Japan in Talks to Develop Iraqi Oil Field
A Japanese consortium is in talks to develop the Nassiriya (or al-Nasiriya) oil field in southern Iraq. (image: cambridgeforecast.wordpress.com)
Further news yesterday from Upstreamonline.com, on plans for foreign companies to assist in the development of Iraqi oil fields.
In addition to the proposed partnerships with Eni, Exxon Mobil, Shell, BP, and others for the Zubayr, Qurna, and Rumaila fields, there is now a plan in the works for a consortium led by Japan’s Nippon Oil Corporation to develop the Nassiriya field. All of the deals are intended to upgrade Iraq’s outdated oil field infrastructure, and up the country’s output to 7 million barrels a day, which would make it the third largest crude producer in the world. According to the article, Nassiriya could be producing 100,000 barrels within 18 months. As we’ve reported earlier, reserve oil inventories are already at high levels, high enough, some say, to be holding down the price of crude for the foreseeable future. If these projections are correct, the addition of 7 million barrels daily from Iraq’s oil fields would only contribute to the decline in oil prices.
Exxon-Led Consortium Finalizes Deal to Develop Major Iraqi Oil Field | HeatingOil.com says: says:
[...] Iraq opened its borders to foreign oil companies back in December, lacking the infrastructure, the experience, and the technology to alone tap into its 115 billion barrel reserves. Since then, HeatingOil.com has reported on the initial auctions, the deal with Royal Dutch Shell, and how Japan is trying to get in on the act. [...]