Project Profile
Value: US$4,000 million
Location: Mushrif, Al-Basrah
Upstream Oil Reserves: 4,000 million bbl
Start-up Year: 2012
West Qurna is one of Iraq\'s largest oil fields, located north of Rumaila field, west of Basra. West Qurna is believed to hold 43 billion barrels of recoverable reserves, making it the second largest field in the world after Saudi Arabia\'s Ghawar oil field. The field was closed to Western firms due to years-long sanctions.
Phases:
West Qurna Phase I
In November 2009, an ExxonMobil - Shell joint venture won a US$50 billion contract to develop the 21 billion-barrel West Qurna Phase I. As per Iraqi Oil Ministry estimates, the project will require a US$25 billion investment and another US$25 billion in operating fees creating approximately 100,000 jobs in underdeveloped southern region. ExxonMobil is set to increase the current production of 0.27 to 2.25 million barrels per day within seven years. The Iraqi government, in turn, will pay US$1.90 per barrel produced by ExxonMobil-Shell alliance.
West Qurna Phase II
In December 2009, Russia\'s Lukoil and Norway\'s Statoil were awarded the rights to develop the 12.88-billion-barrel West Qurna Phase II oil field. The Lukoil-Statoil alliance will receive US$1.15 per barrel that they produce. In addition, they will work to raise output from West Qurna 2 to 120,000 barrels per day (19,000 m3/d) by 2012 and 1.8 million barrels per day over a period of 13 years.
Operators of Phase I include:
South Oil Company (SOC) – Main Operator
Iraqi Oil Exploration Company (OEC)
State Company for Oil Projects (SCOP)
Constituent Operators with 25% interest:
ExxonMobil
Shell
Pertamina: 10% interest
Petrochina: 25% interest
Contractors:
Fluor Corporation: EPC contract
GE Oil & Gas: Installation of water injection equipment
Halliburton: Well Services
Invensys Process Systems: Supply of control equipment
Iraq Drilling Company: Drilling of 20 wells
Nuovo Pignone SpA: Installation of gas processing unit
Schlumberger: Drilling of 10 wells