.
.
.
.
Oil

Developing Iraq’s Mansuriya gas field near Iran border to cost $2.1 bln: Minister

Published: Updated:

Iraqi Oil Minister Ihsan Abdul Jabbar said on Monday that the development of the Mansuriya gas field on the coast near the Iranian border is expected to cost $2.1 billion.

China’s Sinopec last month won a deal to develop the field in partnership with Iraq’s state-run Midland Oil Company.

Abdul Jabbar said in a news conference that he does not expect oil prices to go below $65 per barrel and that lower oil prices should not be a concern after OPEC+ eases production cuts from May.

For the latest headlines, follow our Google News channel online or via the app.

Iraq is also in talks over the potential purchase of ExxonMobil’s stake in the southern West Qurna 1 oilfield, he added at a Baghdad news conference.

There are discussions at the oil ministry about the “Basra Oil Company taking ownership of West Qurna 1 and leading the project, as happened with Majnoon,” Abdul Jabbar said, referring to the huge Majnoon oilfield in the south of the country.

Iraq last month approved a 2021 investment budget of about $1.15 billion to develop Majnoon and raise its output to 450,000 barrels per day (bpd), from its current 130,000 bpd, within three years.

Read more:

Iraq to take over development of Mansuriyah gas field, Nassirya oilfield

Sinopec to develop Iraq's Mansuriya gas field: Ministry

Iraq oil exports at 3.44 mln bpd, revenues more than halve in April: Statement