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.
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.
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