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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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    Oil allocates $300 million to buy an American company's share of a field in Basra

    Rocky
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    Oil allocates $300 million to buy an American company's share of a field in Basra Empty Oil allocates $300 million to buy an American company's share of a field in Basra

    Post by Rocky Tue 19 Jul 2022, 5:31 am

    Oil allocates $300 million to buy an American company's share of a field in Basra
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    July 19, 2022
     
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    Oil Minister Ihsan Abdul-Jabbar revealed the allocation of $300 million to buy ExxonMobil's share, the main operator in West Qurna 1 field, noting that the amount was included in the upcoming budget.
    Abdul-Jabbar said that "in mid-2021, Iraq submitted a formal request to the American energy company ExxonMobil to buy its share in the field," noting that "discussions about purchasing with ExxonMobil partners lasted more than 90 days."
    He added, "The National Oil Company will buy ExxonMobil's share with a value of up to $300 million, and it will be included in the next budget, noting that the amount, according to the economic feasibility presented to the Ministry of Finance, will be recovered within two years of production and export profits."
    Abdul-Jabbar pointed out that “the National Oil Company plans to expand its investment portfolio in the extraction and oil industries sector, in addition to diversifying its activities by entering the public services utilities sector, the investment sector,” noting that “this planning is in the interest of Iraq and supports the program of transforming its companies into commercial profitable businesses.” “.
    He added, "Iraq succeeded in managing and operating the Majnoon field, after the withdrawal of Shell, the main operator of the field, within the service contract for oil licenses signed in 2010."
    And the Minister of Oil had announced last January that the Council of Ministers had approved the National Oil Company’s acquisition of ExxonMobil’s share in the “West Qurna 1” field, one of the giant oil-producing fields in the country.
    West Qurna 1 field was developed by the American company in 2010, and its oil reserves are estimated at about 8.5 billion barrels, and it produces an average of 300,000 barrels per day.
    ExxonMobil owned 60 percent of the field development contract, the Iraqi National Oil Company 25 percent, and Royal Dutch Shell 15 percent, according to official Iraqi data.
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