Chinese Company Replaces Exxon At Major Iraqi Oil Field

PetroChina has replaced Exxon as the operator of the West Qurna 1 field in southern Iraq, holding the largest stake in the field. 'We studied the settlement agreement and the oil ministry with the Basra Oil Company believe that the best option is for PetroChina to become the lead contractor of West Qurna 1,' a deputy manager at Iraq’s Basra Oil Co. said, as quoted by Reuters.

Basra Oil Company will become the majority shareholder after the completion of the Exxon deal, with over 50% in the field. West Qurna 1 is one of the largest oil fields in the world, with reserves estimated at more than 20 billion barrels of recoverable hydrocarbons. Production averages 500,000 barrels daily and makes the field a cornerstone in Iraq’s plans to boost its national total considerably.

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

First woman to lead Royal Mint striking gold at Britain's oldest companyAlthough most chief executives will feel the pressure when they take over a company, Jessopp has the weight of 1,100 years of history hanging over her head.
Source: DailyMailUK - 🏆 7. / 90 Read more »

Institute of Grocery Distribution: Food company experts meet Yorkshire pupils for new skills initiativeA major employability scheme connecting thousands of young people with technical, engineering and digital careers in Yorkshire has been launched to help address skills shortages.
Source: The Yorkshire Post - 🏆 39. / 66 Read more »

Merseyside company who organise 'extravagant parties' for celebsIcon Events has worked with famous footballers and celebs such as Steven Gerrard and Olly Murs
Source: EchoWhatsOn - 🏆 74. / 59 Read more »