Iraq closes in on new field plateau targets

摘要

Vienna—Iraq hopes to agree new contract terms shortly for the Rumaila, West Qurna 1 and Majnoon oil field projects, including lower plateau production targets from the key developments, the country’s oil minister Abdul Karim Luaibi said Tuesday. “For Rumaila and Exxon’s West Qurna 1, we agreed on changes and are about to sign amended agreements,” Luaibi told a press briefing in Vienna. Iraq has been in talks with most of the companies in charge of its oil field development projects to renegotiate terms, in particular to lower the target plateau output levels. The renegotiations are designed to lower the country’s overall output target to 9 million b/d from an original target of over 12 million b/d that it was previously aiming to achieve by 2017.