West Qurna Field
Phases
West Qurna Phase I
In November 2009, an ExxonMobil - Shell joint venture won a $50 billion contract to develop the 9-billion-barrels (1.4×10 m) West Qurna Phase I. As per Iraqi Oil Ministry estimates, the project will require a $25 billion investment and another $25 billion in operating fees creating approximately 100,000 jobs in the underdeveloped southern region. ExxonMobil is set to increase the current production of 0.27 to 2.25 million barrels per day (43×10 to 358×10 m/d) within seven years. The Iraqi government, in turn, will pay $1.90 per barrel produced by ExxonMobil-Shell alliance. In November 2023, PetroChina took over as main operator of West Qurna 1, replacing ExxonMobil.
West Qurna Phase II
In December 2009, Russia's Lukoil and Norway's Statoil were awarded the rights to develop the 12.88-billion-barrels (2.048×10 m) West Qurna Phase II oil field. The Lukoil-Statoil alliance will receive $1.15 per barrel that they produce. In addition, they will work to raise output from West Qurna 2 to 120,000 barrels per day (19,000 m/d) by 2012 and 1.8 million barrels per day (290,000 m/d) over a period of 13 years. In March 2012, Statoil sold its 18.75% stake in the field to Lukoil, giving the Russian firm a 75% stake, and leaving the Iraqi state oil company with 25%.
In 2023 Lukoil announced it is planning to double the production of oil from the West Qurna Field 2, to 800,000 bpd.
Water-injection project
A new joint multibillion-dollar water-injection project will be awarded to operator ExxonMobil. The project includes construction of a plant which will help 6 major oil-field development projects by producing 10–12 million barrels (1,600,000–1,900,000 m) of water per day. The alliance will include Shell, Eni, Lukoil, CNPC and Petronas.
