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Iraq To Double Missan Oil Fields Output In 2011

Iraq's state-owned Missan Oil Co. is working hard to double its current crude production from the southern oil fields in Missan governorate next year, MOC's head Ali Maarij told Dow Jones Newswires Wednesday.
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Τετ, 18 Αυγούστου 2010 - 17:26
Iraq 's state-owned Missan Oil Co. is working hard to double its current crude production from the southern oil fields in Missan governorate next year, MOC's head Ali Maarij told Dow Jones Newswires Wednesday.

Around 90,000 barrels a day is produced from the Buzorgan, Fakka and Abu Ghirab oil fields. And MOC awarded last year and this year two contracts to drill new and work more than 70 wells that should add at least 20,000 barrels a day next year, Maarij said.

MOC was planning to raise output to 150,000 barrels a day this year, but formalities such as issuing a letter of credit for the $224 million contract awarded to the oil service firm Weatherford International Ltd. (WFT) last year and the company's preparations for the country's first and second bid rounds delayed implementation until July this year.

Weatherford has started work since the beginning of last month to drill 20 new wells in the Burzorgan oil field, he said. According to the deal the company should finish these wells in July 2012.

Another deal worth $10 million was awarded this year to a local contractor, Oilserv to rehabilitate some 50 existing wells in the three fields. Work under the contract started in July and is expected to be concluded early next year, Maarij said.

The prized 2.5-billion barrel three-field complex was awarded this year to Cnooc Ltd. (CEO), the Hong Kong-listed unit of China National Offshore Oil Corp., and state-run Turkish Petroleum Corp., known as TPAO. They pledged to raise production to 450,000 barrels a day in six years.

The consortium is currently in talks with the oil ministry to initiate a plan to develop the field, he added.

Moreover, the giant Halfaya oil field, which was awarded last year to a consortium led by China National Petroleum Corp., should reach a production level of 70,000 barrels a day by the end of next year, bringing production from Missan governorate's oil fields to 180,000 barrels a day next year, he said.

CNPC, Total SA (TOT) and Malaysia 's Petroleum Nasional Bhd, better known as Petronas, promised to raise output from Halfaya to 535,000 barrels a day in six years.

Missan oil field complex and Halfaya are two out of 11 deals that Baghdad had awarded to international companies at the country's first and second licensing auctions held last year that are seen boosting production to nearly 12 million barrels a day in six to seven years from current 2.4 million barrels a day.

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