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Iraq oil boost
Source: Agencies |
November 29, 2010, Monday
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PRODUCTION from Iraq's prized West Qurna Stage 1 oil field should more than triple to 750,000 barrels a day in three years, an oil official said yesterday.
The 8.6 billion barrel field, which is being developed by a consortium grouping Exxon Mobil and Shell, was among those awarded by Iraq during one its first international oil licensing rounds last year and is seen as a key part of the country's drive to boost overall output of a resource on which it relies for 95 percent of its foreign revenues.
West Qurna Stage 1 produces 234,000 barrels per day, said Mahdi Swadi, the head of the joint management commission that runs the field. Output will climb to 270,000 barrels per day by May, he said.
The 8.6 billion barrel field, which is being developed by a consortium grouping Exxon Mobil and Shell, was among those awarded by Iraq during one its first international oil licensing rounds last year and is seen as a key part of the country's drive to boost overall output of a resource on which it relies for 95 percent of its foreign revenues.
West Qurna Stage 1 produces 234,000 barrels per day, said Mahdi Swadi, the head of the joint management commission that runs the field. Output will climb to 270,000 barrels per day by May, he said.
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