Iraq awards $348 million in oil drilling deals

BAGHDAD (AP) — Iraq has awarded oil drilling deals worth a combined $348 million to two Chinese firms and Swiss-based oilfield services company Weatherford.

The deals approved by Iraq’s Cabinet cover work in oil fields in the southern Maysan province that are being developed by China’s state-owned CNOOC.

The statement issued late Tuesday says Weatherford won two drilling contracts, one for nearly $95 million and another for $82.4 million. Another contract worth $96.7 million went to China’s Bohai, while CNOOC division COSL snagged another for $73.8 million.

Iraq also extended for another year a deal to supply neighboring Jordan with oil under existing terms, but did not give more details. Iraq last year boosted exports to the kingdom, which must import most of its fuel needs.

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