International

Iraq approves $1.15bln Majnoon oilfield investment

Published on : 2021-04-01

Reuters - Iraq has approved an investment budget of around $1.15 billion for 2021 to develop its southern giant Majnoon oilfield, an Iraqi oil executive said on Thursday.


Iraq plans to raise output from its Majnoon oilfield to 450,000 barrels per day (bpd) from a current 130,000 bpd in three years, Majnoon manager Dhiya Shakir told Reuters in an interview at the southern oilfield near Basra.


He said the focus following Iraq's commitment to curtail production in tandem with other OPEC+ producers is to increase output of light crude.


"Our strategy is to boost exports of light crude from Majnoon as its prices are higher than heavy crude," Shakir said.


As part of the plan to boost production, Schlumberger Ltd has completed half the work of drilling 40 oil wells under a contract awarded in 2018, Shakir said.


The state-run Iraqi Drilling Company will start drilling 40 wells in April, he said.


Officials are also said preparing to issue tenders for a water injection unit to boost reservoir pressure and help to flush oil to the surface, he said.


The bulk of Iraq’s oil is exported via southern terminals, which account for more than 95% of its state revenue.

Related Articles

ADNOC Managing Director & Group CEO named as Energy Intelligence’s Energy Executive of the Year for 2021

Energy Intelligence announced that Dr. Sultan Ahmed Al Jaber, Managing Director & Group CEO of Abu Dhabi National Oil Company (ADNOC)

Read More

Russian energy policies to emphasize natural gas, hydrogen, and renewables

Russia, the world largest country by landmass, has a multi-prong strategy to confront climate change

Read More

Iraq approves $1.15bln Majnoon oilfield investment

Iraq has approved an investment budget of around $1.15 billion for 2021 to develop its southern giant Majnoon oilfield

Read More
Wintershall Deaneptune LogoSIEnppipetrojetTransGlobe SCHNEIDER-ELECTRIChempleEgypt gasNorthAlmansooriSKY CTS SchlumbergerKuwait Energy shellenergeanexxon