Oil: Next year will be a starting point to reap the benefits of investment in the sector

[nathan1606]

Oil: Next year will be a starting point to reap the benefits of investment in the sectorPosted: November 29, 2010 by Justhopin in Iraqi Dinar/Politics

Tags: Exxon, ExxonMobil, Iraq, oil, Oil field, Royal Dutch Shell, Schlumberger, Weatherford International, West Qurna Field 0•Weatherford completed drilling of 20 wells in the Rumaila and Bazargan .. And Schlumberger wins drilling west of Qurna

“Said Deputy Oil Minister Ahmed Chandler yesterday that the year 2011 would be a« kick »to reap the oil investments, with announced sources familiar with the Exxon Mobil U.S. oil giant and its partners have been granted a contract for the company Schlumberger oil services company to drill ten wells in the first phase of West Qurna field in southern Iraq.

The Chandler told a news agency reported «Voices of Iraq» on the sidelines of an exhibition of oil and gas that «” 2011 will see the kick-off for investments oil, as the intervention of some companies in the production stage, and we which to address the development plans of the contracts ». He stated that «the Oil Ministry calls for tenders and offers, and there is a committee Location ratify these contracts, if the contract cost of $ 20 million is under the responsibility of the company or of its jurisdiction, and if the contract cost of $ 100 million forecast by the Ministry».

The Chandler «If the contract at a cost of $ 150 million it is the prerogative of the Council of Ministers». In addition, agency «Reuters» unnamed sources that have been awarded the contract in the past few days but the final contract has yet to sign with Schlumberger. The new wells is part of the plan of a consortium led by Exxon to rehabilitate the West Qurna field, which signed a contract to develop a 20-year-old earlier this year. The sources added that the invitation had been extended to companies great services, including Weatherford International and Halliburton and Schlumberger to participate in a new tender for the drilling of 15 wells other The awarding of this contract are at the beginning of next year.

Also invited to the Iraqi Drilling Company of the Ministry of Oil to participate in the auction. Won the Exxon and Shell deal to develop the first phase of West Qurna field, with an estimated reserves of about 8.7 billion barrels during the bidding conducted last year on the oil fields development contracts. And Exxon and its partners have raised the level of production target of the first phase of West Qurna field, to 2.825 million barrels per day after the addition of new reserves for the region. Iraq won a series of development deals with international oil companies, which could mean a boom for the acts of oil service companies. And got Schlumberger a contract for the drilling of new wells in the Rumaila last March.

For his part, said director of Weatherford U.S. oil services yesterday that the company completed drilling 20 oil wells, and work is underway to drill about 70 wells other Rumaila and Bazargan and other parts of the country. He said Ramzi Harithi, quoted in agency «Voices of Iraq» while attending a gallery of oil and gas, which extends for a period of 25-28 of this month that his company «completed drill 20 oil wells and work is underway to drill about 70 wells other Rumaila and Bazargan and other areas in the south, and our activities other in the north and things going well ».

And on the nature of his participation in the exhibition, said Harithi that «the goals of our participation is to define the companies and participants the nature of the company and its activities, since the projects are distributed between the Rumaila and Bazargan and others”, he said, denying there was any involvement of his company with Halliburton to develop the Majnoon field.

On the future of Iraq’s oil, saw Harithi that «Iraq has big ambitions, but oil facilities dilapidated because of war, including that he decided to be produced during the next five years 15 million barrels a day, I think that there will be work for our company and other companies and citizens also».

He must also «the staffs of national access to technology that arrived to the world, especially that they are still working on outdated systems and technologies, should also enhance communication between the outside world and the staffs of oil to develop its oil industry».

http://don't promote other sites.wordpress.com/2010/11/29/oil-next-year-will-be-a-starting-point-to-reap-the-benefits-of-investment-in-the-sector/

[xxxgator]

:lol:Yea ,i will deffinately be options trading oil and commodities like wheat, rice coffee.That is once i have money to spend on something other than dinar ..Nice post