China's Antonoil wins $140m Iraq contract
Firm to provide workover and completion services for oilfield in the south
China’s Antonoil has been awarded a contract for oilfield workover and completion services from an international oil company operating in south Iraq.
The contract, with an estimated value of $140mn, covers workover and completion services for more than 160 wells and acidising service for over 60 wells.
The four workover rigs required for the operation will be supplied by Antonoil. According to the pre-set schedule, the project is expected to commence in the first half of 2016, with services offered spanning for a term of three years.
"The Group had obtained from the customer a letter of commitment for the project last October and further initialed the contract in January this year, as soon as internal approval procedures are completed and formal signing of the contract concluded to make the contract effective in the final stage of project confirmation, the Group will kick off preliminary preparation for the project in the short run," Antonoil said in a statement.