Iraq oil minister: Prices will not drop to under $65 per barrel
Malcolm Mayes (R), managing director of the Basra Gas Company (BGC), and Iraq s oil minister Ihsan Abdul Jabbar (L) attend the inauguration of a new gas compressor station in the Rumaylah oil field near Iraq s southern port city of Basra on February 28, 2021 [HUSSEIN FALEH/AFP via Getty Images] May 4, 2021 at 9:07 am
Iraq s Oil Minister Ihsan Abdul Jabbar Ismail yesterday said he does not expect oil prices to drop below $65 a barrel and that lower oil prices should not be a concern after OPEC+ eases production cuts from May.
Iraq has been severely affected by the drop in crude oil prices over the past two years due to the coronavirus pandemic.
Source: Reuters
The oil ministry is discussing BOC “taking ownership of the Exxon stake in West Qurna 1 and leading the project, as happened with Majnoon,” Ihsan Abdul Jabbar told a news conference, referring to the huge Majnoon oilfield in Iraq’s south.
Iraq said last month that ExxonMobil was seeking to sell its 32.7% stake in the West Qurna 1 field, and that the oil ministry had started discussions with U.S. oil companies over a possible purchase.
ExxonMobil did not respond to a request for comment.
Abdul Jabbar also said at the news conference that the development of Iraq’s Mansuriya gas field on the coast near the Iranian border is expected to cost $2.1 billion
UPDATE 2-Iraq considering buying Exxon stake in West Qurna 1 oilfield - oil minister Reuters 2 hrs ago
By Ahmed Rasheed
BAGHDAD, May 3 (Reuters) - Iraq is considering buying ExxonMobil s stake in the southern West Qurna 1 oilfield through the state-owned Basra Oil Company, the country s oil minister said on Monday.
The oil ministry is discussing BOC taking ownership of the Exxon stake in West Qurna 1 and leading the project, as happened with Majnoon, Ihsan Abdul Jabbar told a news conference, referring to the huge Majnoon oilfield in Iraq s south.
Iraq said last month that ExxonMobil was seeking to sell its 32.7% stake in the West Qurna 1 field, and that the oil ministry had started discussions with U.S. oil companies over a possible purchase.
Iraq considering buying Exxon stake in West Qurna 1 oilfield
Reuters/BAGHDAD Filed on May 3, 2021
Iraq said last month that ExxonMobil was seeking to sell its 32.7 per cent stake in the West Qurna 1 field, and that the oil ministry had started discussions with US oil companies over a possible purchase. File photo
The oil ministry is discussing BOC taking ownership of the Exxon stake in West Qurna 1 and leading the project, as happened with Majnoon, Iraqi Oil Minister Ihsan Abdul Jabbar told a news conference
Iraq is considering buying ExxonMobil’s stake in the southern West Qurna 1 oilfield through the state-owned Basra Oil Company, the country’s oil minister said on Monday.
Chinese firm to develop Iraq gas field
By MEED 23 Apr 2021 (Last Updated April 23rd, 2021 09:34)
Beijing-based China Petroleum & Chemical Corporation (Sinopec) has won a contract to develop Iraq s Mansuriya gas field near the Iranian border, according to a statement from the country’s Oil Ministry.
Sinopec has partnered with Iraq’s state-run Midland Oil Company. Credit: MEED.
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Beijing-based China Petroleum & Chemical Corporation (Sinopec) has won a contract to develop Iraq’s Mansuriya gas field near the Iranian border, according to a statement from the country’s Oil Ministry.
Sinopec won the contract in a bidding round held at the oil ministry headquarters in Baghdad on 20 April, the ministry said.