The Iraqi cabinet on March 23 approved a deal to award U.S. company Schlumberger Ltd. a $480 million deal to drill 96 oil wells in the south, according to a statement.
Iraq, OPEC’s second-largest producer, relies on oil exports for nearly all its state revenue.
The Scoop and Stack plays are still in the money but only with improved well spacing and effective management of frac-driven interactions.
The latest discovery was made by the Mako-1 well drilled about 10 km southeast of the Liza Field.
Energy scholar Robert Bryce offers an unabashed view of the shale revolution, climate change and the future of energy. Spoiler alert: don’t expect oil and gas to disappear anytime soon.