For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

ExxonMobil raises production target for West Qurna oilfield

By Religare
|

US major ExxonMobil and its partners have raised their production plateau target from Iraq's West Qurna oilfield to 2.8 million barrels per day after adding new oil reserves to the area covered by their original development contract.The original target was 2.3 million bpd in six to seven years time. However, Exxon led consortium has agreed with Iraq to add four undeveloped reservoirs.

"There was a discussion to develop the discovered undeveloped reservoirs and it was agreed as an addition to the original contract at production rates of 500,000 bpd," said Madhi Swadi, a member of the joint management committee that runs the field.

 

The plan is to boost output from the giant field to around 750,000 bpd in three years from between 230,000 to 240,000 bpd now. This will be achieved by drilling new wells, overhauling existing wells and a series of water injection projects.

A water injection project will be started next year to help boost the output rate and help overcome production decline in the field.

The group aims to reach its initial production rate of a 10% increase to about 268,000 bpd in May next year, Swadi said.

Story first published: Monday, November 29, 2010, 12:34 [IST]
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

Find IFSC

We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more