Iraq′s West Qurna I Field Reaches Oil Production Milestone
Field Production Increased to 285,000 Barrels Per Day, Exceeding
Target
ExxonMobil Iraq Limited, together with the South Oil Company of Iraq and
co-venturers Shell West Qurna B.V. and Oil Exploration Company of Iraq,
announced today a major production milestone in the redevelopment of the
West Qurna I oil field in Southern Iraq.
Initial field production of 244,000 barrels per day has now increased to
285,000 barrels per day, which exceeds the 10 percent improved
production target established under the technical services contract.
Dheyaa Jaafar, director-general of the South Oil Company, said, 'This is
a major milestone in West Qurna I achievements and is a result of the
teamwork and efforts of the West Qurna I co-venturers. The continued
redevelopment of the West Qurna I field will make a significant
contribution to Iraq's energy resources and prosperity for the benefit
of the Iraqi people.?
'This important development has been made possible by a strong
partnership with the South Oil Company based on common values and
goals,? said James Adams, vice president of ExxonMobil Iraq Limited.
'ExxonMobil is an industry leader in the timely and cost effective
execution of complex long-term projects and we are committed to working
with the South Oil Company to help fulfill Iraq′s strategic energy
development plans.'
Under the terms of the contract, day-to-day production operations have
transferred to the West Qurna I field operating division, which is
staffed by personnel from the South Oil Company and ExxonMobil. The
day-to-day operations include drilling new wells, working over existing
wells, and debottlenecking and optimizing facilities. More than 1,600
Iraqis are engaged in West Qurna I field operations.
ExxonMobil subsidiary Exxon Mobil Iraq Limited (60% interest) is the
lead contractor working with the South Oil Company of Iraq to redevelop
and expand the West Qurna I field along with the Oil Exploration Company
of Iraq (25% interest) and Shell West Qurna B.V., a Royal Dutch Shell
affiliate (15% interest)
CAUTIONARY STATEMENT: Statements in this release regarding future events
and conditions are forward-looking statements. Actual future results,
including project plans and schedules and resource recoveries, could
differ materially due to changes in long-term oil and gas price levels
or other market conditions affecting the oil and gas industry; political
or regulatory developments; timely completion of development plans;
reservoir performance; technical or operating factors; the outcome of
commercial negotiations; and other factors discussed under the heading
'Factors Affecting Future Results' posted in the 'investors' section of
our website (www.exxonmobil.com).
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