Iraq has invited international consultancy firms to assist in managing the country’s multi-billion dollar oilfield water injection projects. The scheme would assist in raising the extraction rates in order to stop declines in production at fields such as Majnoon, Zubair and Rumaila.
Dhiya Jafaar, head of the state-run South Oil Company, told Reuters that the company has already sent letters to consultancy companies and expects to receive offers soon. Iraq’s oil minister Abdul-Kareem Luaibi [Elaibi] said last week that several firms had been shortlisted.
The winning firm would replace ExxonMobil in leading the project; Exxon reportedly lost the contract in February, but Jafaar told Reuters that this was not connected with the company’s exploration deals in Iraqi Kurdistan, saying instead that the reason was “poor coordination and the project economics submitted by Exxon”.