Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content
  • CRYPTO REWARDS!

    Full endorsement on this opportunity - but it's limited, so get in while you can!

Everyone that is posting to get there count up!! Please post in this thread!!


ALLEYCATTS
 Share

Recommended Posts

This is what you can expect to happen with Iraq companies in the near future when they pay out dividends:

United Arab Bank's General Assembly Approves the Distribution of 15% Cash Dividend

The General Assembly of the Shareholders of United Arab Bank (UAB) approved during its annual general meeting held yesterday February 17th at Coral Beach Resort in Sharjah the proposal of the Board of Directors regarding the appropriation of profits for the year 2009 by distributing a cash dividend equal to 15% of the paid-up capital

Link to comment
Share on other sites

Iraq Invites Firms To Drill Wells For Rumaila

Iraq, along with British oil major BP Plc and its Chinese partner CNPC, have invited 10 firms to drill 56 new wells in the supergiant Rumaila oil field, an Iraqi official said.

Iraq, in desperate need for cash to rebuild its battered economy after years of war and sanctions, has struck a series of development contracts with global oil majors that could also signal a bonanza for international oil service companies.

The 10 selected firms include Halliburton Co, Schlumberger Ltd., Baker Hughes Inc., and Weatherford International Ltd., as well as Chinese firms and a Turkish company. The state-owned Iraq Drilling Company was also invited to bid.

"We prefer to directly invite those companies who have worked before with the South Oil Co, BP and CNPC. We want to shorten the procedures and time needed," Abdul-Mahdy al-Ameedi, director of the Oil Ministry's licensing office, told Reuters.

"We asked those companies to submit their bids and will study them. The best commercial tenders will be selected," he added, declining to give an estimate for the value of the bids.

BP and CNPC signed a 20-year development contract last year for Rumaila, which has 17 billion barrels of estimated crude reserves and is the workhorse of Iraq's oil industry.

It followed the Rumaila deal with nine others last year that could lift its capacity to 12 million barrels per day, rivalling top producer Saudi Arabia and offering an unprecedented workload to international oil companies.

Oil field services leader Schlumberger declined to comment on its prospects in Iraq beyond the bullish comments from its chief executive last month along with the company's quarterly results.

'Significant Challenge'

Rival Halliburton said invitations to tender for services in Iraq were in process, and it was recruiting and training employees to add to the staff and equipment already there.

"Assisting in the development of Iraq's oil and gas production potential will be a significant challenge and opportunity for our company and our industry," Halliburton spokeswoman Cathy Mann said in an e-mailed statement.

The company also said it expected the potential work to range from traditional product and service offerings to fully integrated well construction and production projects.

Nabors Industries Ltd., the world's largest land-drilling rig contractor, said it was in a good position to win work on Iraqi integrated projects due to its experience in Saudi Arabia, which was "the gold standard of drilling in that part of the world."

Nabors Chief Executive Gene Isenberg also said on February 17 that its deal with Iraq Drilling Company would offer inroads into getting work in the country, though he was not yet banking on a near-term earnings boost for Nabors.

"There are political and security problems there, and how they'll pan out is -- nobody knows," Isenberg said.

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.



×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.