ExxonMobil, BP & Eni Investing $100Bln in 3 Oilfields

Source: Reuters 10/19/2011, Location: Middle East

Dow Jones reported that Exxon Mobil Corporation, BP plc and Eni S.p.A. would spend around $100 billion to upgrade three oilfields in southern Iraq, the top energy advisor to the Iraqi Prime Minister said. Thamer Ghadhban said some $50 billion would be spent to upgrade the supergiant West Qurna Phase 1 oil field, which is being developed by Exxon Mobil. The remaining $50 billion will be spent by BP and Eni to upgrade the Rumaila and Zubair oil fields respectively. The three fields are pumping now around 2 million barrels a day, which is the bulk of Iraq's total oil output, currently standing at 2.9 million barrels a day. According to the deals signed with these companies two years ago, production from these three fields should reach at least 6.8 million barrels a day in 2017.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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