With an American mandate .. Iraq agrees to drill 96 oil wells

Time: 03/24/2021 00:17:35
 
{Economist: Al Furat News} The Iraqi Council of Ministers agreed, on Tuesday, to refer a tender to dig a large number of oil wells to an American company.

According to the Media Office of the Council of Ministers, in a statement that the Council "approved the approval of the recommendation of the Ministerial Council for Energy (33 for the year 2021), which includes the approval of the award of the tender contract (WQ0691), the drilling of 96 wells in a turnkey method, Basra Oil Company / ExxonMobil, In the custody of the American company (Schlumberger).

He pointed out that the value of the tender was "in a total amount of 480 million 566 thousand and 597 dollars, which is {14.4%} less than the estimated cost of 5 billion and 616 million dollars, which is within the percentage permitted in the instructions."

And the Council of Ministers decided, "The Ministry of Oil bears the technical and financial aspects and the extent to which the contract amount is proportional to the tender, as far as it is related to financial viability."

And Iraq, the second largest producer of crude oil in the Organization of the Petroleum Exporting Countries (OPEC) after Saudi Arabia, with an average production of 4.6 million barrels per day in normal conditions, and depends on oil revenues to finance up to 90 percent of state expenditures.

Ammar Al-Masoudi

LINK