Iraq lifts production at Exxon’s West Qurna 1 oilfield to 465,000 bpd: officials

West Qurna 1 oilfield, above, developed by Exxon, was previously producing about 440,000 barrels per day. (Reuters)
Updated 17 June 2019

Iraq lifts production at Exxon’s West Qurna 1 oilfield to 465,000 bpd: officials

  • West Qurna 1 oilfield, developed by Exxon, was previously producing about 440,000 barrels per day
  • Iraq is producing slightly more than 4.5 million bpd, below its full capacity of nearly 5 million bpd

WEST QURNA 1 OILFIELD, Iraq: Production at Iraq’s giant West Qurna 1 oilfield in the south has reached 465,000 barrels per day (bpd) after the completion of new crude processing facilities and oil storage tanks, Iraqi oil officials said on Monday.
West Qurna 1 oilfield, developed by Exxon, was previously producing about 440,000 bpd, officials working at the field told Reuters on the sideline of a ceremony to launch the new installations.
Exxon’s foreign staff were present, having returned to the oilfield on June 2, two weeks after Exxon pulled about 60 people from the oilfield and flew them to Dubai.
The evacuation came days after the United States withdrew non-essential staff from its embassy in Baghdad, citing a threat from neighboring Iran.
Iraqi oilfield officials said Exxon’s foreign staff, including senior management and engineers, returned to the oilfield only after the Iraqi government agreed to provide extra security measures at the field, including the deployment of additional police and armed forces.
The officials and Exxon managers accompanied reporters on a tour inside West Qurna 1 on Monday where armored vehicles and soldiers from the Iraqi army were seen stationed at the gates of the oil production facilities.
Two new crude processing facilities with a joint capacity to process 150,000 bpd of oil, a unit to separate water and oil and five oil storage tanks started testing operations on Monday. The new projects would help to boost production at the field to progressively reach 490,000 bpd, said a senior oilfield manager.
Iraq is producing slightly more than 4.5 million bpd, below its full capacity of nearly 5 million bpd in line with an agreement between OPEC and other producers such as Russia to curtail global supply in order to support prices.


Big oil feels the heat on climate as industry leader promises: ‘We will be different’

Updated 33 sec ago

Big oil feels the heat on climate as industry leader promises: ‘We will be different’

  • Trump singles out ‘prophets of doom’ for attack
  • Greenpeace told the Davos gathering that the world’s largest banks, funds and insurance companies had invested $1.4 trillion in fossil fuel companies since the Paris climate deal

LONDON: Teenage environmental activist Greta Thunberg slammed inaction over climate change as the global oil industry found itself under intense scrutiny on the opening day of the World Economic Forum in Davos.

The teenage campaigner went head to head with US President Donald Trump, who dismissed climate “prophets of doom” in his speech.
She in turn shrugged off the US president’s pledge to join the economic forum’s initiative to plant 1 trillion trees to help capture carbon dioxide.
“Planting trees is good, of course, but it’s nowhere near enough,” Thunberg said. “It cannot replace mitigation. We need to start listening to the science and treat this crisis with the importance it deserves,” the 17-year-old said.
The 50th meeting of the World Economic Forum was dominated by the global threat posed by climate change and the carbon economy.
The environmental focus of Davos 2020 caps a year when carbon emissions from fossil fuels hit a record high, and the devastating effects of bushfires in Australia and other climate disasters dominated the news.
Oil company executives from the Gulf and elsewhere are in the spotlight at this year’s Davos meeting as they come under increased pressure to demonstrate how they are reducing their carbon footprint.
“We are not only fighting for our industry’s life but fighting for people to understand the things that we are doing,” said Vicki Hollub, CEO of Occidental, the US-based oil giant with extensive oil operations in the Gulf. “As an industry when we could be different — we will be different.”

‘Planting trees is good, but nowhere near enough,’ activist Greta Thunberg told Davos. (Shutterstock)

She said the company was getting close to being able to sequester significant volumes of CO2 in the US Permian Basin, the heartland of the American shale oil industry which is increasingly in competition with the conventional oil producers of the Arabian Gulf.
“The Permian Basin has the capacity to store 150 gigatons of CO2. That would be 28 years of emissions in the US. That’s the prize for us and that’s the opportunity. People say if you’re sequestering in an oil reservoir then you are producing more oil, but the reality is that it takes more CO2 to inject into a reservoir than the barrel of oil that it makes come out,” Hollub said.
The challenge Occidental and other oil companies face is to make investors understand what is happening in this area of carbon sequesteration, she added.
The investment community at Davos is also looking hard at the oil industry in the face of mounting investor concerns.
Greenpeace told the Davos gathering that the world’s largest banks, funds and insurance companies had invested $1.4 trillion in fossil fuel companies since the Paris climate deal. It accused some of these groups of failing to live up to the World Economic Forum goal of “improving the state of the world.”