Sonatrach, Weatherford form Caribbean E&P JV

Algeria's Sonatrach has established a joint venture with Weatherford International for drilling in the Caribbean Sea.

Eric Watkins
Senior Correspondent

LOS ANGELES, May 30 -- Algeria's Sonatrach has established a joint venture with Weatherford International for drilling in the Caribbean Sea.

The new company, International Drilling & Integrated Services, will be based in the Virgin Islands because there's "a large market for offshore drilling in the Caribbean," Sonatrach said.

Under its first contract, IDIS will make five rigs available for Sonatrach, the Algerian company said. It did not state where the rigs would be deployed.

Weatherford will own 51% of IDIS, while Sonatrach subsidy Entreprise Nationale des Travaux aux Puits will hold 49%.

Contact Eric Watkins at hippalus@yahoo.com.

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