PetroChina to develop giant Iraq oilfield
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E-mail China.org.cn, August 13, 2013
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PetroChina will join Exxon Mobil in developing Iraq's |
China's biggest oil producer PetroChina will team up with U.S. energy firm Exxon Mobil in developing Iraq's giant West Qurna oilfield, according to industry sources.
PetroChina is also in talks with Lukoil, Russia's second largest oil company, to buy stakes in another development project at the field, West Qurna-2, said the sources.
West Qurna is one of Iraq's largest oilfields, around 50 km northwest of the southern oil hub of Basra. West Qurna is a central piece of Iraq's oil expansion plans, which could pump more than 5 million barrels per day (bpd). The capacity is equivalent with the world's biggest producer, Saudi Arabia's Ghawar field with its two phases fully running.
Exxon Mobil holds a 60 percent stake in West Qurna-1.
China is already the top foreign player in Iraq's oilfields. The West Qurna deal, if sealed could further boost its dominance and make PetroChina the single largest foreign investor in Iraqi oil.
According to the sources, the agreement would be announced in weeks.
PetroChina already partners BP at Rumaila, now Iraq's largest producer, and operates the Halfaya and al-Ahdab fields. The company was the first foreign firm to sign an oil service deal in Iraq after US-led forces toppled Saddam Hussein.
Exxon Mobil and its minority partner Royal Dutch Shell are currently pumping around 480,000 bpd in its investment in the West Qurna field.
Back in 2009, PetroChina joined French oil and gas company Total in bidding for West Qurna-1. They were taken by Exxon Mobil-Royal Dutch Shell consortium in the end.
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