Exxon (XOM) Ups Spending Plan to Develop Iraq's West Qurna 1 Field
Tweet
Share
E-mailGet Alerts XOM Hot Sheet
Join SI Premium – FREE
Exxon Mobil (NYSE: XOM) is planning to spend spend even more on expansion of its footprint in Iraq.
According to reports out Monday, Exxon is allocating $1.65 billion on Iraq's West Qurna 1 oilfield, up from $1.60 billion spent last year. Comments come from Reuters, citing Madhi Abdul Razzaq, the head of the joint management committee.
The spending comes as Exxon to sell out of its Kurdish assets last year, as to not ruffle any feathers with Baghdad.
Exxon might also be planning to sell stakes in West Qurna 1, with Indonesia's Pertamina looking at 10 percent to 20 percent and China National Petroleum's PetroChina (NYSE: PTR) possible making a move on 60 percent of the field.
Production at West Qurna 1 is expected to hit 600,000 barrels of oil equivalent per day (BOPD) by the end of the year and 900,000 BOPD in 2015.
Oil companies are required to submit a spending plan to the oil ministry before the start of the calendar year.
Shares of Exxon are down 0.4 percent.
According to reports out Monday, Exxon is allocating $1.65 billion on Iraq's West Qurna 1 oilfield, up from $1.60 billion spent last year. Comments come from Reuters, citing Madhi Abdul Razzaq, the head of the joint management committee.
The spending comes as Exxon to sell out of its Kurdish assets last year, as to not ruffle any feathers with Baghdad.
Exxon might also be planning to sell stakes in West Qurna 1, with Indonesia's Pertamina looking at 10 percent to 20 percent and China National Petroleum's PetroChina (NYSE: PTR) possible making a move on 60 percent of the field.
Production at West Qurna 1 is expected to hit 600,000 barrels of oil equivalent per day (BOPD) by the end of the year and 900,000 BOPD in 2015.
Oil companies are required to submit a spending plan to the oil ministry before the start of the calendar year.
Shares of Exxon are down 0.4 percent.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- ExxonMobil (XOM) PT Raised to $177 at Morgan Stanley
- Buy this stock to gain "growing AI/HPC exposure": Barclays
- Bernstein sees over 50% upside in this Japanese chipmaker's stock
Create E-mail Alert Related Categories
Insiders' BlogSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
