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The top 5 oil deals in November (2023) witnessed a strong presence from Iraq and Algeria, with increasing development and investment work in the oil sectors in both countries.
A report by the specialized energy platform stated that the importance of oil is increasing with the escalation of the global energy crisis, at a time when the markets are witnessing a state of confusion, due to the continued implementation of the voluntary reduction in oil production.
Iraq came at the top of the five largest oil deals in November, through major agreements related to investment, production and development in the “West Qurna 1” and “West Qurna 2” fields by international companies.
Iraq topped the list of the five largest oil deals after announcing that it granted the Chinese company Petro China the right to become the main operator of the West Qurna 1 field, instead of Exxon Mobil, which withdrew from it. This deal came under a settlement agreement conducted by the Ministry of Oil. Iraq with the giant American energy company, with the aim of putting the final touches on its exit from this field.
Iraq strengthened its presence at the top of the list of the five largest oil deals, by concluding a new agreement with the Russian company Luk Oil, to develop the West Qurna 2 oil field.
The Russian company announced that it had signed the agreement to improve conditions in the Iraqi field, and to extend the services contract with the Ministry of Oil responsible for the field for another 10 years, stressing that the agreement will lead to gradually doubling the field’s capacity.
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