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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

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    ExxonMobil graduates... Reuters reveals details about the West Qurna 1 field in Iraq

    Rocky
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    • Post n°1

    ExxonMobil graduates... Reuters reveals details about the West Qurna 1 field in Iraq Empty ExxonMobil graduates... Reuters reveals details about the West Qurna 1 field in Iraq

    Post by Rocky Sun 12 Nov 2023, 3:59 am

    [size=35][size=35]ExxonMobil graduates... Reuters reveals details about the West Qurna 1 field in Iraq[/size]
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    [/size]

    Economy

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    2023-11-12 | 03:18
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    [/size]

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    Al-Sumaria News - Economy

    Iraq granted the Chinese company Petro China (Petro China) the right to become the main operator of the West Qurna 1 field, instead of Exxon Mobil, according to a settlement agreement with the giant American energy company to finalize its exit from this field. field.


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    [You must be registered and logged in to see this link.] Oil Company Assistant Director for Field Affairs and Licensing Rounds, Hassan Muhammad, said that the [You must be registered and logged in to see this link.] Oil Company and the Ministry of Oil have studied the settlement agreement and believe that the best option is for the Chinese company to become the main operator of the oil field.



    Under the agreement, which was reached between all parties, on Saturday, November 11 (2023), [You must be registered and logged in to see this link.] will own the majority stake in the West [You must be registered and logged in to see this link.] 1 field in [You must be registered and logged in to see this link.], after ExxonMobil leaves, according to a report published by [You must be registered and logged in to see this link.].

    Iraqi West [You must be registered and logged in to see this link.] field,
    [You must be registered and logged in to see this link.] Oil Company Assistant Director for Field Affairs and Licensing Rounds, Hassan Muhammad, added that [You must be registered and logged in to see this link.] signed a “sale agreement” to arrange financial matters to complete the state-run [You must be registered and logged in to see this link.] Oil Company’s acquisition of ExxonMobil’s share in the West [You must be registered and logged in to see this link.] 1 oil field.

    He explained that the sale agreement includes a commitment to resolve the value of the tax that ExxonMobil must pay in exchange for selling its share in the field to [You must be registered and logged in to see this link.] during subsequent talks, according to the specialized energy platform.
    In turn, the Executive Director of the Bank of [You must be registered and logged in to see this link.] said: “The tax issue has not yet been resolved, and according to the sales agreement we have two options: either reaching a tax settlement or resorting to arbitration.”

    At the same time, two managers in the Iraqi West [You must be registered and logged in to see this link.] 1 field confirmed the details of the settlement and sale agreement signed with ExxonMobil for the benefit of the Chinese [You must be registered and logged in to see this link.] Company.

    It is noteworthy that last year (2022), the state-owned Indonesian oil and gas company Bertamina purchased 10% of ExxonMobil’s stake in the Iraqi West [You must be registered and logged in to see this link.] 1 oil field, increasing its stake to 20%, while the [You must be registered and logged in to see this link.] Oil Company bought 22.7% of the field.

    ExxonMobil's efforts to exit
    in 2021. [You must be registered and logged in to see this link.] Oil Company Director [url=https://www.alsumaria.tv/Entity/106755992/%D8%AE%D8%A7%D9%84%D8%AF %D8%AD%D9%85%D8%B2%D8%A9/ar/]Khaled Hamza[/url] stated that ExxonMobil International is seeking to sell a share worth about $350 million in the Iraqi West [You must be registered and logged in to see this link.] field, during an interview with [You must be registered and logged in to see this link.].

    Field officials had announced that the field is currently producing about 560 thousand barrels per day. The West [You must be registered and logged in to see this link.] 1 field in the south of the country is considered one of the largest oil fields in the world, and its recoverable reserves are estimated at more than 20 billion barrels.

    Commenting on the deal, Iraqi officials at the [You must be registered and logged in to see this link.] Oil Company announced that ExxonMobil International would not have any presence in the energy sector inside the country, after it exits the giant oil field.
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