Iraq has inked an initial agreement with China National Offshore Oil Corporation (CNOOC) to drill 150 wells in Buzurgan oilfield in the Southeastern Maysan Governorate, the official Alsabah newspaper said on Sunday.
CNOOC is already the operator of Buzurgan field after it was awarded drilling contracts by the Iraqi Oil Minister nearly 10 years ago, the paper said.
It quoted Bassim Abdul Karim, Director of the Iraq Drilling Company at the Ministry, as saying there had been negotiations for two years with CNOOC for the new contract but they were suspended because of the spread of Coronavirus.
“We have resumed those negotiations, which have now produced a preliminary agreement with CNOOC to develop 150 wells in Buzurgan field,” Abdul Karim said.
He said the new contract would be executed in two phases, the first of which involves the drilling of 71 wells and the second is to be launched later.
Abdul Karim also revealed the Ministry would shortly sign a contract with Italy’s Eni Company for the drilling of 37 wells in the Southern Zubair oilfield, one of the world’s largest crude oil reservoirs with proven deposits of more than 4.5 billion barrels.
(Writing by Nadim Kawach; Editing by Anoop Menon)
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