Turkish TPIC Wins $318m Iraq Oil Contract

Reuters reports that TPIC, the foreign exploration unit of state-run Turkish Petroleum, has won a $318 million contract to drill 45 wells in Iraq’s supergiant Rumaila oilfield, near Basra.

British firm BP and its Chinese partner CNPC signed a 20-year development contract last year for Rumaila, which has an estimated 17 billion barrels of crude reserves.

“We are yet to make a decision on another tender to drill 56 wells in Rumaila. We are still evaluating the submitted bids,” Dhiya Jaafar, head of the South Oil Company, told Reuters in the southern oil hub of Basra.

Separately, Iraq had invited 10 firms to bid for a contract to drill 56 additional wells at Rumaila, including TPIC, Halliburton, and Weatherford International.

The German MiGAZIN reports that TPIC has already put 197 wells into operation, 180 of them in Turkey and the rest in Kazakhstan.

(Source: Reuters, MiGAZIN)

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