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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.
Lukoil is aiming for peak gas production at Kandym-Khauzak-Shady of around 47 million barrels per year (7.5 × 10 ^ 6 m 3 /a) of oil equivalent in 2018. [ 6 ] The project comprises a gas processing plant, plans for drilling more than 170 production wells and construction of 1,500 kilometres (930 mi) of pipelines.
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.
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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.
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 ]
The Rumaila oil field is a super-giant oil field [1] located in southern Iraq, approximately 50km to the south west of Basra City. [2] Discovered in 1953 by the Basrah Petroleum Company (BPC), an associate company of the Iraq Petroleum Company (IPC), [3] [4] [5] the field is estimated to contain 17 billion barrels, which accounts for 12% of Iraq's oil reserves, estimated at 143 billion barrels.
Midland Oil Company is a state-owned oil company and is Iraq's fourth oil company. It is responsible for overseeing development in recently auctioned fields in the centre of the country. It is responsible for overseeing development in recently auctioned fields in the centre of the country.