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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    The American oil giant reveals the reasons for its withdrawal from Iraq

    Rocky
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    The American oil giant reveals the reasons for its withdrawal from Iraq Empty The American oil giant reveals the reasons for its withdrawal from Iraq

    Post by Rocky Thu 25 May 2023, 5:21 am

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    [size=52]The American oil giant reveals the reasons for its withdrawal from Iraq[/size]

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    2023-05-24
    The American “ExxonMobil” oil company confirmed, on Wednesday, that its exit from the “West Qurna Phase One” field was not due to costs.[/size]
    [size=45]And the company (Standard & Poor’s) S & P Global Commodity Insights quoted John Ardell, vice president of “Exxon Mobil” for research and exploration, as saying that “the recent moves taken by Exxon Mobil to withdraw from countries such as the West Qurna field in Iraq and Equatorial Guinea are not costly.” He pointed out that such entrances and exits are a natural part of the excavation work.[/size]
    [size=45]“We cannot do everything everywhere, and what drives us to do it on a very active basis is to manage our investment portfolio,” Ardel said, noting that “the company will come out of places like Equatorial Guinea, like West Qurna and will grow very quickly in other countries as part of Consistent high scores.”[/size]
    [size=45]Exxon Mobil seeks to sell its 32.7% stake in the West Qurna / 1 field, while it recently sold part of its stake to the Indonesian company Pertamina, which owns a 10% stake in the field.[/size]
    [size=45]The other partners in the field are the Japanese Itochu (19.6%), the Indonesian Pertamina (10%) and the Iraqi State Oil Exploration Company (5%).[/size]
    [size=45]Iraq wanted to replace Exxon Mobil with another American company of no less weight and weight than it, which is seeking to get out of the field or for the Basra Oil Company to buy its share in the field.[/size]
    [size=45]During the year 2010, Iraq signed several contracts with international companies to develop its oil fields within the first and second licensing rounds. Those fields were mostly concentrated in the southern fields. Exxon Mobil was one of the companies that won the contract for the West Qurna field in the first phase, within a consortium of several companies.[/size]
    [size=45]The West Qurna field is one of the large oil fields in Iraq, and oil was extracted from it for the first time in 1973, and it is estimated that it contains oil reserves of 24 billion barrels.[/size]
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