Two Iraqi officials: $ 53 billion contract value to be signed with Exxon Mobil and PetroChina


Oil field

Economy News Baghdad:

Two Iraqi officials said that an oil deal will be signed by Iraq in the coming days with two companies Exxon Mobil and PetroChina worth 53 billion dollars and extends 30 years.

Iraqi Oil Minister Thamir al-Ghadhban said on Wednesday he expected his ministry to sign a preliminary agreement with ExxonMobil and PetroChina “very soon,” but gave no exact date.

“We were able to take a step towards resolving some outstanding issues in the deal,” Ghadhban said during an occasion for the oil ministry.

“Immediately after the talks, the initial agreement will be examined by a ministerial energy committee before being submitted to the cabinet for ratification,” Ghadhban said.

On Tuesday, Iraqi Prime Minister Adel Abdul Mahdi said Iraq was close to signing a 30-year energy deal with the two companies for $ 53 billion.

The prime minister said Iraq expects to reap $ 400 billion over the 30 years that the agreement will take effect.

He added that the giant project in southern Iraq includes the development of the fields of Ben Omar and Artawi oil, and increase production to 500 thousand barrels per day from about 125 thousand barrels per day at the moment.

Ghadhban said on Wednesday the deal with Exxon and PetroChina would allow Iraq to produce 750 million standard cubic feet of gas from the two oil fields a year.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s