Latest news with #BassimKhudair
Yahoo
21-07-2025
- Business
- Yahoo
ExxonMobil negotiating return to Iraq's oilfields
ExxonMobil is reportedly in negotiations with Iraq to make a comeback to the nation's oilfields, according to a report by ZAWYA, citing state officials. This development comes just a year after the company withdrew from one of Iraq's largest producing fields. In 2024, ExxonMobil ceased operations at the West Qurna 1 oilfield in southern Iraq, transferring its responsibilities to PetroChina, which now holds the primary stake. This field is among the world's most significant oil reservoirs, with more than 20 billion barrels (bbbl) of proven crude deposits and a production rate of nearly 550,000 barrels per day (bpd). The company's decision to exit the West Qurna 1 oilfield followed its earlier departure from the Pirman gas block in Kurdistan, north Iraq. Oil Ministry Undersecretary Bassim Khudair was quoted as saying: 'ExxonMobil has conveyed its willingness to return to Iraq.' He further elaborated that the company is exploring new opportunities within Iraq's oilfields, indicating a growing interest from the US and other international companies in the Iraqi oil industry. Concurrently, discussions are ongoing with Chevron for development contracts in the Southern Nasiriyah oilfield and the Balad field in the North-Central Saladin governorate. Iraq is actively seeking foreign investment in its oil sector as the country aims to increase its crude output capacity by 50% to more than six million barrels per day by 2028. With approximately 145bbbl of oil reserves, the country is aiming to increase its reserves to more than 160bbbl through various development projects. In the past two years, Iraq has awarded nearly 30 contracts to companies such as TotalEnergies, BP and various Chinese operators in its fifth and sixth oil licensing rounds, with plans for another round this year. Recently, US-based HKN was awarded a contract to develop the Hamrin oilfield in the Northern Saladin governorate, with the goal of more than doubling its production. This field had been severely impacted by ISIS during conflict a decade ago. In related news, the State Oil Company of Azerbaijan Republic has entered into new agreements with ExxonMobil and BP for oil and gas exploration, aiming to maintain Azerbaijan's oil output at around 582,000bpd for the next five years with the support of Western energy investments. "ExxonMobil negotiating return to Iraq's oilfields" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Zawya
21-07-2025
- Business
- Zawya
ExxonMobil seeks to return to Iraq's oilfields
ExxonMobil, the world's second largest oil company, is negotiating with Iraq to return to its oilfields just a year after it quit one of the Arab country's largest producing fields, Iraqi officials have revealed. In 2024, ExxonMobil exited the West Qurna 1 oilfield in southern Iraq and handed over its operations to PetroChina as the lead contractor. PetroChina now holds the main stake in the field, one of the world's largest oil reservoirs, containing more than 20 billion barrels of proven crude deposits and pumping nearly 550,000 barrels per day. The move came nearly two years after the oil giant decided to quit its sole remaining license in North Iraq—the Pirman gas block in Kurdistan. 'ExxonMobil has conveyed its willingness to return to Iraq,' Oil Ministry undersecretary Bassim Khudair said in a statement carried by Iraq's press on Thursday. 'The Company is currently in a stage of negotiations with Iraq for a new opportunity in the country's oilfields…these moves are a positive indication of growing interest in Iraq's oil industry by the US and other companies,' he added. Khudair also revealed talks are under way with the US' Chevron oil company for development contracts in the Southern Nasiriyah oilfield and Balad field in the North-Central Saladin governorate. He said Iraq's Oil Minister Hayan Abdel Ghani has been involved in the talks in Vienna but did not provide further details. Iraq, which controls the world's fifth largest recoverable crude deposits, has been locked in a drive to attract foreign firms into its oil sector as part of post-conflict plans to expand crude output capacity by 50 percent to over six million barrels per day in 2028. OPEC's second largest oil producer has awarded nearly 30 contracts over the past two years to France's TotalEnergies, BP and Chinese companies within oil licensing rounds 5 and 6. There are plans to hold a fresh licensing round this year. Last week, Iraq signed a memorandum of understanding with the US HKN to more than double the production of a Northern oilfield that had been devastated by the ISIS during the conflict 10 years ago. The Oil Ministry said the Texas-based Company has been awarded a contract to develop Hamrin oilfield in the Northern Saladin governorate. Iraq controls around 145 billion barrels of oil and hopes development projects will boost the reserves to more than 160 billion barrels. (Writing by Nadim Kawach; Editing by Anoop Menon) (
Zawya
19-05-2025
- Business
- Zawya
Iraq pursues 6 mbpd oil expansion plan
OPEC member Iraq is pushing ahead with an ambitious plan to increase its sustainable oil output capacity to 6 million barrels per day (bpd) in 2030, a senior oil official has said. Projects to lift capacity involve expansion of existing oilfields and development of untapped fields in various parts of the Arab country, Oil Ministry undersecretary Bassim Khudair told the official Iraqi News Agency at the weekend. 'The Ministry is pursuing a strategy to expand Iraq's production capacity to six million bpd in 2030…we believe that this is a realistic and achievable target,' he said. Iraq, OPEC's second largest oil producer after Saudi Arabia, has pumped over four million bpd in the past year, of which around 3.5 million bpd were exported. Capacity is estimated at below five million bpd and the expansion projects will add more than one billion bpd, officials said. Iraq controls around 145 billion barrels of proven crude deposits, the world's fifth largest after those of Venezuela, Saudi Arabia, Canada and Iran. (Writing by Nadim Kawach; Editing by Anoop Menon) ( Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.
