Exxon Hopeful of Iraqi Multi-Billion Dollar Project
Exxon Mobil and Iraqi authorities are still in discussion over a multi-billion-dollar project to boost output from several southern oilfields.
According to the Iraqi oil ministry the project is aimed at boosting oil production from the southern Iraqi oilfields.
The project was discussed again in Baghdad by Oil Minister Jabar al-Luaibi and a senior executive from Exxon Mobil in charge of extractive projects, Brad Carson, the ministry said in a statement.
The statement cited Carson as saying Exxon hopes to reach a final agreement over the project.
The “Integrated South Project” consists of building oil pipelines, storage facilities and a seawater supply project to inject water from the Gulf into the Luhais, Nassiriya,Tuba, Nahr Bin Umar and Artawi oilfields to boost oil recovery.
Meanwhile, ExxonMobil has increased its holdings in Brazil’s pre-salt basins after winning eight additional exploration blocks during Brazil’s 15th bid round. The blocks awarded add about 640,000 net acres to the ExxonMobil portfolio. Six of the eight newly awarded blocks will be operated by ExxonMobil.
The additional blocks expand the company’s total position in the country to more than two million net acres, making it one of the largest acreage holders among international companies in Brazil.
ExxonMobil and its partners jointly won a total of eight blocks, which include: Two blocks in the Santos area which ExxonMobil will operate with partner Qatar Petroleum. Four blocks in the Campos area: ExxonMobil will operate two blocks with partners Petrobras and Qatar Petroleum; Petrobras will operate two blocks with partners ExxonMobil and Statoil. Two blocks in the Sergipe-Alagoas area which ExxonMobil will operate with partners Queiroz Galvão Exploração e Produção (QGEP) and Murphy Oil Corporation, and which will enhance the value of adjacent blocks already held.
ExxonMobil plans to obtain 3D seismic coverage in 2018 on more than 4,000 km2, including all of the ExxonMobil-operated exploration blocks announced in 2017, subject to permitting approvals.
The company now has interests in 24 blocks offshore Brazil. ExxonMobil has worked in Brazil for more than 100 years.
RECOMMENDED ARTICLES
Comment
No comments found.