The Cabinet approves recommendations on 96 new oil wells in Basra

Economy

28-03-2021, 14:30

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INA - Baghdad
General Secretariat of the Cabinet announced on Sunday, that the Cabinet approved recommendations on drilling 96 oil wells in Basra.
"The Cabinet approved the recommendation of the Ministerial Council for Energy regarding holding a tender for the drilling of 96 oil wells," said the secretariat in a statement received by the Iraqi News Agency (INA).
The recommendation stipulated the transfer of the WQ 0991 tender contract to drill (96) wells in a turnkey manner for (Basra Oil Company / ExxonMobil), under the custody of the US company (Schlumberger), according to the statement.
The total amount is (480,560,597) dollars, which is (14.4%) less than the estimated cost of ($561.6) million, which is within the percentage permitted in the instructions.
“The Ministry of Oil bears the technical aspects and the amount of proportionality of the contract amount with the tender, as much as it relates to financial viability," included the statement.