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US$100 billion investment for Iraqi oilfields upgradation

Exploration & Production

Thamer Ghadhban, a top Iraqi energy advisor, has said that three oilfields in Southern Iraq - Qurna Phase 1 , Rumaila, Zubair - will see an investment of around US$100 billion from various international oil companies for upgradation.

According to Ghadhban, US$50 billion will be spent on big West Qurna Phase 1 oilfield which is being developed by Exxon Mobil. The remaining US$50 billion will be spent by BP and Eni to upgrade the Rumaila and Zubair oil fields respectively.

More for West Qurna

"The bulk (of the finance) is for West Qurna 1 because the Rumaila and Zubair fields were well advanced in terms of development, such as number of wells, oilfield facilities, other infrastructure, while West Qurna phase 1 needs more," he said.

6.8mn bpd in 2017

As per agreements signed two years ago, production from these oilfields should reach at least 6.8mn bpd in 2017.

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