Fugro to Enter Iraqi Oil & Gas Industry

Bloomberg reports that Fugro, the world’s largest surveyor of deepwater oil fields, is about to enter the Iraqi oil and gas business as the oil majors are stepping up their exploration and production in the country.

“The security situation is improving,” Chief Executive Officer Klaas Wester said in an interview in Amsterdam on Friday. “We’re now working on getting a couple of contracts,” mostly in the southern part of Iraq.

Fugro, based in Leidschendam, Netherlands, gathers information about possible petroleum reservoirs under the sea floor in areas such as the Gulf of Mexico, the North Sea and Brazil.

Fugro was founded in the Netherlands in 1962, has been listed on Euronext Amsterdam since 1992, and was included in the main Amsterdam AEX-index as of September 2008.

Fugro grows organically and through acquisitions, and by the end of 2009 employed some 13,500 staff in more than 50 countries.

(Sources: Bloomberg, Fugro)

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