Russian company to develop Iraqi oilfield

Iraq has invited Russian oil company Zarubezhneft to help develop a large oilfield in southern Iraq. The field has estimated reserves of around 450 million metric tons, or 3.3 billion barrels. Zarubezhneft will analyse a package of geological, physical and economic data on the field that Iraq’s Oil Ministry had provided. He said the firm had contracts for the supply of equipment and materials worth about USD 100 million, including a contract with Iraq’s Northern Oil Company for drilling 45 wells around Kirkuk. The company is also considering various contracts, worth a total of USD 20 million to USD 25 million, for supplying equipment to and upgrading the oil refinery in the Iraqi region of Dor. Zarubezhneft is one of the companies that lifts Iraqi crude under the United Nations’ oil-for-food programme.

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