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Posts Tagged ‘IDC’
Thursday, July 22nd, 2010 by Ruba Husari
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IDC’s Success Story
Iraq Drilling Co (IDC) is back in force and seems on the way to turn itself into a success story by teaming up with the big ones. After the short setback following the failed joint venture with Mesopotamia Petroleum, it has finally found the magic formula to play the leading role in the gigantic drilling effort that will take place across the Iraqi oil fields over the next few years.
In the first drilling tender launched earlier this year for drilling in Rumaila oil field, IDC bid jointly with Schlumberger, the world’s largest oilfield services provider and together they won a contract to drill 21 new wells and carry out workover jobs on 23 wells. IDC will supply three of its…
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Thursday, April 22nd, 2010 by Ruba Husari
Reversing A Trend
Basrah – On the face of it and just listening to Iraqi oil officials describing their new ventures in Rumaila, it would appear as if BP is revolutionizing the way oil is produced in Iraq’s biggest and oldest fields. In reality, much of the work underway aims at reversing the trend of continuous malpractice imposed by years of war and sanctions. This covers all aspects of the production process from the use of submersible pumps and the handling of the resulting water cut; to horizontal drilling; to the use of 3-D seismic and modern well-logging to improve oil recovery rates.
To start with, electric submersible pumps were only used in Upper Shale at depth of 3100 meters where reservoir pressure was…
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Sunday, March 28th, 2010 by Ruba Husari
Making Headway in Rumaila
Basrah – The Rumaila oil fields, North and South, are getting their biggest face lift in a long time and at a rate which will see the fields doubling their output within three years to some 2 million barrels per day. At a joint management committee (JMC) meeting last week, the second so far since the Rumaila service contract won by BP and CNPC in June 2009 became effective Dec. 17, several major contracts worth over $600 million were awarded.
Contracts for the drilling of 56 wells went to a Chinese company which will provide 3 rigs, Iraq Drilling Co. (IDC) jointly with Schlumberger will provide another 3 rigs and a seventh rig is to be provided by Weatherford. The companies…
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Wednesday, January 27th, 2010 by Ruba Husari
The State Partners
Iraq’s oil ministry did well in choosing different companies to represent the state stake in the consortia awarded contracts to develop oil fields. Unlike the old days when the state oil marketing organization (Somo) was considered the de-facto state partner, including in five oil deals signed before the 2003 toppling of the previous regime (two production sharing contracts with CNPC and Lukoil and three exploration contracts with PetroVietnam, ONGC and Pertamina), different representatives now sit on the management committees of each field as holders of the 25% government share in each consortium.
Somo was the state partner on the BP-led consortia that signed the Rumaila deal. Missan Oil Co (MOC) represents the state on the consortia developing the Majnoon and Zubair…
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