Turkish and Canadian companies win first oil tenders in Iraq

Dec 18, 2004 01:00 AM

A Turkish company, Everasia, and a Canadian company, Ironhorse Oil & Gas, won the first oil field development tenders offered by the Iraqi Petroleum Ministry.
Everasia will undertake Kumala Dome petroleum field in northern Iraq, which could potentially produce 100,000 bpd of oil. Ironhorse will seek a similar increase in production from the Himrin field.

According to their agreements, each company will construct new pipe lines and gas plants and will take measurements of the water coming from the wells. Units connected to the Oil Ministry will conduct the actual drilling.
Ahmed Samma, an official responsible for projects, said that the conventions were submitted to the ministry council. According to information received from Samma, the ministry is still evaluating the offers.

With the project offering an increase in production, from 50,000 barrels to 180,000 barrels in the Suba Luhais oil field, the total cost of the three projects is $ 500 mm.
Meanwhile, OPEC announced their expectation that petroleum demands will decrease next year. The organization implied that the economic growth in the Northern US and China would slow.

Source: Feza Newspaper
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