IRAQ: Exxon and Shell sign agreement to explore Iraq's West Qurna Phase One oilfield project

Record ID: 343680

  • Title: IRAQ: Exxon and Shell sign agreement to explore Iraq's West Qurna Phase One oilfield project
  • Date: 26th January 2010
  • Summary: BAGHDAD, IRAQ (JANUARY 25, 2010) (REUTERS): (*** SOME FLASH PHOTOGRAPHY ***) REPRESENTATIVES OF EXXON MOBIL AND SHELL AND IRAQI OFFICIALS ARRIVING TO SIGN CONTRACT TO DEVELOP WEST QURNA OIL FIELD IRAQI FLAGS/ ZOOM OUT REPRESENTATIVES OF EXXON MOBIL, SHELL AND IRAQI OFFICIALS DURING SIGNING CEREMONY MORE OF REPRESENTATIVES OF EXXON MOBIL AND SHELL / PAN TO IRAQI'S OIL MI
  • Embargoed: 10th February 2010 12:00
  • Keywords:
  • Location: Iraq
  • Country: Iraq
  • Topics: Industry
  • Reuters ID: LVA4GU72O4SNOLGHMZV1I07OTA3D
  • Story Text: U.S. oil major Exxon Mobil <XOM.N> and Royal Dutch Shell <RDSa.L> signed a final contract on Monday (January 25) for the development of Iraq's 8.7-billion-barrel West Qurna Phase One oilfield.
    The partners, who will work with an Iraqi state-run oil company, won the right to develop the supergiant field in negotiations with the Oil Ministry last year following Iraq's June oilfield auction, the first since the 2003 U.S. invasion.
    Exxon's Regional Vice President Richard Vierbuchen and Shell Gas and Power Vice President Mounir Bouaziz signed the deal in the presence of Iraqi Oil Minister Hussain al Shahristani in Baghdad.
    "Iraqi professionals in oil industry have great knowledge and expertise in the development in the Iraqi fields and we are eager to work with them on the west Qurna project. Exxon mobile believes the implementation of West Qurna won contract will make important contribution in development economy in Iraq." Vierbuchen said.
    The companies plan to increase output from the oilfield to 2.325 million barrels per day from 279,000 bpd now.
    It is one of several deals following two oil contract auctions last year that have the potential to take Iraqi capacity to 12 million bpd -- rivalling top producers Saudi Arabia and Russia -- from 2.5 million bpd now.
  • Copyright Holder: REUTERS
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