fbpx
  • About us
  • Advertise
  • Contact
  • Nominate
  • Client’s Voice
  • Login
  • Register
📖 Magazine
The Global Economics
  • Home
  • Banking
  • Non Banking
  • Markets
  • Infrastructure
  • Lifestyle
  • FeatureNew
  • Awards
No Result
View All Result
  • Home
  • Banking
  • Non Banking
  • Markets
  • Infrastructure
  • Lifestyle
  • FeatureNew
  • Awards
No Result
View All Result
The Global Economics
No Result
View All Result
Home Markets Energy

Halliburton and Exxon to buy a stake from West Qurna-1 oil field in Iraq

Halliburton resurfaced as a probable purchaser of the 32.7% stake in West Qurna-1, one of the globe’s most colossal oil fields, over a month ago

Sakshi K S by Sakshi K S
December 13, 2021
in Energy, The Global Economics, Top Stories
Reading Time: 3 mins read
0
Halliburton and Exxon to buy a stake from West Qurna-1 oil field in Iraq

Halliburton and Exxon to buy a stake from West Qurna-1 oil field in Iraq

35
SHARES
193
VIEWS
FacebookTwitterRedditWhatsAppLinkedInShare Link

Halliburton Company and Exxon Mobil Corporation are in conversations over the latter’s effort to retail a stake in the West Qurna-1 oil field in southern Iraq, as per the country’s Energy Minister.

Halliburton and Exxon to acquire a stake in Iraq Oil Field

Iraq requires an American partner for Exxon’s stake, Oil Minister Ihsan Abdul Jabbar, stated reporters in Baghdad. If the discussions with Halliburton fail, Iraq will go ahead and purchase the stake, he said. He said several days ago that Iraqi state firm Basra Oil Company could be a possible purchaser.

Halliburton, which chiefly provides oil-field services, has earlier stated that it is imprecise that the firm is involved in purchasing Exxon’s holding.

Ihsan Abdul Jabbar stated that Basra Oil wants to take over the Exxon stake, but to uphold the stability of partners and market, they underpin a US partner.

The minister stated that he estimated OPEC+ to enhance production by 400,000 barrels in January 2022. He stated that the birth of the omicron coronavirus variant hasn’t had a grave impact on global oil demand.

The 23-nation cluster, led by Russia and Saudi Arabia, decided in early December to enhance output in January 2022 by that amount. However, it upheld its meeting ‘in session,’ translating that the collaboration can transform its strategy swiftly if oil-market conditions depreciate.

Exxon Mobil’s Exodus

Halliburton resurfaced as a probable purchaser of the 32.7% stake in West Qurna-1, one of the globe’s most colossal oil fields, over a month ago.

Exxon was amongst the foremost Western oil voyagers permitted Iraq in 2010 as the Middle Eastern country strived to refabricate its energy sector post the fall of Saddam Hussein and years of clashes. Preceding that, Iraq’s crude abundance had been vastly off-limits to outsiders for approximately four decades.

Exxon more recently explored West Qurna amidst challenging predetermined terms, OPEC supply restrictions, and prevalent political instability. Iraq is the cartel’s most humongous producer after Saudi Arabia.

Whilst Halliburton has long been one of Exxon’s chief contractors in the field, facilitating an obvious possession stake would be a rare endeavour for a firm concentrated on fracking, mapping, and rehabilitating assets possessed by other firms. West Qurna-1 is a 20-billion-barrel bond.

Abdul Jabbar also stated his ministry is in talks with Chevron Corporation on the economic blueprint of the agreement for its potential investment in Nasiriya. He is estimated to authenticate a contract with the American company in Q1 of 2022.

The Iraqi National Oil Company would be Chevron’s collaborator in the oil exploration investment with a 40% stake in the venture. The American oil mogul will facilitate exploration endeavours in the city, with an appraised daily output of 600,000 barrels for at least a decade, the minister stated.


Via: Short URL
Tags: Exxon Mobil CorporationHalliburton CompanyIraq Oil Fields
Sakshi K S

Sakshi K S

Sakshi is a professional content writer engaging readers with gripping business news stories.

Related Posts

Data centre for cloud computing
Technology

Oracle To Invest $1.5 Billion Data Centre In Riyadh, Saudi Arabia

by Anuj Singh
February 6, 2023
Swappable Batteries of Electric Scooter
The Global Economics

Can Swappable Batteries For EVs Work? Singapore’s Mo Batteries Is Hopeful

by Marifur Rahman
February 6, 2023
Meta shares increase the most since 2013 and earns $40 billion in share buybacks
Finance

Meta shares increase the most since 2013 and earns $40 billion in share buybacks

by Riya Thomas
February 3, 2023
Subway
The Global Economics

Sandwich Chain, Subway’s Business Becomes Tastier As Sales Climb

by Marifur Rahman
February 3, 2023
Saudi Arabia and Oman Sign 13 Investment Agreements of Value exceeding SAR 1bn
Energy

Saudi Arabia and Oman Sign 13 Investment Agreements of Value exceeding SAR 1bn

by Anuj Singh
February 3, 2023
Facebook Twitter Instagram Youtube LinkedIn Soundcloud
The Global Economics

The Global Economics Limited is a UK based financial publication and a quarterly business magazine giving thoughtful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

DMCA.com Protection Status

  • Privacy
  • Legal
  • Terms of Use
  • Client’s Voice
  • Server Status

norton verified - the global economics

Latest Posts

Data centre for cloud computing

Oracle To Invest $1.5 Billion Data Centre In Riyadh, Saudi Arabia

February 6, 2023
Swappable Batteries of Electric Scooter

Can Swappable Batteries For EVs Work? Singapore’s Mo Batteries Is Hopeful

February 6, 2023
Meta shares increase the most since 2013 and earns $40 billion in share buybacks

Meta shares increase the most since 2013 and earns $40 billion in share buybacks

February 3, 2023
Download The Global Economics PWA to your mobile or Desktop
PWA App Download
Download The Global Economics Android App to your mobile or Desktop
Android App
Download The Global Economics IOS App to your mobile or Desktop
IOS App

All Rights Reserved © 2020 | 🇬🇧 The Global Economics, Business Finance Publication - www.theglobaleconomics.uk 🌏

No Result
View All Result
  • About us
  • Awards
  • Magazine
  • Client’s Voice
  • Exclusive Coverage
  • Nominate
  • Login
  • Sign Up

All Rights Reserved © 2020 | 🇬🇧 The Global Economics, Business Finance Publication - www.theglobaleconomics.uk 🌏

Welcome Back!

Sign In with Facebook
Sign In with Linked In
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Facebook
Sign Up with Linked In
OR

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Receive the latest news

Subscribe To Our Weekly Newsletter

Get notified about new articles, delivered right into your email inbox.

-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00
Go to mobile version