An economic expert comments on the sale of Iraqi oil shares to foreign companies[You must be registered and logged in to see this link.] |Today[You must be registered and logged in to see this image.]
Baghdad today - Baghdad
Economic expert Nabil Al-Marsoumi commented today, Monday (November 20, 2023), regarding the trade of selling Iraqi oil quotas to foreign companies.
Al-Marsoumi said in a clarification received by “Baghdad Today” that “the Iraqi Ministry of Oil agreed to sell the Japanese company Enpps its 40% share in Block No. 10, which contains the Arizona field, to the operator, the Russian Lukoil Company, whose 60% share belongs to the field in which It includes oil reserves amounting to 10.9 billion barrels.
He added: "The company aims to produce 30,000 barrels per day of crude oil in 2024, which is relatively high-quality oil with a density between 25 and 29 and a low sulfur content."
Al-Marsoumi pointed out that “the Russian company owns a 75% share of the West Qurna/2 field, and the Dhi Qar Oil Company was unable to buy the Japanese company’s share due to its lack of financial and technical capabilities.”
It is noteworthy that the giant Russian company, Lukoil, has won a new agreement with the Iraqi government to develop one of the largest oil fields in the country, in a step that comes within Baghdad’s direction to expand and enhance its crude capabilities.
Lukoil concluded an agreement with the Basra Oil Company to extend the oil services contract in the West Qurna 2 field for a period of ten years until 2045, with a doubling of production.
The field is located 65 kilometers northwest of the southern port of Basra, and its recoverable reserves amount to 43 billion barrels.
The production target of the West Qurna 2 field, which has reserves of 14 billion barrels in the first phase, is 120 thousand barrels per day.
In the second phase, the field will add additional production growth of 480,000 barrels per day, from the Mushrif formation, which represents 10 percent of Iraq’s total crude production and 15 percent of its exports.Simon Watkins: The Russians will do what they promised regarding West Qurna production [You must be registered and logged in to see this link.]