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FinancialNews
28-02-18
Iraq's Basra Oil Co to tender water injection project
(MENAFN) Iraq's Basra Oil Co was confirmed to be arranging to tender for a water injection plan, aiming to boost the production size of its oil in the possibility negotiations with Exxon Mobil collapsed.
The oil ministry's licensing and contracts office chief Abdul Mahdi al-Ameedi explained "we cannot wait for a longer time unless Exxon Mobil accepts the deal for the benefit of the two parties."
Discussing negotiations with Exxon and Petrochina on the project, Al Ameedi said "in the beginning when we discussed with them, the initial production rate from the two fields was in the order of 40,000 bpd (barrels per day), but now it is more than 125,000 bpd."
He continued "this will impact severely the economics of the project... it affects the economics parameter, the profit share or the profit to the company."
MENAFN2802201800450000ID1096526786
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