Iraq Awards 2 Deals Worth Nearly $1B for Oilfield
Britian-based Petrofac Ltd. and China Petroleum Engineering & Construction Corp. were approved for management, engineering, procurement and construction work at Iraq’s largest oil field.
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.
