Iraq approves oil development contract with Samsung

Jan 24, 2012 12:00 AM

Iraq's cabinet approved a $ 998 mm oilfield service contract with a South Korean company for the West Qurna Phase Two oilfield, the cabinet said.
An Iraqi oil official said the deal was with Samsung Engineering, the only South Korean company on the final shortlist.

Iraq and its partners, Russia's LUKoil and Norway's Statoil, had shortlisted five companies last year to compete for the West Qurna Phase Two oilfield development contract. The oil service companies selected were Saipem, SNC Lavalin Group, Punj Lloyd, Globalstroy Engineering and South Korea's Samsung Engineering, an oil official said.
Tenders announced were for construction of an oil export pipeline, a tank farm at Tuba, a power distribution station and an associated gas processing plant, and also an oil gathering system, central processing facilities and a water supply system.

The deal is part of the initial development plan set by LUKoil and Statoil and approved by Iraq's oil ministry in 2010 to start production from the untapped oilfield. They are expected to help production at the field hit 150,000 bpd in January 2013, an Iraqi oil official said.
LUKoil and Statoil sealed the 20-year deal to develop the West Qurna Phase Two in an auction in December 2009, pledging to boost output to a plateau target of 1.8 mm bpd in six years.

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