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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


    What does it mean for PetroChina to take over management of the Iraqi West Qurna field instead of Ex

    Rocky
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    What does it mean for PetroChina to take over management of the Iraqi West Qurna field instead of Ex Empty What does it mean for PetroChina to take over management of the Iraqi West Qurna field instead of Ex

    Post by Rocky Tue 02 Jan 2024, 4:10 am

    [size=35][size=35]What does it mean for PetroChina to take over management of the Iraqi West Qurna field instead of ExxonMobil?[/size]
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    01-02-2024 | 02:42
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    Al-Sumaria News - Economy

    The American energy giant Exxon Mobil has officially ended its relationship with the West Qurna 1 field in Iraq, handing over all operations there to the Chinese company PetroChina.


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    The Undersecretary of the [url=https://www.alsumaria.tv/Entity/1016310985/%D9%88%D8%B2%D8%A7%D8%B1%D8%A9 %D8%A7%D9%84%D9%86%D9%81%D8%B7 %D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82%D9%8A%D8%A9/ar/]Iraqi Ministry of Oil[/url], Bassem Muhammad, announced that the American company has handed over its operations in the field located in southern [You must be registered and logged in to see this link.] to the Chinese company, which has become the main contractor for the project.

    Officials from the Ministry of Oil met with executives from the American company ExxonMobil and the Chinese [url=https://www.alsumaria.tv/Entity/120727/%D8%B4%D8%B1%D9%83%D8%A9 %D8%A8%D8%AA%D8%B1%D9%88%D8%AA%D8%B4%D8%A7%D9%8A%D9%86%D8%A7/ar/]PetroChina Company[/url], in addition to officials from the [You must be registered and logged in to see this link.] Oil Company, inside the West [You must be registered and logged in to see this link.] 1 field, to attend the handover ceremony.



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    West [You must be registered and logged in to see this link.] 1 Field
    The Undersecretary of the [url=https://www.alsumaria.tv/Entity/1016310985/%D9%88%D8%B2%D8%A7%D8%B1%D8%A9 %D8%A7%D9%84%D9%86%D9%81%D8%B7 %D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82%D9%8A%D8%A9/ar/]Iraqi Ministry of Oil[/url] for Extraction Affairs, Bassem Muhammad, said that today’s meeting was aimed at bidding farewell to ExxonMobil and its work in the West [You must be registered and logged in to see this link.] 1 field, and congratulating the Chinese PetroChina for assuming the position of main contractor in the oil field.

    According to this withdrawal, the Chinese company became the owner of the largest share in this field, as last year 2023 witnessed the signing of a sale and acquisition agreement that granted the [You must be registered and logged in to see this link.] Oil Company 22.7% of the American company’s share in the Iraqi oil field, according to what was published by [You must be registered and logged in to see this link.].

    In addition, the Indonesian company Pertamina bought the remaining 10% of ExxonMobil’s stake in the West [You must be registered and logged in to see this link.] 1 field, increasing its stake in it to 20%, according to figures indicated by the specialized energy platform.

    The official at the Ministry of Oil said that the final settlement recently reached between the ministry and ExxonMobil served the interests of both parties, pointing out that the field’s production volume of crude oil currently amounts to about 550,000 barrels per day.

    It is noteworthy that the West [You must be registered and logged in to see this link.] 1 field, located in [You must be registered and logged in to see this link.] Governorate in southern [You must be registered and logged in to see this link.], is one of the largest oil fields in the world, with recoverable reserves estimated at more than 20 billion barrels.

    Plans to increase production
    The head of the Iraqi [You must be registered and logged in to see this link.] Oil Company said that there are joint plans between his country and the Chinese company PetroChina, after ExxonMobil’s exit from the field, to increase production there to about 600 thousand barrels per day, by the end of the current year 2024.

    He explained that the American company’s departure from the West field [You must be registered and logged in to see this link.] 1 would leave it out of the Iraqi energy sector in general.

    However, the Undersecretary of the [url=https://www.alsumaria.tv/Entity/1016310985/%D9%88%D8%B2%D8%A7%D8%B1%D8%A9 %D8%A7%D9%84%D9%86%D9%81%D8%B7 %D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82%D9%8A%D8%A9/ar/]Iraqi Ministry of Oil[/url] confirmed, in statements to [You must be registered and logged in to see this link.], that his country's government is still keen to invite the American company ExxonMobil to play a role in developing future energy projects in [You must be registered and logged in to see this link.].

    Last November, [You must be registered and logged in to see this link.] announced that it granted the Chinese company PetroChina the right to become the main operator of the West [You must be registered and logged in to see this link.] 1 field, instead of ExxonMobil, according to a settlement agreement with the American company.

    At the time, Assistant Director of the [You must be registered and logged in to see this link.] Oil Company for field affairs and licensing rounds, Hassan Muhammad, announced that the Iraqi company and the Ministry of Oil had studied the settlement agreement, which resulted in a consistent vision that the best option was for PetroChina to take over the operation of the oil field.

    He explained that his country signed a "sale agreement" to arrange financial matters to complete the process of the state-owned [You must be registered and logged in to see this link.] Oil Company's acquisition of the American company's share in the oil field, noting that the agreement includes a commitment to resolve the value of the tax that ExxonMobil must pay in exchange for selling its share in the field.

    It is noteworthy that the American company has been seeking, since 2021, to sell a stake worth about $350 million in the West [You must be registered and logged in to see this link.] 1 field in southern [You must be registered and logged in to see this link.].
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