• 2 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 5 minutes Middle East on brink: Oil tankers attacked off Oman
  • 8 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 31 mins Iran downs US drone. No military response . . Just Completely Destroy their Economy. Can Senator Kerry be tried for aiding enemy ?
  • 48 mins California and Oil
  • 4 hours The Inconvenient Truth Of Electric Cars
  • 8 hours The Plastics Problem
  • 3 hours Win Against Tyranny: Turkey's Opposition Strikes Blow To Erdogan With Istanbul Mayoral Win
  • 3 hours Ireland To Ban New Petrol And Diesel Vehicles From 2030
  • 13 hours Solar Panels at 26 cents per watt
  • 9 hours Hydrogen FTW... Some Day
  • 3 hours Green vs. Coal: Bavaria Seeks Fast-Track German Coal Exit in Snub to Merkel Plan
  • 18 hours NATO Article 5: Attack on one member is attack on all. Members all must come to defense . . . NOT facilitate financial transactions to circumvent and foil US Sanctions. Somebody please tell Angela.
  • 18 hours Summit in Pyongyang: China's Xi Says World Hopes North Korea-U.S. Talks Can Succeed
  • 15 hours What's more Important Iran Nuke Deal or Strong China Trade Deal. Hypothetically, If China offered Trump North Korean and Iran deals in exchange for concessions on trade deal should he take it ?
  • 4 hours Here We Go: New York Lawmakers Pass Aggressive Law To Fight Climate Change
  • 19 hours Huge UK Gas Discovery

Breaking News:

Oil Pipelines Sabotaged In Syria

Are Oil Markets At A Turning Point?

Are Oil Markets At A Turning Point?

Oil prices rebounded on Tuesday…

The Big Unknown In OPEC’s New Deal

The Big Unknown In OPEC’s New Deal

Russian oil minister Alexander Novak…

Iraq To Boost West Qurna 1 Oil Output After Exxon Evacuates Staff

Qurna 1 Iraq

Iraq will raise the oil production from its giant West Qurna 1 field by as much as 50,000 bpd in the next few days, a senior industry official told Reuters on Wednesday, days after the oil field developer ExxonMobil evacuated all its foreign staff from the field amid security concerns.

Currently, the West Qurna 1 oil field pumps around 440,000 bpd, while Iraq’s intention is to increase that production to 490,000 bpd within days, Basra Oil Company chief Ihsan Abdul Jabbar told Reuters.

Last week, ExxonMobil began evacuating its engineers working at West Qurna 1 as security concerns mounted with the heightened tension in the Middle East amid the U.S.-Iran and Saudi-Iran standoffs. Other international oil majors, including BP and Chevron, are said to be monitoring the situation in Iraq very closely.

The exodus from Iraq comes after the United States ordered last week the evacuation of all non-essential government employees from Iraq citing security concerns, adding that the US embassy in Iraq would suspend visa services and would have a “limited ability to provide emergency services to US citizens in Iraq.”

The security issues came to light mid-week last week after the United States ordered all non-essential personnel evacuated from the country citing possible threats from Iran, presumably via the Iraqi Shi’ite militia.

Related: New Middle East Proxy War Could Jolt Oil Prices

Iraq was not happy with Exxon’s hasty evacuation of all foreign personnel from West Qurna 1, with its oil minister Thamer Ghadhban saying the exit was “unacceptable and unjustified.” According to the Iraqi minister, Exxon’s staff evacuation has nothing to do with security threats, instead arguing that it was politically motivated.

Earlier this month, Iraq was close to signing a mega US$53-billion deal with Exxon and PetroChina to develop oil fields in the south. The deal was “very close” but has been slowed by Exxon’s departure from Iraq, Ghadhban said this weekend.  

Any security-risk-related disruption of oil production in Iraq—OPEC’s second-largest producer after Saudi Arabia—would not go unnoticed on the oil market, which has already started to consider a perceived higher risk of supply outages in the Middle East.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News