Oil and Gas Fields: West Qurna 1

ScreenHunter_1727 May. 11 17.13Name: West Qurna 1

Controlled by: Ministry of Oil (Baghdad).

Location: 50 km northwest of the city of Basra

Discovery: 1973

Reserves:  8.7 billion barrels of oil

Developed by: ExxonMobil (25%), PetroChina (25%), Itochu (15%), Pertamina (10%), Oil Exploration Company (25%)

ExxonMobil originally had a 60% stake in the field, but sold 25% to PetroChina and 10% to Pertamina in November 2013, leaving it with a 25% stake.

Shell originally had a 15% stake, but sold it to CIECO West Qurna Limited, a subsidiary of Japan's Itochu Corporation, in 2018 for $406 million.

Itochu's website lists the current interests as: ExxonMobil (US (Lead Contractor), 32.7%; Petrochina (China) 32.7%; Itochu (Japan) 19.6%; Pertamina (Indonesia) 10.0%; Oil Exploration Company (Iraqi state-owned company) 5.0%.

In January 2022, the Iraqi cabinet approved the sale of Exxon's stake in the field to the state-owned Basra Oil Company (BOC) at a price of up to $350 million.

In August 2022, it was reported that Pertamina would take an additional 10 percent stake in the field as ExxonMobil negotiated its exit.

Contract granted: 2009

Contract duration: 20 years.

Remuneration: $1.90 per barrel of oil

Plateau production target: 2.825 million bpd.

Other companies involved in the development: Halliburton, Kentz, SNC Lavalin, Enka, , Saipem, SchlumbergerChina Petroleum Engineering & Construction Corp (CPECC)

For latest news on the project please click here.

A full list of oil and gas fields controlled by the Ministry of Oil in Baghdad can be found here.

West Qurna 1 production