Iraq “close to signing” $53bn deal with Exxon, PetroChina

By John Lee.

At its regular meeting in Baghdad on Tuesday, the Iraqi Cabinet received a briefing on negotiations led by Iraq’s Ministry of Oil with ExxonMobil and PetroChina on the Southern Iraq Integrated Project.

In a statement, the government describes the project as “a mega energy and infrastructure scheme consisting of building oil pipelines, storage facilities and a seawater supply project to inject water from the Gulf into reservoirs to increase oil production and Iraq’s export capacity.”

According to Reuters, Iraq is close to signing the $53-billion, 30-year agreement, from which it expects to make $400 billion over the life of the project.

It quotes the Prime Minister as saying that it will involve increasing production at the Nahr Bin Umar and Artawi oilfields from around 125,000 barrels per day (bpd) now to 500,000 bpd.

(Sources: Iraqi Cabinet, Reuters)

One Response to Iraq “close to signing” $53bn deal with Exxon, PetroChina

  1. Ibn Al Iraq 11th May 2019 at 18:21 #

    Sirs,

    More than four years since this proposal was introduced to MoO and yet its not yet signed!!

    The GoI should appreciate ( as lots of Iraqis have realized this log time ago) that its only through these kind of programs Iraqis can see real changes and improvements. Otherwise due to long bureaucracy, fraud etc hardly any real reconstructions will see the light.

    The GoI and public sectors should be fully accountable for long delays on major projects that could have reduced normal Iraqis’ pain and sufferings since 2004.

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