The American "ExxonMobil" hands over operations in the West Qurna 1 field to "PetroChina" - 1/01/2024

[ronscarpa]

The American "ExxonMobil" hands over operations in the West Qurna 1 field to "PetroChina"

EconomyBreakingOilExxonMobilGourna1

 

2024-01-01 // 07:27

 

Shafaq News / The Iraqi Deputy Minister of Oil for Extraction Affairs, Bassem Muhammad, confirmed to Reuters on Monday that the American energy company ExxonMobil has officially handed over operations in the West Qurna 1 oil field in southern Iraq to PetroChina, as a main contractor.

 

Senior Iraqi oil officials met with executives from ExxonMobil, PetroChina, and Basra Oil companies, on Monday, in the West Qurna 1 field near Basra, on the occasion of Exxon's complete exit and handover of its operations to PetroChina.

 

The Iraqi Deputy Minister of Oil for Extraction Affairs, Basem Muhammad, told Reuters in an interview in the field, “We are meeting today to bid farewell to ExxonMobil and at the same time congratulate PetroChina on being the main contractor.”

 

Last year, Iraq signed a sale agreement to acquire 22.7 percent of ExxonMobil's stake in West Qurna 1 by the Iraqi state-owned Basra Oil Company, while the Indonesian state-owned Pertamina bought the remaining 10 percent of Exxon's stake, raising its stake to 20 percent.

 

Muhammad said that the final settlement recently reached between the Iraqi Oil Ministry and Exxon serves the interests of both parties.

 

He added that West Qurna 1 currently produces about 550,000 barrels per day.

 

It is one of the largest oil fields in the world and its recoverable reserves are estimated at more than 20 billion barrels.

 

The head of the Basra Oil Company explained that Iraq and PetroChina plan to increase production to 600,000 barrels per day by the end of 2024.

 

Officials at the Basra Oil Company reported that after Exxon's exit from West Qurna 1, it would not have any presence in the Iraqi energy sector.

 

The Undersecretary of the Ministry of Oil indicated that the government is keen to invite ExxonMobil to play a role in developing future energy projects.

 

https://shafaq.com/ar/اقتصـاد/كسون-موبيل-ال-ميركية-تسلم-العمليات-في-حقل-غرب-القرنة-1-لـ-بتروتشاينا

[coorslite21]

There's that PetroYuan/BRICS Iraqi connection again.....CL

[gregp]

15 hours ago, coorslite21 said:

There's that PetroYuan/BRICS Iraqi connection again.....CL

Big moves this week. The deenar rate increase train is making its last boarding call.