China's PetroChina has taken over as main operator of Iraq’s West Qurna 1 oilfield in Basra, replacing ExxonMobil
Basra Oil Company has become a major partner in managing the field, holding a 22.7% stake, alongside PetroChina, Pertamina from Indonesia, Itochu from Japan, and the government partner, the Oil Exploration Company.
The subsequent holdings in the field are: PetroChina 32.7%; Basra Oil Company (BOC) 22.7%; Itochu 19.6%; Pertamina 20%; and Oil Exploration Company 5%.
The current production capacity of the field exceeds 500,000 barrels per day. Both the South Gas Company (SGC) and Basra Gas Company (BGC) are involved in utilising the associated gas from the field. The head of Basra Oil Company, Bassem Abdul Karim, said Iraq and PetroChina plan to boost production to 600,000 bpd by the end of 2024.
West Qurna 1 is believed to hold more than 20 bn barrels of recoverable reserves – making it one of the largest oilfields in the world.
