The West Qurna 1 field contract is worth $480m
Iraq has signed a $480m contract with US-based Schlumberger to drill 96 horizontal and diagonal oil wells at the West Qurna 1 field in Basrah.
Saad al-Damen, vice president of Schlumberger, said the contract will add 200,000 barrels a day (b/d) to production at the field.
The undersecretary at Iraq’s Oil Ministry, Hamid Younis, said that directional drilling provides an advantage as it covers a greater area and reduces the water level in the oil wells.
The deal was provisionally agreed by the Iraqi cabinet in March this year.
Earlier this month, Schlumberger announced rising revenues for its third quarter amid a flurry of high-profile deals in Kuwait, Oman and Saudi Arabia.
The company recorded global revenue of $5.85bn for the third quarter, an increase of 4 per cent when compared to the previous quarter, and 11 per cent year-on-year.
In the Middle East, revenue in Saudi Arabia and Qatar grew as a result of increased reservoir performance activity.
Projects awarded
During the third quarter, Schlumberger secured several projects.
The company was awarded a multibillion-dollar integrated stimulation technology and services contract by Saudi Aramco for its unconventional gas resources.
In its third quarter report, Schlumberger said fit-for-basin technologies will enable operational performance and efficiency.
The project scope includes the full suite of products and services for hydraulic fracturing, coiled tubing intervention, wireline services, Cameron hydraulic fracturing trees with MonoFlex dual-connection fracturing fluid delivery technology and flow back.
Mobilisation is expected to start in the fourth quarter of 2021.
In Oman, Petroleum Development Oman (PDO) awarded Schlumberger a major services contract for the provision of high-pressure hydraulic fracturing and stimulation services for up to 350 wells.
The five-year contract has two independent two-year options and comprises 105 oil and gas exploration wells and 171–245 gas development wells.
The work programme is scheduled to commence in the fourth quarter of 2021.
In Kuwait, upstream operator Kuwait Oil Company (KOC) awarded Schlumberger a five-year supply agreement for wellheads, production trees and services for 230 new wells and 250 workover wells in the country’s deep Jurassic formations.
The scope of the agreement includes the supply and installation of 15,000psi high-pressure, high-temperature wellheads; production trees; chokes; and control panels.
Source: MEED, 25 OCTOBER 2021 BY WIL CRISP
Comment here