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FINANCIAL NEWS
ExxonMobil to manage water injection project in Iraq
20 Apr 2010
(MENAFN) ExxonMobil will lead a giant multibillion-dollar water-injection project on behalf of international oil firms which won contracts in southern Iraqi oilfields, Reuters reported.
Director of the Oil Ministry’s licensing office, Abdul Mahdy Al Ameedi, said that the cost of the project would be distributed among those majors that won development contracts for southern oilfields in the two auctions Iraq held in 2009.
He explained that water injection helps increase the amount of crude that can be pumped from oilfields, the project would enable oil companies reaching their ambitious production targets set in the oilfield development contracts.
This project will have the capacity to inject 12 million barrels per day of water from the Gulf to deal with the issue of the lack of water for injection into the wells in the southern fields, Al Ameedi said.
The companies that will help cover the costs of the water injection project includes Exxon, Royal Dutch Shell, Lukoil, Malaysia’s Petronas, China’s CNPC and Italy’s Eni.
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