Wood awarded $100m gas flaring contracts in Iraq – Daily Business

Wood, the consultancy and engineer, has been awarded a further series of contracts worth about $100m for flare gas reduction and carbon efficiency project solutions across the largest oil fields in Iraq.  

It follows Iraq’s commitment to reduce gas flaring by 78% by the end of 2025 and builds on the Aberdeen-based company’s decades-long track record of providing decarbonisation solutions for major operators in Iraq. It has implemented the country’s largest flare gas reduction programme to date. 

Ellis Renforth, president of operations for Europe, Middle East and Africa at Wood, said: “We are working in partnership with our clients to achieve Iraq’s energy ambitions and deliver a sustainable energy future for the country. 

“Wood Iraq has extensive knowledge of our clients’ infrastructure, operations and goals, enabling them to improve operational efficiency and reduce the impact of gas flaring while maintaining critical production.”  

The contracts will be delivered by Wood’s team in Iraq and the UAE. Wood will recruit 60 employees to deliver these projects.

Wood is currently in extended talks with Dubai-based consultancy Sidara which has made a proposed offer to acquire the company. The Takeover Panel gave them a deadline of 12 June to reach agreement.

Last week chairman Roy Franklin, who has led the board since September 2019, said he will stand for re-election at the AGM but intends to step down from the board as soon as there is greater clarity regarding Wood’s future direction.

Non-executive directors David Lockwood and Catherine Michel are leaving by mutual agreement in light of time commitments required by the company’s current position. Sue Steele is retirirng.