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FinancialNews


  • 08-05-19

    Iraq to ink USD53b oil agreement

    (MENAFN) Iraq is ready to secure an agreement valued at USD53 billion aimed at boosting the output of its oil, announced Prime Minister Adel Abdul Mahdi.

    Chinese-based PetroChina and U.S. Exxon Mobil will be signing the agreement with Iraq, the prime minister revealed.

    Prime Minister Abdul Mahdi affirmed "the government supports the (Iraqi) Ministry of Oil to sign an agreement with Exxon Mobil and PetroChina which valued 53 billion dollars, which is a mega-project."

    Abdul Mahdi explained that project "is related to pumping sea water into the oil fields in Iraq as well as increasing oil production in the two oil fields of Nahr Bin Umar and Artawi to 500,000 barrels per day (bpd) from around 100,000 to 125,000 bpd now."

    He further added that under the project, countless jobs will be opened while Iraq is expected to generate around USD400 billion in thirty years.

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