Iraq’s state-run South Oil Co. (SOC) has approached PetroChina and ExxonMobil about investing in a multi-billion-dollar Integrated South Project to boost infrastructure that will allow to increase output from Iraqi smaller southern oilfields, reported Reuters.
The project targets the Luhais, Nassiriya, Tuba, Nahr Bin Umar, and Artawi oilfields – currently producing about 240,000b/d, seeking to raise the volumes to 350,000b/d in 2016. The project consists of building oil pipelines, storage facilities, and a seawater supply project to inject water to maintain pressure and enhance oil recovery.
The two companies were approached because they were
developing the West Qurna phase 1 oilfield already, with Petrochina showing more interest than Exxon, an anonymous SOC official said.
In other developments, Italy has pledged $2.72m to UNDP activities in Iraq directed at infrastructure investments, including electricity grids, wrote Trade Arabia.