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Iraq issues tender to drill 30 oil wells
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Trade Arabia - [4/26/2009]
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Iraq on Saturday issued a tender for the drilling of 30 new oil wells in southern Maysan province, in the oil-producing country's latest move to boost lacklustre output and invigorate its oil sector.
The 15 wells in Halfaya and Amara fields, tendered on a turnkey rate basis, should be completed within 20 months, while the 15 wells in Abu Gharab and Fakka fields should be completed within 26 months, according to the tender posted on the state-owned Maysan Oil Company's website.
Foreign firms must submit their bids by May 15. Iraq sits on the world's third biggest oil reserves but decades of war, international sanctions, sabotage and a lack of investment means its fields are underexploited.
The government is almost entirely dependent on oil exports for revenues and the decline in oil prices is threatening its bid to rebuild after the years of violence that followed the 2003 US-led invasion to topple Saddam Hussein.
Oil minister Hussain al-Shahristani and other government officials have called for a swift increase in current output levels of around 2.3-2.4 million barrels per day.
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