Wood secures EPC contract for West Qurna 1 oilfield in Iraq

Core Insights - Wood, a UK-based technical services provider, has secured a contract from PetroChina for the West Qurna 1 oilfield in Iraq, extending its decade-long support for this significant crude development [1][2] - The contract involves engineering, procurement, and construction (EPC) works, which will be executed by nearly 200 employees based in Iraq and the UAE [2][3] - The West Qurna 1 oilfield is crucial for Iraq's energy security, holding over 20 billion barrels of recoverable reserves and a production rate of nearly 550,000 barrels per day [3][4] Company Developments - Wood's partnership with PetroChina at West Qurna 1 reflects the trust placed in the company to deliver complex energy solutions in Iraq [2] - In September, Wood accepted a conditional takeover bid of $291.5 million from Dubai-based Sidara, concluding a year-long bidding process [5] Industry Context - The West Qurna 1 oilfield is a core component of Iraq's strategy to sustain and potentially increase crude output to global markets [3] - ExxonMobil ceased operations at West Qurna 1 in 2024, transferring its responsibilities to PetroChina, which now holds the largest share in the oilfield [4]