25% of Nasiriya Development Completed

Iraq says it has completed 25% of the plan to develop its Nasiriyah oil field.

Nasariya’s development is carried out by the state-owned South Oil company. The field, which currently produces 10,000 barrels a day, is expected to increase output to 50,000 in 2011, according to the company’s Director-General Dhia Jaafar.

The company has drilled four oil wells and more will be drilled this year, Jaafar said.

Iraq’s National Drilling Company is involved in the field’s development as well as other state-owned enterprises, he said.

Iraqi state-owned firms decided to develop the field on their own when talks with a Japanese-led consortium failed to reach an agreement.

Japanese firms Nippon Oil Corporation, Inpex Corporation and JGC Corporation, were involved in negotiating an engineering, procurement and construction (EPC) deal with Iraq.

The field has reserves of about 4.4 billion barrels of crude. The Japanese planned to produce 100,000 barrels a day by the end of 2011.

( Azzaman )

One Response to 25% of Nasiriya Development Completed

  1. […] oilfield in Iraq.A senior oil official said on Sunday that Iraq may hold a mini-auction for the largely undeveloped field, following a number of unsucessful attempts to reach agreement with foreign firms.Talks with a […]

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  1. Possible Mini-Auction for Nassiriyah Oilfield | Iraq Business News - September 13, 2011

    […] oilfield in Iraq.A senior oil official said on Sunday that Iraq may hold a mini-auction for the largely undeveloped field, following a number of unsucessful attempts to reach agreement with foreign firms.Talks with a […]