Weatherford wins $224.4m Iraq oil contract

OIL PRODUCTION: Iraq government hopes Weatherford contract will boost Bazargan oilfield output by up to 30,000 bpd. (Getty Images)

US oilfield services company Weatherford has won a $224.4 million contract to drill 20 wells in Iraq's southern Bazargan field, the head of the state-run Maysan Oil Company told Reuters on Tuesday.

Ali Maarij also said the project could boost production there by up to 30,000 barrels per day (bpd). The field currently produces around 100,000 bpd, he added.

"This is a part of the company's efforts to boost production and raise Iraq's oil export rates," he said. "Other foreign companies bidded for this, but Weatherford was the best."

Iraq's oil ministry is attempting to woo foreign oil companies to boost production hobbled by creaking infrastructure and lack of investment. Oil Minister Hussain Shahristani wants to increase total output to 6 million bpd in 5-6 years time, from its current 2.4 million bpd.

While the country sits on top of the world's third largest proven crude reserves, decades of war, sanctions, neglect and sabotage have left its oil sector in a sorry state. (Reuters)

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