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
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