China'a Anton Oilfield Services (Antonoil) has announced that the Group's general workover and well completion project in Southern Iraq market was successfully started with the first well being completed on Tuesday.
Acquiring in the third quarter of 2015 with an amount of approximately US$140.0 million and a contract duration of 3 years, the project commenced in the fourth quarter of 2016 and officially embarked on the construction of the first well in late February 2017.
It is expected that there will be a workload of 37 wells this year. Additionally, the Group has lately been awarded by the same customer a new water well workover and completion project with an estimated value of approximately US$16.5 million. The provision of services is expected to span for a term of three years.
The project is the first large-scale service contract Anton Oilfield has entered into with an international oil company in Iraq. Hampered by falling international oil prices, the project was on hold even since the bid had been awarded in 2015. In the second half of 2016, capitalizing on the oil price recovery, the customer kicked off the project implementation. Anton Oilfield reacted with a speedy preparation, completing the operation of the first well with the highest quality without delay.
(Source: Anton Oilfield Services)