Fugro to Enter Iraqi Oil & Gas Industry

Source: bloomberg 1/7/2011, Location: Middle East

Fugro NV, the world’s largest surveyor of deepwater oil fields, is about to enter the Iraqi oil and gas business as oil majors are stepping up their exploration and production in the nation.

“The security situation is improving,” Chief Executive Officer Klaas Wester said in an interview in Amsterdam today. “We’re now working on getting a couple of contracts,” mostly in the southern part of Iraq.

Iraq, holder of the world’s fifth-largest oil reserves, wants foreign investors to help boost production of crude oil and natural gas. Oil output hovered around 2.4 million barrels a day since the 2003 U.S.-led attack that ousted the regime of President Saddam Hussein. The government has awarded 12 oil and three gas development contracts since the invasion.

Fugro, based in Leidschendam, Netherlands, gathers information about possible petroleum reservoirs under the sea floor in areas such as the Gulf of Mexico, the North Sea and Brazil.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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