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Iraq Starts Drilling 20 Oil Wells

An oil field is seen in Dibis area on the outskirts of Kirkuk, Iraq October 17, 2017. (Reuters)
An oil field is seen in Dibis area on the outskirts of Kirkuk, Iraq October 17, 2017. (Reuters)
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Iraq Starts Drilling 20 Oil Wells

An oil field is seen in Dibis area on the outskirts of Kirkuk, Iraq October 17, 2017. (Reuters)
An oil field is seen in Dibis area on the outskirts of Kirkuk, Iraq October 17, 2017. (Reuters)

Iraq’s Oil Ministry announced on Tuesday that it kicked off a project to drill 20 oil wells in the Nasiriyah oil field in the southern Dhi Qar province.

Director-General of the Iraqi Drilling Company (IDC) Bassem Abdul Karim said the project is part of the contract signed with the Dhi Qar Oil Company in cooperation with the US Weatherford Company to provide oil services.

He told a press conference that the drilling process was using modern drilling rigs, and that the planned depth of each well is 2,200 meters.

The IDC has provided four modern devices with specific capabilities to implement the project within 18 months.

Last week, Abdul Karim revealed that Iraq signed contracts with American, Chinese, Russian and Azeri companies to explore for gas and crude oil in territorial waters in southern Iraq.

Companies include US Halliburton Co, Schlumberger Ltd and Weatherford and China's Bohai Drilling Engineering Co.

Iraq is targeting the oil and gas fields in the submerged zone and the Faw sea coasts to produce gas and crude oil, Abdul Karim noted.

These agreements with global companies will support the Iraq’s plan to construct submersible or submerged drilling rigs in offshore drilling processes, as well as train the company’s employees in accordance with the latest technologies and expertise in the field of diversified drilling.

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Saudi PIF, Elm Sign Agreement for Elm to Acquire Thiqah

The Public Investment Fund (PIF) logo
The Public Investment Fund (PIF) logo
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Saudi PIF, Elm Sign Agreement for Elm to Acquire Thiqah

The Public Investment Fund (PIF) logo
The Public Investment Fund (PIF) logo

The Public Investment Fund (PIF) and Elm, a leading digital solutions company, have signed a share sale and purchase agreement for Elm to acquire Thiqah Business Services Company – a firm specializing in smart technology solutions for business services – in a deal valued at $907 million (SAR3.4 billion).

Completion is expected once regulatory approvals are obtained and certain conditions are satisfied under the agreement.

According to a PIF statement, the transaction will further support a thriving local information and communication technologies (ICT) ecosystem and contribute to PIF’s strategy which aligns with the Vision 2030 aim of using digital transformation to create the high-skills jobs of the future and further grow the Saudi economy. The deal will enhance the growth of the ICT sector, drive innovation, and localize technologies and knowledge by strengthening Elm to lead the sector at the national level, maximizing the value chain by providing a wide range of ICT products, services and devices.

The ICT sector is among PIF’s strategic priority investment sectors, being a key enabler of other key sectors, including entertainment, financial services, healthcare, transport and logistics, and utilities and renewables, the statement said.

“PIF is committed to enabling the creation of national champions which contribute to driving the development and growth of the Saudi economy. PIF’s sale of Thiqah to Elm will contribute to enhancing the vital role of the ICT sector and will strengthen efforts to localize technology and drive innovation,” Head of Technology and Media, MENA Investments, at PIF Shahd Attar said.

CEO of Elm Mohammad Abdulaziz Alomair said: “This is an important transaction for Elm, as it enhances integration, rationalizes spending, increases profitability, and provides qualitative advantages for both parties and the market.”

“The combined integrated entity will be better able to create advanced national smart services to serve market requirements and clients’ needs. It will also contribute to facilitating innovative operations and capabilities to develop products in the business field with cost advantages while achieving economies of scale,” he added.