Vallourec stated it secured two contracts to provide oil nation tubular items (OCTG) to help the drilling operations of China Nationwide Offshore Oil Company (CNOOC) and PetroChina in Iraq.
The contracts have potential income of over $130 million, Vallourec stated in a information launch.
The contracts cowl the availability of carbon metal and Tremendous-13Cr metal OCTG merchandise with the corporate’s VAM premium connections. Deliveries are scheduled all through 2025 and 2026 to help Iraq’s rising drilling actions, in accordance with the discharge.
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Iraq holds among the world’s largest oil reserves with a number of super-giant oil fields which are more and more being developed by worldwide oil and fuel firms. “Consequently, demand is rising for premium OCTG supplies that may meet the dimensions and technical complexity of ongoing and future tasks,” the corporate stated.
Vallourec Chairman and CEO Philippe Guillemot stated, “These contracts come within the context of latest bulletins from Iraq’s Ministry of Oil to extend the nation’s oil manufacturing capability from [4,100 barrels per day] in 2025 to [6,000 barrels per day] in 2029. With these awards, CNOOC and PetroChina have acknowledged Vallourec’s competitiveness and talent to provide important portions of premium materials in a short while body. VAM connections are greater than ever praised by operators in Iraq and throughout the Center East for his or her robustness and ease of use, which helps the selection of VAM as a typical for his or her operations”.
In June, Vallourec stated it was additionally awarded a “important” order from Abu Dhabi Nationwide Oil Firm (ADNOC) for the availability of greater than 30,000 tons of carbon metal tubulars and related equipment, additionally that includes its VAM premium connections.
The order is a part of the continuing long-term settlement (LTA) for the availability of OCTG between Vallourec and ADNOC, in accordance with an earlier assertion.
The settlement additional includes an built-in suite of providers, equivalent to Vallourec’s VAM Subject Service and value-added digital options designed to optimize set up and upkeep practices, which is able to “make sure that ADNOC’s oil and fuel fields function with most effectivity,” the corporate stated.
To satisfy the mission’s provide and supply necessities, the corporate will perform manufacturing at its industrial websites in Brazil, China, and Indonesia. The order totally aligns with ADNOC’s goal of reaching 5 million barrels per day of manufacturing by 2027, in accordance with the assertion.
Laurent Dubedout, Vallourec Senior Vice President for OCTG, Companies and Equipment, stated, “This contract displays Vallourec’s unwavering dedication to supplying ADNOC with premium services, constructed on many years of operational excellence within the Center East. Due to our monitor file and field-proven efficiencies, we proceed to ship state-of-the-art OCTG options and associated providers to main operators like ADNOC”.
Earlier, Vallourec stated it secured a big contract to provide oil nation tubular items (OCTG) for drilling operations in Qatar, representing over $50 million in potential income.
The contract contains the availability of carbon metal OCTG merchandise with premium connections, to be delivered in 2026 to help Qatar’s rising onshore and offshore drilling exercise, the corporate stated in an earlier information launch.
Vallourec stated that the contract aligns with the targets of the Qatari authorities to extend the nation’s oil manufacturing by 19 % and liquefied pure fuel (LNG) manufacturing by 85 % by 2030.
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