Shafaq News- Basra
Iraq's Basra Oil Company signed a confidentialityagreement with US energy giant Chevron on Wednesday to exchange technicalinformation for evaluating the West Qurna 2 oil field and advancingnegotiations on its future development.
Oil Minister Bassem Mohammed Khudair Al-Abadi, whoattended the signing ceremony, noted that Russia's Lukoil had withdrawn fromdeveloping West Qurna 2, one of Iraq's largest oil fields, while the ministrycontinues negotiations with Chevron over the field and other projects.
Al-Abadi said the Oil Ministry is expandingopportunities for international energy companies by providing a secureinvestment environment and removing obstacles to investment. Iraq aims tostrengthen its position among the world's leading oil producers and exporters, headded, reaffirming the ministry's commitment to working with internationalenergy companies, which he described as key partners in developing thecountry's oil and gas sectors.
Foreign investment, he stressed, would createopportunities for Iraqi businesses, generate jobs, and improve infrastructureand public services in nearby communities through corporate socialresponsibility initiatives.
Discovered in 1973, the field contains more than 13billion barrels of recoverable reserves and produces between 400,000 and480,000 barrels per day, accounting for nearly 10% of Iraq's total crudeoutput.
: Russia’s Lukoil turmoil deepens risks for Iraq’s West Qurna-2 oilfield