Exxon invested 1.65 billion dollars in the West Qurna 1 field

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Exxon invested 1.65 billion dollars in the West Qurna 1 field

2013-03-26

 

 

Baghdad/JD/... The Director of the Joint Committee for the management of field "West Qurna 1", that Exxon Mobil has earmarked 1.65 billion dollars to develop the field by 2013, up from $ 1.6 billion last year.

Madi said Abdul Razzaq, told Reuters that the field production to rise to 540,000 barrels a day by mid-2013 from the current 480,000. He predicted that up to 600,000 barrels a day by the end of this year, and 900,000 barrels per day in 2015.

Exxon has offered the exit from the project last year, angered Baghdad by signing six contracts with Kurdistan. And Baghdad signed contracts with the Kurdish region, and described it as illegal and called on Exxon to choose between draft (West Qurna 1) which costs $ 50 billion and its assets in Kurdistan, the major US company better conditions in order to continue its activities in the field.

Abdul Razak said Madi, Director of the Joint Committee for the management of the field (West Qurna 1), that the work programme of the Exxon to 2013 adopted by the Ministry of oil earmarked 1.65 billion dollars to develop the field. Under the service contracts concluded with Iraq oil companies must submit a plan of action includes the development budget to the Ministry of oil before the beginning of the year.

He said the oil Ministry official, who asked not to be named publishes "If Exxon is interested in continuing to work at the West Qurna 1 the massive investment will reach 1.65 billion dollars to develop the field. Indonesia's economy Minister had said earlier this month that the company (pertamina) owned by the State is in negotiations to buy between 10 and 20 percent of Exxon's share (West Qurna 1).

Sources said that ExxonMobil is considering selling part of its stake, amounting to 60 percent in the field, to PetroChina-arm of China National Petroleum Corporation. Abdul Razak said the field's production will rise to 500,000 barrels per day by mid-2013 from the current 480,000. He predicted that up to 600,000 barrels a day by the end of this year, and 900,000 barrels per day in 2015.

On the other hand, showed an initial download, the program is expected to reach the Iraqi Kirkuk crude exports of about 360,000 barrels a day in April. This figure represents an increase of 70,000 barrels per day from the level of the initial download for March of 290,000 barrels per day.

Exports are still below the high of 480,000 barrels a day, recorded in November since the Kurdistan Regional Government has decided to halt export pipeline controlled by the Government in December. The Kurdish Government has locked a dispute on oil payments with the Baghdad Government says it only her controlling exports through Iraq's oil marketing company SOMO.

The territorial Government began exporting crude independently across Turkey in January this year after he succeeded in exporting several shipments of capacitors in late 2012. The Iraqi Kurdistan halted exports in spring 2012 and which led to significant delays in loading, but export resumed in January, when Baghdad sent part of the payments/finished/22/

 

http://www.dananernews.com/News_Details.php?ID=3095

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THATS ALOT OF GREEN