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Exxon to increase West Qurna investment
- Iraq: Tuesday, March 26 - 2013 at 03:42
Iraq's oil ministry has said Exxon Mobil has decided to spend $1.65bn on the development of the West Qurna 1 oilfield in 2013, up from $1.6bn last year, Reuters has reported. "Under the work programme approved for 2013 by the oil ministry, Exxon has set $1.65bn to develop West Qurna 1," the head of the joint management committee for the field at the ministry, Madhi Abdul Razzaq, told the news service. Production from West Qurna phase 1 is expected to reach 540,000 barrels of oil per day (bpd) in mid-2013 and 600,000 bpd by the end of the year, up from the current 480,000 bpd, Abdul Razzaq said. "Output from the field is planned to reach 900,000 barrels per day by 2015," he said, attributing the increased production to 36 newly drilled wells due to come on stream this year.
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