Halliburton Co. said Monday that it has been contracted by Exxon Mobil Corp. to use three drilling rigs to provide oil drilling services at a large field under development in southern Iraq.
The contract from ExxonMobil Iraq Ltd. covers services for 15 wells at the 8.6 billion-barrel West Qurna Phase I oil field, one of Iraq's largest. Financial terms of the deal were not disclosed.
Exxon's partners in the Qurna project include two Iraqi state-owned companies and an affiliate of Royal Dutch Shell PLC. ExxonMobil Iraq is the lead contractor on the field, with a 60 percent stake. It said last month that initial field production at the Qurna I field increased 17 percent to 285,000 barrels per day, exceeding its 10 percent improvement target. Under an agreement between Iraq and the companies, production from the West Qurna I field should reach 2.825 million barrels a day after 6 to 7 years.
Shares of Houston-based Halliburton rose 8 cents to $48.21 in morning trading.
Tuesday, April 12, 2011
They Told Me That If I Voted For John McCain, Halliburton Would Get Rich Off Of Government Contracts. . . And They Were Right!
Government approved at least. And those headlines never get old.