Iraq has used an oil seminar in Baghdad as a forum to invite foreign oil companies to take part in development projects when a United Nations oil export embargo is lifted.
Middle East Economic Survey (MEES) reported Iraqi Oil Minister Safa Hadi Jawad Al-Habubi spoke of the country's need for support from the international oil industry in revitalizing existing oil facilities and bringing new fields on stream.
"Some 33 discovered and appraised oil fields with a production capacity of 4.65 million b/d have been earmarked for development," MEES said. Negotiations with foreign companies are said to be in progress for development of 10 of those fields under production sharing agreements and service contracts.
Four giant fields, West Qurna, Majnoon, Nahr Umr, and Halfaya, are said to be among those under discussion. The four giants have combined productive capacity of 2.1 million b/d.
Negotiations were said to be furthest advanced with Ste. Nationale Elf Aquitaine for Majnoon, Total SA for Nahr Umr, and Russian companies Kond Petroleum, Machinoimport, and Zangas for West Qurna.
Investment required to restore and expand oil productive capacity during the next 5-8 years is estimated at $25 billion, while another $5 billion will be needed for downstream projects that include gas processing.
Current production is 750,000 b/d for local consumption and limited exports to Jordan. MEES said this is a gross figure, including volumes reinjected after associated gas extraction.
Copyright 1995 Oil & Gas Journal. All Rights Reserved.