Reuters West Qurna 1 Oilfield, Iraq
Production at Iraq’s giant West Qurna 1 oilfield in the south has reached 465,000 bpd after the completion of new crude processing facilities and oil storage tanks, Iraqi oil officials said yesterday.
West Qurna 1 oilfield, developed by Exxon, was previously producing about 440,000 bpd, officials working at the field told Reuters on the sideline of a ceremony to launch the new installations.
Exxon’s foreign staff were present, having returned to the oilfield on June 2, two weeks after Exxon pulled about 60 people from the oilfield and flew them to Dubai.
The evacuation came days after the US withdrew non-essential staff from its embassy in Baghdad, citing a threat from neighbouring Iran.
Iraqi oilfield officials said Exxon’s foreign staff, including senior management and engineers, returned to the oilfield only after the Iraqi government agreed to provide extra security measures at the field, including the deployment of additional police and armed forces.
The officials and Exxon managers accompanied reporters on a tour inside West Qurna 1 yesterday where armoured vehicles and soldiers from the Iraqi army were seen stationed at the gates of the oil production facilities.
Two new crude processing facilities with a joint capacity to process 150,000 bpd of oil, a unit to separate water and oil and five oil storage tanks started testing operations yesterday.
The new projects would help to boost production at the field to progressively reach 490,000 bpd, said a senior oilfield
Iraq is producing slightly more than 4.5mn bpd, below its full capacity of nearly 5mn bpd in line with an agreement between Opec and other producers such as Russia to curtail global supply in order to support prices.
LEAVE A COMMENT Your email address will not be published. Required fields are marked*
IEA sees calm global oil market in 2020 as new supplies soar
Banks on frontline of Lebanon crisis get downgraded by S&P
China adds $29bn in bank funding to ease liquidity
Hong Kong economy heads for ’19 recession amid lingering protests
World’s only $100bn utility owes its rise to wind power
Natural gas plants set for revival in Germany as carbon costs soar
Asian markets boosted by renewed China-US trade talks optimism
London stocks steady despite Corbyn pledge to nationalise BT
Alibaba launches its share sale with $12bn retail tag