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Exxon and Petrochina Close to Signing $53 Billion South Iraq Mega Project

Project will develop oil and gas production at the Nahr Bin Umar and Artawi oilfields

Iraq Prime Minister Adel Abdul Mahdi has revealed the the Iraqi government are close to reaching an agreement with ExxonMobil and Petrochina for a mega oil development project in South Iraq.

The $53 billion project will involve the development of the Nahr Bin Umar and Artawi oilfields to raise production from current rates of 125,000 barrels per day (bpd) to reach 500,000 bpd, whilst capturing and processing 100 million standard cubic feet of natural gas per day. In addition, the operators will also construct water injection facilities and build and rehabilitate new and existing export pipelines.

The 30 year contract is projected to generate income of $400 billion for the Iraqi state over its lifespan.

Source: Reuters


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