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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.
Comments (3)
  • cfindlay
    , contributor
    Comments (26) | Send Message
     
    why?
    18 Sep 2013, 03:09 PM Reply Like
  • daphnex2
    , contributor
    Comments (120) | Send Message
     
    Maybe it will make it easier for them to get out when they need to?
    18 Sep 2013, 07:18 PM Reply Like
  • pauliraq
    , contributor
    Comment (1) | Send Message
     
    Are there going in to Kurdistan (Iraq)
    19 Sep 2013, 09:02 AM Reply Like
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