Executives from leading industrial and energy companies hope to secure some of the millions of dollars expected from US contracts to restore Iraqi oil production. The US Army Corps of Engineers plans to award two new contracts to repair pipelines, perform maintenance and execute other vital oilfield work to get Iraqi output up to 3 million barrels of oil per day. The contracts, one for northern Iraq oilfields and one for the south, have a value of up to USD 500 million, much of which is likely to go to subcontractors. Bids on the long-awaited contract are due on 14 August. The Army Corps hopes to narrow applicants to a short-list by mid-September, with a final award announced in mid-October. Winners will get an above-cost fee and are eligible for a second performance-based award. The Army Corps intends the contract to replace a non-competitive award to Kellogg Brown & Root, a unit of Halliburton. Halliburton was one of many companies on hand for the briefing. Others included Bechtel Corp., Pride International, GlobalSantaFe Corp., Schlumberger Ltd, Baker Hughes Inc. (BHI) and Foster Wheeler Ltd.
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