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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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    A Chinese company wins operation of the largest oil field in Iraq

    Rocky
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    A Chinese company wins operation of the largest oil field in Iraq Empty A Chinese company wins operation of the largest oil field in Iraq

    Post by Rocky Sat 11 Nov 2023, 2:22 pm

    A Chinese company wins operation of the largest oil field in Iraq

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    Economy News - Baghdad
    Today, Saturday, Iraq signed a settlement agreement with the giant American energy company “Exxon Mobil” to put the final touches on its exit from the West Qurna 1 oil field and allow the Chinese company “PetroChina” to be the main operator of one of the largest oil fields, while this step comes to strengthen cooperation between... Baghdad and Beijing are the second largest economies in the world, which raises concerns for the United States, which seeks to contain the Chinese giant .
    Hassan Muhammad, Assistant Director of the Basra Oil Company for oil field affairs and licensing rounds, said, “We studied the settlement agreement and believe that the best option is for PetroChina to become the main operator of the West Qurna 1 field,” and it will own the largest share in the field after Exxon’s exit .
    He continued that Iraq also signed a sales agreement regulating financial matters to complete the acquisition of ExxonMobil's share in the West Qurna 1 oil field by the state-run Basra Oil Company .
    He added that the sale agreement includes a commitment to resolve the issue of the value of the tax that Exxon must pay in exchange for selling its share in the field during additional talks .
    The Basra Oil official said, “The tax issue has not yet been resolved, and based on the sales agreement, we have two options: either reach a settlement agreement on the tax or resort to arbitration .”
    Last year, Indonesia's state-owned Pertamina bought 10 percent of ExxonMobil's stake in Iraq's West Qurna 1 oil field, raising its stake to 20 percent, while Basra Oil Company bought 22.7 percent of the field .
    Khaled Hamza, director of the Basra Oil Company, said in 2021 that Exxon is seeking to sell the stake for $350 million .
    The West Qurna 1 field in southern Iraq is one of the largest oil fields in the world, with recoverable reserves estimated at more than 20 billion barrels. Officials at the field said that it currently produces about 560,000 barrels per day .
    Officials at the Basra Oil Company explained that after Exxon's exit from West Qurna 1, the company will not have any presence in the Iraqi energy sector .
    Last February, Iraq signed a package of agreements in the field of oil exploration, including contracts for the exploration, development and production of the exploratory block in the town of Naft Khana in Diyala Governorate and the Hawizeh oil field in Maysan Governorate with the Chinese “Geo Jade” company and the development of the Sinbad field in Basra with the “UAE” company. Chinese ji .
    At the time, Oil Minister Hayan Abdul Ghani expected the rate of crude oil production in the country to rise to 250,000 barrels with the implementation of the new licensing round and about 1,000 million standard cubic feet per day of gas .
    Prime Minister Muhammad Shiaa Al-Sudani had previously called for strengthening cooperation and friendship relations with China within the Belt and Road Initiative .


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