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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.
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 Yaregskoye oil field is an oil field located in Komi Republic.It was discovered in 1994 and developed by Lukoil.The oil field is operated and owned by Lukoil.The total proven reserves of the Yaregskoye oil field are around 318 million barrels (42.7×10 6 tonnes), and production is centered on 10,000 barrels per day (1,600 m 3 /d).
Rumaila Operating Organization was founded by BP, PetroChina, the State Oil Marketing Organization (SOMO) and Basra Oil Company (BOC) (formerly South Oil Company (SOC)) in order to operate the 20-year rehabilitation and expansion of Rumaila oil field in southern Iraq, [1] which was discovered in 1953 and has been in operation since 1954, with extensive exploration and production since the late ...
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.
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.