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Reason for optimism in Iraq's upstream
After the award of three large upstream contracts, Iraq's prospects as an oil producer are looking much brighter
Iraq has awarded ExxonMobil and Shell a contract to develop the West Qurna oilfield. The agreement signals genuine progress in the country's upstream development. It is a significant opportunity for the two companies. West Qurna's reserves amount to 15bn barrels, production costs are low, the upside potential for reserves is good, production-growth potential is excellent and the field is in the relatively stable Basra governorate, close to existing infrastructure and export points. It is a rare opportunity for the private sector to gain access to such attractive acreage. IHS Global Insight, a consultancy, describes it as one of the "big prizes" in the oil industry. ExxonMobil and Shell plan to increase output to a plateau of 2.1m barrels a day (b/d) within seven years, from 270,000 b/d. The West Qurna agreement ...Click here to continue reading Reason for optimism in Iraq's upstream
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