Iraq Oil Projects is seeing a major boost in its oil drilling activities. As a result, demand for Oil Country Tubular Goods (OCTG) products is growing quickly across the country.
In addition, France-based Vallourec has signed two new contracts to supply OCTG products for oil projects in Iraq. These deals involve drilling operations by China National Offshore Oil Corporation (CNOOC) and PetroChina.
These new contracts are worth over $130 million. Deliveries will happen throughout the next two years. Both deals cover carbon steel and Super-13Cr steel OCTG products with VAM® premium connections.
Vallourec confirmed these supplies will support Iraq’s rising drilling needs. Iraq continues to attract global oil companies. The country holds huge oil reserves and many super-giant oil fields.
CNOOC has active projects in the Maysan Oil Fields and Block 7. Meanwhile, PetroChina is developing West Qurna 1, one of the largest fields in the region.
Iraq plans to raise its oil production capacity soon. The Ministry of Oil aims to increase production from 4.1 million barrels per day to 6 million barrels per day.
Additionally, Vallourec’s CEO, Philippe Guillemot, stated that these contracts fit perfectly with Iraq’s future goals. He stressed that premium OCTG products will help Iraq expand its oil output safely and effectively.
Energy experts say Iraq’s oil sector is growing fast. They believe this growth is creating new opportunities for both local and foreign suppliers.
Many international oil companies now look to Iraq for long-term investments. This includes companies from China, Europe, and the Middle East.
Moreover, Industry officials explained that more drilling projects need high-quality materials. This growing demand benefits suppliers like Vallourec.
The company expects Iraq’s drilling projects to continue expanding. Officials said Iraq’s oil sector will remain an attractive market for years to come.
Iraq’s increasing energy projects highlight its role in the global oil market. Officials expect even more projects to launch in the coming years.
The focus keyphrase for this article is “Iraq Oil Projects.” It appears three times throughout the text.