Baker Hughes Wins $640m Iraqi Drilling Deal

Baker Hughes (BHI) has secured a $640 million contract to drill 60 wells at Iraq's southern Zubair oil field, according to a report from Dow Jones.

Iraqi government spokesman Ali Al Dabbagh reportedly said on Tuesday that the Iraqi government and the consortium led by Italy's Eni had awarded the contract to an unnamed U.S. company, but sources close to the deal revealed it to be Baker Hughes.

Drilling would be completed in three years on turn-key basis, Dabbagh said.

(Sources: Dow Jones, Reuters)

2 Responses to Baker Hughes Wins $640m Iraqi Drilling Deal

  1. Diane Jasmine 22nd December 2011 at 02:09 #


    The country of Iraq and other countries entering agreements with each other seem to have little or no difficulty working out arrangements that may be below the radar screen. In the USA, many of us who have been paying attention to the political landscape know Obama does not pull the strings, and it is an insult to keep throwing blame on him, since the banking industry/wall street has been playing the real cards in the true decision making. If we look at the sub-prime markets while Bush was president the banks won what they wanted. I fear the elite again will win at the expense of all of us who(for me it has been 7 years as a holder of the dinar)and others like us in other countries who seem to be being ignored.All else seem to be smoke screens for not doing an international RV? I would love to hear about this and how this may be resolved.

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  2. Jacob the Jew 22nd December 2011 at 16:41 #

    To address your statement and concern, being a dinar holder myself for over 5 years now. The Iraqi government is still using US dollars to do everything. They will pay out contracts in US dollars and they leave the worthless dinar for their own people to use. I sincerely hope something changes soon. This is a clear indication nothing is happening with our dinar and Iraqi government will continue to use US dollars.