January 2 news show, Iraq West Qurna-1 oil field (West Qurna 1) lead contractors handover ceremony held in Iraq's southern province of Basra on the 1st, China National Petroleum Corporation formally succeeded ExxonMobil Oil Corporation to become the West Qurna-1 oil field lead contractors.
The handover ceremony was held in the southern Iraqi province of Basra, and was attended by Iraqi officials, Chinese diplomats, and representatives of CNPC, Basra Oil Company, ExxonMobil and other companies.
The West Qurna 1 oil field, located about 50 kilometers northwest of Basra, is one of Iraq's largest oil fields, with an estimated annual crude oil production of more than 25 million tons. The field is reportedly one of the largest in the world, with estimated recoverable reserves of more than 20 billion barrels. Iraq and CNPC plan to increase production to 600,000 bpd by the end of 2024, Basra Oil said.
Iraq's West Qurna 1 field is recovering 32.44 percent of its total recoverable reserves and is expected to peak in 2029, according to GlobalData. Based on economic assumptions, production from the field will continue until it reaches its economic limit in 2064. The field currently accounts for approximately 8% of Iraq's daily production.
West Qurna is one of Iraq's largest oil fields, located north of the Rumaila field.The field was closed to Western companies until 2009.In November 2009, a joint venture formed by ExxonMobil and Shell won a $50 billion contract to develop the West Qurna 1 field. Iraq's oil ministry estimates that the project will require $25 billion in investment and $25 billion in operating costs, creating about 100,000 jobs in the underdeveloped southern region. ExxonMobil plans to increase production from 270,000 bpd to 2.25 million bpd in seven years.
