Energy

Weatherford Scores Iraqi Contract (WFT, SLB, E, OXY)

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

Get Ready To Retire (Sponsored)

Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.

Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.

Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future

Get started right here.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.