April 11, 2011 Halliburton inks Iraq drilling deal
Halliburton Co. said Monday that it had entered into an agreement with an Iraq-based subsidiary of Exxon Mobil Corp. to provide drilling services on 15 wells in the West Qurna field in Southern Iraq. Financial terms of the deal were not disclosed.
Under the contract with Exxon Mobil Iraq Ltd., Houston-based oilfield services giant (NYSE: HAL) will provide well construction services using three drilling rigs to deliver the well. The West Qurna field is estimated to hold up to 8.6 barrels of crude, making it the largest field in all of Iraq.
Irving-based Exxon Mobil (NYSE: XOM) has has a 60 percent interest in the field, with its partners including The Hague, Netherlands-based Royal Dutch Shell Plc (NYSE: RDS) and two state-owned Iraqi firms.
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