Exxon Mobil Corp. (XOM) may drill over 1,000 wells at Iraq's supergiant West Qurna 1 oil field and has already awarded a well work contract, a senior company official said Monday.
Exxon Mobil Corp. (XOM) may drill over 1,000 wells at
Iraq
's
supergiant West Qurna 1 oil field and has already awarded a well work contract,
a senior company official said Monday.
"We've just awarded a well work contract and are in the process of
awarding the first drilling contract," Exxon Mobil Iraq lead country
manager James Adams told reporters on the sidelines of an energy conference in
Doha, Qatar.
Currently there are around 370 wells at West Qurna 1 and the company aims to
double or triple this number,
Adams
said
without giving further details.
Production levels at the field, located in the south of
Iraq
near
the city of
Basra
, are
running at about 200,000 to 250,000 barrels a day, down from a peak of 400,000
barrels in 2004.
Exxon aims to boost production to about 2.3 million barrels a day by pumping
water into the field to force out the oil.
"Pressure has depleted in the field and production has declined
rapidly,"
Adams
said. "Our job is to
arrest and reverse this decline."
Adams
said Exxon would only drill a "handful"
of wells at
West Qurna
this year, without saying how
many.
Exxon and Royal Dutch Shell PLC (RDSA) won the right to develop the
8.7-billion-barrel West Qurna Phase One in an auction held by
Iraq
last
year for oil field development contracts. The consortium signed the field
development contract in January this year and began work in March.
The consortium pledged to increase production to 2.325 million barrels a day
and will receive $1.90 for each extra produced barrel of oil from the field.
The deal is one of a series to develop major and untapped oil fields that could
catapult
Iraq
to
third place among world oil producers and boost its capacity to Saudi Arabian
levels of 12 million barrels a day, from around 2.5 million barrels a day
currently.
i-languJ�A-X�g (�g
's
installed capacity of 3.76 million barrels a day.
Kuwait
is
currently supplying nine million tons per year to Indian Oil, Chairman B. M.
Bansal said, adding that the company's crude oil requirement is going to rise
as it commissions a 300,000 barrel a day refinery and petrochemicals complex at
Paradip in the eastern state of Orissa.
Kuwait
is
currently the third-largest crude supplier to Indian Oil, Bansal said.
Shares of Indian Oil rose as much 4.2% on the news. They closed 2.6% higher at
INR448.15, outperforming a flat Mumbai market.
Al-Sabah also said
Kuwait
has
no plan to increase its stake in U.K.-based BP PLC (BP).
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