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September 11, 2019

Iraqi Drilling Company to drill Nasiriyah oil field

The Iraqi Drilling Company (IDC) has signed a contract with the Dhi Qar Oil Company to drill 20 new oil wells in the Nasiriyah oil field for $128m.

By Jack Unwin

The Iraqi Drilling Company (IDC) has signed a contract with the Dhi Qar Oil Company to drill 20 new oil wells in the Nasiriyah oil field in Southern Iraq for a fee of $128m over two years. The deal was authorised by the Iraqi Ministry of Oil on 11 September.

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As part of the deal, IDC will develop the 20 new oil wells by building four new towers to increase oil production.

The creation of the 20 new wells will expand the Nasiriyah oilfields production by 40,000 barrels of crude oil, alongside investing in 20 million standard cubic feet of gas that will be used as fuel for power plants in Iraq.

As well as increasing oil and gas production, the expansion of the oil field will also increase work opportunities in the area.

Nasiriyah (also spelt Nassiriya) was ordered to be developed by state-run companies by the Iraqi government in July 2018 due to the “delay and failure” of international companies to work on the field.

Iraqi Drilling Company

IDC is completely owned by the Iraqi state and was founded in 1990. It has made a number of new oil well drillings in 2018 and 2019. On 28 December 2018 it drilled a well at the Bay Hassan field near Kirkuk, which it described as one of the most important fields in Northern Iraq.

It has continued to drill for new wells in 2019, completing a new oil well with a depth of 3,526m at Maysan in Southern Iraq on 15 February. Nine days later it completed its first oil well drilling at the Qayara oil field near Mosul in Northern Iraq.

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2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
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