News

February 26, 2009

Midmar Energy And Ramco Energy Pull Off Historic Oil Deal As They Sign Joint Venture Terms To Start Drilling In Iraq “Within Four Months”

Two British oil juniors have pulled off something of a coup by striking what could be a lucrative oil drilling deal in Iraq. Privately owned Midmar Energy, which owns a couple of oilfields onshore UK, and London-listed Ramco Energy formed Mesopotamia Petroleum Company in 2005 to seek out opportunities in the oil rich country. Yesterday it was confirmed that Mesopotamia Petroleum has signed a joint venture with state-owned Iraqi Drilling Company that will see the British firm drill its first wells in the country within four months.

The new joint venture, known as the Iraqi Oil Services Company (IOSCO), is the first of its kind to be signed between the Iraqi Ministry of Oil and a foreign oil company since the fall of Saddam Hussein in 2003. IOSCO will help deliver the Ministry’s stated target to boost production by 50 per cent, from around 2 million barrels per day to 3 million bpd as soon as possible and to 4.4 million bpd within the next four years. 

IOSCO will purchase and operate 12 new drilling rigs...