$100billion spend by #IOCs to upgrade Iraqi oil fields

ExxonMobil Corp, BP PLC, and Eni SPA will invest $100 billion to upgrade three of Iraq’s oil fields, according to a senior government advisor. Reported Oil and Gas Journal

"We have $100 billion for the three fields," said Thamer Ghadhban, senior energy advisor to Iraq’s Prime Minister Nousi Al-Maliki, referring to the West Qurna Phase 1, Rumaila, and Zubair fields.

Ghadhban said half the investment would be spent to upgrade West Qurna Phase 1, now under development by ExxonMobil, and that the other half would be spent by BP and Eni on their Rumaila and Zubair fields.

Ghadhban said most of the financing is for West Qurna 1 because the Rumaila and Zubair fields were “well advanced in terms of development, such as number of wells, oil field facilities, other infrastructure, while West Qurna Phase 1 needs more.” Full article available here

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