As our weekly newsletter goes to press, BP has just announced a major new event for contractors interested in its giant Rumaila oilfield.
There will be opportunities in the areas of:
- Engineering and Project Management Services (EPMS);
- Engineering, Procurement and Construction (EPC); and
This is hugely significant to the development of Iraq's economy, as the field will be second only to Saudi Arabia's Ghawar field when it reaches full production of 2.85 million barrels per day.
Just to put that in context, it equates to about 3.3% of current world output.
Here at Iraq Business News we have consistently argued that Iraq is on the path to a prosperous and productive future, and this announcement is another big step along that path.
Francisco Sanchez, US Undersecretary of Commerce for International Trade, who is currently leading a delegation of American businesses to Iraq, said on Wednesday:
- "The opportunity to create partnerships and engage is not a year-and-a-half from now or two years from now, where perhaps you’ll see a continued reduction in attacks or violence. If you want to play a role here, you really have to be here now."
As this and other stories develop, we remain committed to keeping you informed of news in all areas of Iraq's business life.