PHOTO
China Petroleum Engineering & Construction Corporation (CPECC) said last week that has been awarded a $315.96 million Engineering, Procurement, Construction and Commissioning (EPCC) contract by ExxonMobil Iraq for a crude oil processing project in the West Qurna 1 oil field.
West Qurna 1, located in southern Iraq, is one of the world's largest oilfields with estimated recoverable reserves of more than 20 billion barrels.
CPECC said in a stock exchange statement last week that the EPCC contract, awarded to its subsidiary, involves the construction of crude oil processing facilities totalling 210,000 barrels per day (bpd) to increase the production capacity of the West Qurna-1 field.
In June 2021, S&P Global Platts had reported that West Qurna 1 is producing 380,000 bpd out of a production capacity exceeding 500,000 bpd.
Last month, Reuters had reported that the Iraqi government had given its approval for the Iraqi National Oil Company to acquire Exxon Mobil Corp's stake in the West Qurna 1.
(Writing by SA Kader; Editing by Anoop Menon)
(anoop.menon@lseg.com)
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
