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West Qurna (Arabic: غرب قرنة) is one of Iraq's largest oil fields, located north of Rumaila field, 65 km northwest of Basra. West Qurna is believed to hold 43 billion barrels (6.8 × 10 ^ 9 m 3) of recoverable reserves – making it one of the biggest oil fields in the world. [1] Until 2009, the field was closed to Western firms. [2]
Al-Qurna District (Arabic: قضاء القرنة) is a district of Basra Governorate, Iraq. Its seat is the town of Al-Qurna. The West Qurna Field is located in the district. The Iraqi marsh lands, which are known as the Garden of Eden, surround this area in the lower part of the Mesopotamian basin.
On June 30 and December 11, 2009, the Iraqi Ministry of Oil awarded contracts to international oil companies for some of Iraq's many oil fields. The winning oil companies entered joint ventures with the Iraqi Ministry of Oil, and the terms of the awarded contracts include extraction of oil for a fixed gain of $1.40 per barrel for the oil companies with the remainder going to Iraq.
The president of Russian oil giant OAO Lukoil has said that the company will cut its Iraqi production by 30%, following a decision by the Iraqi government to reduce output in an effort to maintain ...
Al-Qurnah (Kurnah or Qurna, meaning connection/joint in Arabic) is a town in southern Iraq about 74 km northwest of Basra, that lies within the conglomeration of Nahairat. Qurna is located at the confluence point of the Tigris and Euphrates rivers to form the Shatt al-Arab waterway. [ 2 ]
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Iraq is a country in Western Asia, bordered by Turkey to the north, Iran to the east, Kuwait to the southeast, Saudi Arabia to the south, Jordan to the southwest, and Syria to the west. Iraq's economy is dominated by the oil sector, which as 2021, provides about 92% of foreign exchange earnings. [ 1 ]