Saturday, March 24, 2012
Iraq signs one billion U.S. oilfield service deal with South Korean firm
The contract was won by Samsung Engineering for work to be done on the West Qurna oil field. This is phase two in the development of the untapped oil field.
The Iraqi Oil Minister Abdul Luaibi said:“The project includes building a complete establishment on the ground to produce oil of around 500,000 barrels per day,” The completed first phase would lead to production of 1.8 million bpd (barrels per day).
Samsung was picked from a group of five short-listed companies. The contract involves construction of an oil pipeline for export, a tank farm, a gas processing plant, a power distribution system, an oil gathering system, central processing facilities and finally a water supply system. For a billion dollars one should expect quite a few things to get done! For more see this article.