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In November 2009, an ExxonMobil - Shell joint venture won a $50 billion contract to develop the 9-billion-barrels (1.4 × 10 ^ 9 m 3) West Qurna Phase I. [1] As per Iraqi Oil Ministry estimates, the project required a $25 billion investment and another $25 billion in operating fees creating approximately 100,000 jobs in the underdeveloped southern region.
In 2007, Lukoil established a joint-venture with Gazprom and in 2008, established a joint-venture as well with Italian oil company Erg S.p.A. [13] In 2009, Lukoil and Norwegian oil company Statoil won a tender offer for the development of the West Qurna Field in Iraq. However, in early 2012, Statoil withdrew from the project, resulting in ...
Iraq was the world's 5th largest oil producer in 2009, and has the world's fifth largest proven petroleum reserves. Just a fraction of Iraq's known fields are in development, and Iraq may be one of the few places left where vast reserves, proven and unknown, have barely been exploited.
The Ministry of Oil (Arabic: وزارة النفط) is the cabinet-level ministry of the Iraqi government responsible for managing and developing the natural resources (oil and gas) in Iraq. The Minister of Oil since October 2022 is Hayyan Abdul Ghani.
Iraqi Oil Tanker Company (IOTC) (Arabic: شركة ناقلات النفط العراقية) is the state owned Iraqi company specializing in the ocean transport of crude oil and refined products.
The Iraq National Oil Company (INOC) was founded in 1966 by the Iraqi government. [1] It was empowered to operate all aspects of the oil industry in Iraq except for refining which was already being run by the Oil Refineries Administration (1952) and local distribution which was also already under government control.
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State Organization for Marketing of Oil (SOMO) (Arabic: شركة تسويق النفط) is an Iraqi national company responsible for marketing Iraq's oil. It is headquartered in Baghdad , Iraq. [ 1 ]