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Weir Group gets Lukoil contract for maintenance at oil field in Iraq

Jan. 27, 2014 at 5:59 AM   |   Comments

GLASGOW, Scotland, Jan. 27 (UPI) -- The Weir Group, a Scottish oil services company, said it signed a $98 million contract to provide maintenance for the West Qurna-2 oil field in southern Iraq.

Weir, which has headquarters in Glasgow, said it agreed to provide general maintenance and pipeline services for Russian oil company Lukoil at the field for two years.

The Scottish company said it has already set up an $8 million service center at the Iraqi port city of Basra, one of the first maintenance facilities of its kind in the country.

"This substantial contract demonstrates the importance of Weir's long experience of working in Iraq and our reputation for delivering high-quality engineering services in support of the country's developing oil field infrastructure," Weir Chief Executive Officer Keith Cochrane said in a statement Friday.

Weir said its operations in Iraq will help Lukoil produce an estimated 150,000 barrels of oil per day from West Qurna-2 by the end of the year.

West Qurna-2 is estimated to hold up to 14 billion barrels of recoverable reserves, making it among the largest undeveloped fields in the world.

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