Vallourec said it secured two contracts to supply oil country tubular goods (OCTG) to support the drilling operations of China National Offshore Oil Corporation (CNOOC) and PetroChina in Iraq.
The contracts have potential revenue of over $130 million, Vallourec said in a news release.
The contracts cover the supply of carbon steel and Super-13Cr steel OCTG products with the company’s VAM premium connections. Deliveries are scheduled throughout 2025 and 2026 to support Iraq’s increasing drilling activities, according to the release.
Iraq holds some of the world’s largest oil reserves with several super-giant oil fields that are increasingly being developed by international oil and gas companies. “As a result, demand is rising for premium OCTG materials that can meet the scale and technical complexity of ongoing and future projects,” the company said.
Vallourec Chairman and CEO Philippe Guillemot said, “These contracts come in the context of recent announcements from Iraq’s Ministry of Oil to increase the country’s oil production capacity 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 ability to supply significant quantities of premium material in a short time frame. VAM connections are more than ever praised by operators in Iraq and across the Middle East for their robustness and ease of use, which supports the choice of VAM as a standard for their operations”.
In June, Vallourec said it was also awarded a “significant” order from Abu Dhabi National Oil Company (ADNOC) for the supply of more than 30,000 tons of carbon steel tubulars and associated accessories, also featuring its VAM premium connections.
The order is part of the ongoing long-term agreement (LTA) for the supply of OCTG between Vallourec and ADNOC, according to an earlier statement.
The agreement further involves an integrated suite of services, such as Vallourec’s VAM Field Service and value-added digital solutions designed to optimize installation and maintenance practices, which will “ensure that ADNOC’s oil and gas fields operate with maximum efficiency,” the company said.
To meet the project’s supply and delivery requirements, the company will carry out production at its industrial sites in Brazil, China, and Indonesia. The order fully aligns with ADNOC’s target of reaching 5 million barrels per day of production by 2027, according to the statement.
Laurent Dubedout, Vallourec Senior Vice President for OCTG, Services and Accessories, said, “This contract reflects Vallourec’s unwavering commitment to supplying ADNOC with premium products and services, built on decades of operational excellence in the Middle East. Thanks to our track record and field-proven efficiencies, we continue to deliver state-of-the-art OCTG solutions and related services to major operators like ADNOC”.
Earlier, Vallourec said it secured a large contract to supply oil country tubular goods (OCTG) for drilling operations in Qatar, representing over $50 million in potential revenue.
The contract includes the supply of carbon steel OCTG products with premium connections, to be delivered in 2026 to support Qatar’s increasing onshore and offshore drilling activity, the company said in an earlier news release.
Vallourec said that the contract aligns with the goals of the Qatari government to increase the country’s oil production by 19 percent and liquefied natural gas (LNG) production by 85 percent by 2030.
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