Iraq signed an agreement with Exxon and Shell development phase / 1 of the West Qurna

Iraq signed an agreement with Exxon and Shell development phase / 1 of the West Qurna field

Monday, 25 January second 2010 16:38 |
Baghdad
- The Exxon Mobil signed a U.S. oil giant and Shell on Monday, the final contract to develop the first phase of West Qurna, Iraq's oil reserves, which amount to 8.7 billion barrels. Among the fields that are offered for investment during the first round of licensing ...
Won the two companies will work with the Iraqi state oil company the right to develop the giant field in negotiations with the Iraqi Oil Ministry last year following the tender put forward by Iraq to develop a number of oil fields in June, which was the first since the U.S. invasion in 2003.
The agreement was signed by Richard Verbokhan Regional Vice President, Exxon, Mounir Bou Aziz, Vice President of Shell Gas & Power in the presence of Iraqi Oil Minister Hussain al-Shahristani, in Baghdad.
Exxon Mobil owns the U.S. (80%) and Anglo-Dutch Shell Group (20%). This service contract duration of twenty years may be extended. Coalition, and will be 1,9 cents for each additional barrel produced. After calculating the tax rate of 35 percent of this amount and pay 25 percent of the Iraqi partner, will remain about ninety cents a coalition.
The two companies plan to increase the production of the field to 2.325 million barrels per day from 279 thousand bpd.
The contract to develop West Qurna, one of a number of agreements after two Iraqi tenders last year that would increase Iraq's oil production capacity from 2.5 million barrels per day currently to 12 million barrels a day to enable the country to compete with Saudi Arabia and Russia's largest oil producers in the world.
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