By John Lee. In its First Quarter 2016 Results, oil services company Weatherford said that it has now largely completed its Zubair project in Iraq. Net cash expenditure on the project to date amounts to $47 million. Shares in Weatherford have fallen by almost 30 percent since the results announcement. (Source: Weatherford, Yahoo!)
Tag Archives | Weatherford
New Allegations of Massive Corruption in Iraq Oil Industy
By John Lee. An investigation by Fairfax Media — publisher of The Age and The Sydney Morning Herald newspapers — and The Huffington Post, claims that Monaco-based Unaoil has been involved in widespread bribery and corruption in the oil industry, including in Iraq, Iran and Libya. Following examination of tens of thousands of emails, the report says that Unaoil […]
Tags: ABB, bribery, Cameron, Cameron/Natco, Clyde Pumps, Core Labs, Corruption, featured, FMC Technologies, Hyundai, Leighton, Luaibi, MAN Turbo, Monaco, Petrofac, Rolls-Royce, Rosetti Marino, Saipem, SBM Offshore, Shahristani, Shaw Group, South Oil Company (SOC), Unaoil, Weatherford, Weir Group
Missing Radioactive Material Located
By John Lee. Radioactive material that went missing in Iraq in November has been found, apparently undamaged, on Sunday near a patrol station in Zubair. The chief of the security panel at the Basra Provincial Council told Reuters: “A passer-by found the radioactive device dumped in Zubair and immediately informed security forces which went with […]
Weatherford, SGS deny Responsibility for Stolen Radioactive Material
By John Lee. The International Atomic Energy Agency (IAEA) has told Reuters of a theft a radioactive source in Zubair. The industrial radiography device is described Ir-192 in a shielding container, which is classified as a Category 2 radioactive substance, meaning that if not managed properly it could be fatal to someone exposed for a […]
Tags: featured, International Atomic Energy Agency (IAEA), radioactive material, SGS, Weatherford, Zubair
Weatherford sees Cash-Neutral end to Zubair Project
By John Lee. In its results for the first quarter of 2015, oil services company Weatherford said it expected “a positive cash outcome on the Zubair project in Iraq as milestones are achieved and continued control of capital expenditures,” The company added that “reduction in working capital balances and managing a cash neutral end to […]
Tags: Weatherford, Zubair
Iraq Awards $348m in Drilling Deals
By John Lee. Iraq has awarded oil drilling deals with a combined value of $348 million. Associated Press reports that Weatherford picked up two drilling contracts, one for nearly $95 million and another for $82.4 million. Another contract worth $96.7 million went to China’s Bohai, while COSL, a division of the China National Offshore Oil […]
Tags: Bohai, China, China National Offshore Oil Corporation, CNOOC News, COSL, drilling, Maysan, Missan, Weatherford
Gulf Keystone Starts Drilling at Shaikan-7
By John Lee. Gulf Keystone has announced the commencement of the Company’s drilling campaign to explore deeper, yet untested horizons of the world class discovery at the Shaikan field, which the Company operates. Shaikan-7, the first deep exploration well on the Shaikan block, is targeting the mid to lower Triassic and, potentially, Permian horizons, spudded […]
New Oil Find in Iraqi Kurdistan
Gulf Keystone notes today’s update by MOL Hungarian Oil and Gas Plc., the operator of the Akri-Bijeel Block in the Kurdistan Region of Iraq (in which Gulf Keystone has a 20 per cent working interest), on its extensive exploration and appraisal programme. Bakrman-1 Exploration Well Discovery Bakrman-1, the first exploration well to target the Bakrman […]
Tags: Akri-Bijeel, Bakrman, GKP, Gulak, Gulf Keystone, Kurdistan News, Kurra Chine, MOL, oil discovery, oil find, Shaikan, Weatherford
Weatherford Completes New Well at Bazargan
By John Lee. Missan Oil Company has announced that the US company Weatherford has successfully completed an oil well at the Bazargan field. It has also rehabilitated another well in the same field, and one at the Faqa oil field. According to a report from AIN, this brings the number of wells Weatherford completed at […]
Tags: Bazargan, Bazergan, Bazerkan, Bazirgan, drilling, Faqa, Maysan Oil Company, Missan Oil Company, Weatherford
45 New Oil Wells Drilled in Maysan
By John Lee. The Missan Oil Company has announced the completion of 45 new oil wells in the province as well as the rehabilitation of a number of old wells. The Director General of the Company, Ali M’arij, told AIN that “the Chinese company PetroChina drilled 30 new oil wells and rehabilitated six old ones […]
Tags: Bazergan, Bazerkan, Bazirgan, HaLFAYA, Maysan, Maysan Oil Company, Missan, Missan Oil Company, PetroChina, Weatherford
14 Wells Drilled at Bazargan Oil Field
The Director General of Missan Oil Company has announced that 14 of the 20 oil wells at Bazargan [Bazirgan] oil field have been drilled. He said that Weatherford accomplished the drilling operation in record time, and they were working on three of the remaining six wells. The wells have provided production capacity of 6,900 bpd. […]
Weatherford Completes Well #25 at Bazargan
The Missan Oil Company has completed the Bazargan [Bazirgan] oil well #25, which is reported by AIN to have a capacity of 170, 000 barrel per day. Ali Maarij, the Director General of the company said: “The US company Weatherford recently finished digging Bazargan well within Bazargan field … The well entered the service with […]