TURKEY TO DRILL 45 OIL WELLS IN SOUTHERN IRAQ

NAM NEWS NETWORK Mar 3rd, 2010

ANKARA, March 3 (NNN-KUNA) — The Turkish Petroleum Corporation (TPAO) is holding talks with Iraq to drill 45 oil wells in the southern Al-Rumaila oil field as part of a projected USD 312 million contract.

TPAO Chief Executive Mehmet Uysal said in a televised interview on Tuesday that the relevant deal would be signed with the Iraq South Oil Company in the coming six months, “provided discussions in this regard proceed without problems.”

Uysal added that the Turkish Petroleum International Company, the external arm of TPAO, would undertake the drilling at the oilfield whose current output capacity of one million barrels per day may be lifted to 2.8 million bpd.

British Petroleum and the China National Petroleum Corporation, currently involved in development activities of the field, have decided to invest USD 15 billion for 20 years to lift its daily output.

According to specialized reports, the development of this field requires sophisticated technology and equipment, unavailable in Iraq at present.

– NNN-KUNA

Source: http://news.brunei.fm/2010/03/03/turkey-to-drill-45-oil-wells-in-southern-iraq/