Halliburton Wins Contract To Develop Iraq Field

Halliburton HAL, the second-largest oil services firm in the world, won a contract from Eni E, Italy's largest oil company, to redevelop the Zubair oil field in southern Iraq. Texas-based Halliburton will test 20 wells and perform other tasks needed to increase oil production. Halliburton did not disclose the amount of the contract, but said work has already begun, according to the Associated Press. Iraq, an OPEC member, is believed to hold some of the largest oil reserves in the world, but the country has not been able to bolster production due to years of violence. Schlumberger SLB is the largest oil services firm in the world.