By John Lee.
France's Vallourec has secured two contracts to supply Oil Country Tubular Goods (OCTG) to support the drilling operations of China National Offshore Oil Corporation (CNOOC) and PetroChina in Iraq.
According to a statement from the company, these contracts carry potential revenue of over $130 million [IQD 170 billion].
The contracts cover the supply of carbon steel and Super-13Cr steel OCTG products with VAM® premium connections. Deliveries are scheduled throughout 2025 and 2026 to support Iraq's increasing drilling activities.
The company notes that demand is rising for premium OCTG material in Iraq, as the country, "holds some of the world's largest oil reserves with several super-giant oil fields that are increasingly being developed by international oil and gas companies."
Philippe Guillemot (pictured), Chairman of the Board of Directors and CEO of the Vallourec Group, commented:
"These contracts come in the context of recent announcements from Iraq's Ministry of Oil to increase the country's oil production capacity from 4.1M bpd in 2025 to 6M bpd in 2029."
CNOOC has interests in the Maysan Oil Fields and Block 7, while PetroChina -- part of China National Petroleum Corporation (CNPC) -- is developing West Qurna 1.
(Source: Vallourec)
Comments are closed.