Tatneft says UN has approved its Iraqi well-drilling contract

Nov 18, 1999 01:00 AM

Tatneft, Russia's fourth-largest oil holding, said that it had obtained permission from the United Nations to go ahead with a contract in Iraq.
UN sanctions make it impossible for most foreign companies to work in Iraq, but Tatneft's press service said that the well-drilling deal fell within the framework of the humanitarian oil-for-food program.
The $ 7 million contract calls for Tatneft to drill 45 new wells at the Saddam and Bei Hassan fields for Zarubezhneft, a state-owned Russian trading firm. It also provides for the oil company to send experts and drilling equipment to the Iraqi fields.
Tatneft will be paid for its work with oil extracted from the new wells.
The company's press service noted that Iraqi officials had expressed interest in Tatneft's horizontal drilling techniques and other technologies.
The Tatar oil company is not the first Russian enterprise to become active in Iraq but is already working on several projects in that company. It is carrying out an appraisal of part of the Western Qurna field, where LUKoil is already at work, and also hopes to help develop the Rafide deposit. Furthermore, Tatneft experts are helping to train Iraqi engineers.

Source: NewsBase
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