Exxon says on track with Iraq’s West Qurna plans

BAGHDAD, Oct 22 (BestGrowthStock) – U.S. oil major ExxonMobil
(XOM.N: ) said on Friday it was on track to reach its initial
production target in Iraq’s West Qurna Phase One oilfield next

“ExxonMobil is moving forward in accordance with the
contract timeline and we are on track with our plans to reach
the initial production target in 2011 in accordance with our
contract terms,” Exxon told Reuters in a statement.

Current production at West Qurna Phase One is more than
200,000 barrels per day, Exxon said.

ExxonMobil Iraq Vice President James Adams had said in
recent months that Exxon and its partner Royal Dutch Shell
(RDSa.L: ) aimed to raise production by 10 percent by the end of
the first quarter of 2011 and that current production was from
200,000 to 250,000 barrels per day. [IDnLDE68Q0Y2]

ExxonMobil and Shell won a contract to develop the
8.7-billion-barrel West Qurna Phase One field. The group aims to
boost output to 2.32 million bpd after setting a baseline
production of 244,000 bpd, according to Iraqi officials.

The Exxon-Shell 20-year contract was one of a series that
Iraq has signed with international oil companies to develop its
vast reserves in a bid to boost its production capacity to 12
million bpd, from around 2.5 million bpd now.
(Reporting by Rania El Gamal; Editing by Sue Thomas)

Exxon says on track with Iraq’s West Qurna plans