Word: qurna
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...plans to pump about 1.1 million barrels a day from Zubair in partnership with California-based Occidental Petroleum and South Korea's Kogas. ENI was quickly followed by ExxonMobil and Royal Dutch Shell, which agreed to produce about 2.3 million barrels a day in another giant field called West Qurna. Combined with BP-CNPC's anticipated output from Rumaila, "those three fields alone would be about 6% of total oil production in the world" when output targets are reached, says Munton, the Wood Mackenzie analyst. (See pictures of the Exxon Valdez disaster...
...Minister Hussein Shahristani demanded that oil companies lower their profit expectations, offering to pay them $2 for every barrel pumped in Iraq rather than the $4-a-barrel rate sought by oil executives. Chevron, which had negotiated for a year to develop Iraq's second-biggest field, West Qurna, pulled out of the deal on Tuesday, saying it had not met the company's "standard investment criteria." French giant Total and Spain's Repsol also withdrew after failing to secure a better deal from the Iraqis, leaving Baghdad high and dry. "[The Iraqis] approached this auction with...
...INDICATORS Slick Moves In the largest ever post-Soviet privatization, U.S. oil major ConocoPhillips acquired Moscow 's 7.6% stake in Lukoil for almost $2 billion. The two firms plan to seek oil in Iraq 's West Qurna field...
...Ready for Anything Danish troops were surprised to receive a supply shipment containing snow shovels, salt to de-ice roads, and lawn mowers. The nearly 400 soldiers are stationed near the southern desert town of Qurna, where temperatures have reached 50?C. A military spokesman said the equipment was part of a standard prepacked shipment...
Back in 1997, the Russian companies Lukoil, NK Zarubezhneft and Machinoimport signed a 23-year, $3.5-billion contract guaranteeing them access to the colossal West Qurna oil field—which may hold up to 15 billion barrels—once sanctions are lifted. Last week, the Iraqi newspaper Al-Zawra indicated that another Russian firm had solidified an arrangement to drill wells south of Basra...