real-time news and commentary for investors
Wednesday, Sep 18
Oil majors negotiate reduced Iraq production targets
- Major Western oil companies are negotiating with the Iraqi government to cut their oil production targets in the country, reducing Iraq's overall production target of 12M bbl/day, a senior Iraqi oil official says.
- BP and partner China National Petroleum (PTR) are in talks to reduce the plateau target for the Rumaila field to 2.1M bbl/day from 2.85M; the two currently produce ~1.4M bbl/day from the field.
- Shell (RDS.A, RDS.B) and partner, Malaysia's Petronas, are negotiating to reduce its target at the Majnoon field to 1.2M bbl/day from the agreed plateau of 1.8M; Majnoon is expected to start first production this month at 175K bbl/day.
- The Exxon-led (XOM) consortium operating the West Qurna-1 field is in advanced talks to lower its target to 1.8M bbl/day from 2.825M; it is now producing ~450K bbl/day from the field.