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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.
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.
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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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.
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BASRA/ERBIL, Iraq, Sept 8 (Reuters) - Basra airport was attacked with rockets on Saturday after another night of protests against Iraq's political elite, during which demonstrators set fire to the ...
The Norway state-owned oil company Equinor exited the last of their joint ventures in Russia by withdrawing the joint venture with Lukoil and exiting the Kharyaga project on 2 September 2022. [35] In 2023 Lukoil is planning to double the production of oil from the Iraq project, West Qurna Field 2, to 800,000 bpd. [36]