wells.
- AP
- Published: 13:21 August 3, 2008
Baghdad: Iraq is inviting bids from contractors to drill seven new oil wells and complete work on four natural gas wells.
The Oil Ministry says contractors have until September 15 to submit bids to drill in the East Baghdad oil field. Sunday's statement says bids to complete four gas wells in the Akkas gas field in western Iraq will be accepted until September 30.
Reserves in the East Baghdad oil field are estimated to be at least 5 billion barrels. Its prewar production was 50,000 barrels per day, but it has not been operational since 2003.
The Akkas gas field has estimated reserves of more than 2.15 trillion cubic feet.
Iraq's Northern Oil Company says it will field questions from bidders at meetings in mid-August at its headquarters in the northern city of Kirkuk.
Business Editor's choice
-
‘Wrong Way' Krugman
The source of our economic malfunction lies with government-mandated bank regulations
-
Greek exit could make Eurozone stronger
Departure will show limits of bailouts and allow remaining members to act much more like a unit
-
UAE upholds values of free trade
Recently released statistics confirm an established fact, namely that of the UAE embracing the free trade principle in general and imports in particular
