West Qurna Field
| West Qurna | |
|---|---|
 |
|
| Country | Iraq |
| Offshore/onshore | onshore |
| Coordinates | 30°53′7″N 47°17′27″E / 30.88528°N 47.29083°ECoordinates: 30°53′7″N 47°17′27″E / 30.88528°N 47.29083°E |
| Owner | Iraq National Oil Company |
| Service contractors | Exxon Mobil, Royal Dutch Shell, Lukoil, Statoil |
| Field history | |
| Discovery | 1973 |
| Production | |
| Recoverable oil | 43,000 million barrels (~5.9×109 t) |
West Qurna (Arabic: غرب قرنة) is one of Iraq's largest oil fields, located north of Rumaila field, west of Basra. West Qurna is believed to hold 43 billion barrels (6.8×109 m3) of recoverable reserves. The field was closed to Western firms due to years-long sanctions.
In November 2009, an Exxon Mobil - Shell joint venture won a $50 billion contract to develop the 9-billion-barrels (1.4×109 m3) West Qurna Phase I. As per Iraqi Oil Ministry estimates, the project will require a $25 billion investment and another $25 billion in operating fees creating approximately 100,000 jobs in the underdeveloped southern region. ExxonMobil is set to increase the current production of 0.27 to 2.25 million barrels per day (43×103 to 358×103 m3/d) within seven years. The Iraqi government, in turn, will pay $1.90 per barrel produced by ExxonMobil-Shell alliance.
In December 2009, Russia's Lukoil and Norway's Statoil were awarded the rights to develop the 12.88-billion-barrels (2.048×109 m3) West Qurna Phase II oil field. The Lukoil-Statoil alliance will receive $1.15 per barrel that they produce. In addition, they will work to raise output from West Qurna 2 to 120,000 barrels per day (19,000 m3/d) by 2012 and 1.8 million barrels per day (290,000 m3/d) over a period of 13 years. In March 2012, Statoil sold its 18.75% stake in the field to Lukoil, giving the Russian firm a 75% stake, and leaving the Iraqi state oil company with 25%.
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Wikipedia