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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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    A specialized platform: China plans to take the "lion's share" in extracting Iraqi oilproposals from

    Rocky
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    A specialized platform: China plans to take the "lion's share" in extracting Iraqi oilproposals from Empty A specialized platform: China plans to take the "lion's share" in extracting Iraqi oilproposals from

    Post by Rocky Wed 15 Feb 2023, 1:59 pm

    A specialized platform: China plans to take the "lion's share" in extracting Iraqi oil[You must be registered and logged in to see this link.]
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    Baghdad today - follow-up
    A report by the American "Oil Price" energy publication revealed Chinese plans to take the "lion's share" of Iraqi oil extraction, as well as monopolizing the West Qurna 1 field.
    According to a senior source working closely with the Iranian Ministry of Petroleum, who spoke exclusively to the American energy publication Oil Price, PetroChina is set to become the sole major operator of the giant West Qurna oil field in Iraq, as Exxon has approached Mobil from selling its 32.7 percent stake in the field.

    According to a report in the "Oil Price" bulletin, the "West Qurna 1" field was believed to contain about 9 billion barrels of these reserves, but the Iraqi Oil Ministry said in early 2019 that the field's extractable reserves are more than 20 billion barrels.
    The ministry added that the plans aim to increase the field's production capacity of crude oil to more than 700,000 barrels per day by the end of 2025 from the current production level, which ranges between 450,000 and 500,000 barrels per day.
    
According to British energy expert Simon Watkins, in an analysis of global oil markets, the contract to develop the "West Qurna 1" field was supposed to be awarded only to the Chinese Petroleum Engineering and Construction Company (CPECC) in mid-2021.
    The $121 million engineering contract was initially aimed at modernizing the facilities used to extract petroleum associated gas during crude oil production, but the project has expanded and deepened in scope and size to include objectives that are compatible with PetroChina's activities.
    The same engineering contract model was used to award the Chinese “CPECC” company to develop the giant Majnoon oil field adjacent to Iraq, after the British company Shell decided to exit the field development in 2017.
    Before CPECC was awarded the Majnoon field contract, two contracts were signed in favor of China, one was with Hilong Oil Service to drill 80 wells at a cost of $54 million, and the other was with the Iraqi Drilling Company - with Chinese assistance - to drill 43 wells at a cost of $255 million. .
    
Shortly after these contracts, Anton Oil also entered as an investor in Iraqi oil, signing a contract for "project management and development services" in the Majnoon field. Majnoon field reserves are estimated at 38 billion barrels of oil.
    Chinese companies are seeking to increase oil production from the Majnoon oil field from its current level of about 240,000 barrels per day to 600,000 barrels per day by 2026.
    
The Majnoon field is a joint field between Iraq and Iran, known in Iran as "Azadegan", which in turn is divided into two giant fields - North Azadegan and South Azadegan. The field is operated by the National Petroleum Company.
    
And although PetroChina, the listed arm of China National Petroleum Corporation, bought a 32.7 percent stake in Qurna 1 at about the same time that US Exxon Mobil acquired its similarly sized stake in the field, China was It has long been the dominant partner in Qurna 1 and has managed to achieve this through many deals.
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