Iraq’s WQ-1 Targets 600,000 b/d End-23 Capacity

30 Jun 2023 Issue: 66 / 26 By: Yesar Al-Maleki

Iraq’s West Qurna-1 oil field is on track to add 130,000 b/d of capacity over the course of 2023, with ambitious plans to hike capacity further by 2028. But with ExxonMobil one foot out the door and BOC giving confusing figures, targets remain questionable.

Production capacity at Iraq’s West Qurna-1 (WQ-1) oil field in Basra (see map, MEES, 30 June) has reached “more than” 500,000 b/d according to Mohammed Aziz al-Khafaji, director of the WQ-1 department at Basrah Oil Company (BOC). BOC owns the ExxonMobil-operated field and the US firm continues to await the state firm’s purchase of its remaining 22.7% stake after it sold a 10% to Indonesian partner Pertamina late last year (MEES, 17 February).

Exxon made its intention to quit WQ-1, and Iraq entirely, official in January 2021 (MEES, 23 April 2021). As it stands, WQ-1’s shareholders are ExxonMobil (22.7%), Pertamina (20%), CNPC (32.7%), Itochu (19.6%) and Iraq state-firm OEC (5%). (CONTINUED - 742 WORDS)