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Home / News / Today's Headlines / Iraq and Oil Majors to Sign Contract in June

05.05.2008

Iraq and Oil Majors to Sign Contract in June

Talks between the Iraqi Oil Ministry and senior executives from the world's largest oil companies are progressing and deals to develop the country's prized oil fields are expected to be signed in June, people close to the ministry said.

Senior executives from Royal Dutch Shell PLC, BP PLC, Exxon Mobil Corp. and Chevron Corp., Anadarko Petroleum Corp., France's Total SA and Australia's BHP Billiton Ltd. are holding talks with Iraqi officials since mid April, they said. These talks are expected to continue until May 9. A new and last round of talks is expected in June, they said.

Iraq wants to increase production by 600,000 barrels a day in six producing oil fields located in northern and southern Iraq. They are Kirkuk in the north, West Qurna 1, Zubair, Missan, Rumaila and Subba/Luhais in the south.

Iraqi oil officials have estimated the value of these deals at $3 billion.

Iraq is currently producing around 2.4 million barrels a day from its southern and northern oil fields.

Source: Dow Jones  

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