Oil field services company Weatherford International Ltd. (NYSE: WFT) has won a contract worth $843 million to build six crude oil production facilities at Iraq’s Zubair field in the south of the country. Weatherford bested Schlumberger Ltd. (NYSE: SLB), among others, for the deal. The development of Zubair is being led by Italian oil giant Eni SpA (NYSE: E), and includes Occidental Petroleum Corp. (NYSE: OXY) and South Korea’s Kogas.
The project would more than double the output from Zubair — from 254,000 barrels/day to 554,000 barrels/day — in two years following the start of construction.
Iraq’s production goal for the field is 1.2 million barrels/day by 2017. The country’s overall goal is produce 12 million barrels/day by 2017, although half that amount is more realistic given the state of Iraq’s export capabilities.
Shares of Weatherford are up about 2.8% at $12.76 in a 52-week range of $10.85-$22.76.
Paul Ausick
Credit Card Companies Are Doing Something Nuts
Credit card companies are at war. The biggest issuers are handing out free rewards and benefits to win the best customers.
It’s possible to find cards paying unlimited 1.5%, 2%, and even more today. That’s free money for qualified borrowers, and the type of thing that would be crazy to pass up. Those rewards can add up to thousands of dollars every year in free money, and include other benefits as well.
We’ve assembled some of the best credit cards for users today. Don’t miss these offers because they won’t be this good forever.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
