• How much oil will Iraq produce in West Qurna 1?
  • Iraq plans to boost the production capacity of West Qurna 1 by 40% to more than 700,000 b/d over the next five years, the oil ministry said June 17, as the country seeks to tap one of the world’s largest oil fields with expected recoverable reserves of over 20 billion barrels.
  • How much oil does Iraq produce a day?
  • It also takes a detailed look at the country¡¯s oil and gas sector, projecting that Iraq¡¯s oil production will grow by 1.3 million barrels a day by 2030, becoming the world¡¯s fourth-largest oil producer behind the United States, Saudi Arabia and Russia.
  • Will ExxonMobil wind down its stake in West Qurna 1?
  • ExxonMobil’s attempt to wind down its stake in West Qurna 1 would follow its divestment this year of its 32% interest in the Baeshiqa license in Iraq’s semi-autonomous Kurdistan region. ExxonMobil is not the only IOC attempting to exit Iraq.
  • Will ExxonMobil manage the West Qurna 1 oilfield?
  • Iraq has successfully concluded negotiations with U.S. energy titan ExxonMobil Corp, paving the way for a strategic shift in the management of the West Qurna 1 oilfield, with Petrochina set to take the lead instead of ExxonMobil.
  • Will Iraq’s oil production increase if water availability increases?
  • One impeding barrier is the availability of water, as planned oil production will require a level of water production above what has been achieved so far. Assuming an increase in water availability, Iraq¡¯s production to 2030 grows by around 1.3 mb/d, making it the third largest contributor to global oil supply in that time.
  • Why did Exxon take a stake in West Qurna?
  • Exxon soured on West Qurna amid tough contractual terms, OPEC supply constraints and ongoing political instability. While Halliburton has long been one of Exxon¡¯s primary contractors at the field, taking an actual ownership stake would be a rarity for a company focused on mapping, fracking and rehabilitating assets owned by other companies.