Spinning the bit: in southern Iraq
Iraq unveils drilling tender
Iraq's South Oil Company has issued tenders for international firms to drill a total of 40 oil wells in two of its southern oilfields.
A statement posted on the company's website invited bidders to drill 10 oil wells in the Nahr bin Omar field and 30 others in the Majnoon field near the southern city of Basra. Bids must be submitted by 1 March.
The South Oil Company plans to raise output by up to 400,000 barrels per day by the end of next year and is also working on boosting export facilities, a Reuters report said.
Current output at Majnoon and Nahr bin Omar currently sits at 50,000 bpd at each field, a senior engineer who declined to be named told Reuters.
Iraq threw its doors open to international investment in its oil sector last June, and has announced two bidding rounds for oil and gas field development service contracts.