Tag Archives | Weatherford

IDC completes two Drilling Projects in Iraq

By John Lee. The Iraqi Drilling Company (IDC) has recently completed the drilling of oil well 48 at the Nasiriyah oil field. The company's general manager, Engineer Basem Abdel Karim Nasser, said this was part of the contract with Dhi Qar Oil Company (DQOC) to drill 20 oil wells at the field in cooperation with […]

IDC starts Drilling 20 Oil Wells at Nasiriyah

By John Lee. The Iraqi Drilling Company (IDC) has started work on the first of its 20 oil wells at the Nasiriyah oil field in Dhi Qar. IDC's Director General, Basem Abdul Karim, said that the project is part of a contract with the Dhi Qar Oil Company (DQOC) in cooperation with Weatherford. The planned […]

Weatherford signs 18-Mth Deal in Iraq

Weatherford International has announced that it has signed an 18-month contract with the Iraqi Drilling Company (IDC) to provide services and project management for the drilling and completion of twenty wells in the Al-Nasiriyah field in the Dhi Qar province in southern Iraq. Basim M. Khudair, General Director for IDC, said: "Signing this contract between […]

China's Zhongman wins $27m Iraqi Drilling Contract

By John Lee. China’s Zhongman Petroleum and Natural Gas Group Corp., Ltd. (ZPEC) has reportedly announced a new drilling contract with Weatherford in Southern Iraq. Chinese media reports that the deal is worth approximately $27 million, and follows another contract with Weatherford in Iraq agreed in December. The oil field was not identified. (Source: Eastmoney)

Weatherford Wins New Business in Iraq

Weatherford International plc (OTC-PINK:WFTIQ) has announced it has been awarded two fully integrated rig contracts and one well services (through-tubing intervention) contract with a multinational operator in one of the world’s largest proven oil fields located in Iraq. Frederico Justus, President of the Eastern Hemisphere for Weatherford, said: “Weatherford has operated in Iraq since 2006, […]

ADES Expands into Southern Iraq

By John Lee. ADES International Holding Ltd., a London-listed company providing offshore and onshore oil and gas drilling and production services in the Middle East and Africa, is to expand into Southern Iraq. The company will acquire two idle land rigs in Iraq from Weatherford, as part of a $287.5-million deal to buy 31 rigs […]

Weatherford has "largely completed" Zubair Project

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!)

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 […]

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 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 […]

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 […]