FuelClub Discount

Chevron Corp. and Total confirmed that they are in talks with the Iraqi government to expand production at a major oil field in Basra, southern Iraq.

The negotiations will finalize a two-year deal to increase oil output at the West al-Qurna oil field in Basra, Iraq’s second-largest city.

Chevron confirmed their involvement after Total’s chief executive officer publicly discussed the proposed deal Thursday at an oil industry conference in Paris.

“We just want to be consistent with them and confirm that what they’re saying is accurate,” Glaubitz said.

West Qurna field is located about 40 miles west of Basra and is among Iraq’s 10 “super giant” fields with its reserves estimated between 15 to 21 billion barrels, according to Iraqi Oil Ministry and Energy Information Administration.
(more…)

Shell has revealed that it is ready to boost oil production in Iraq once the country has finalised its petroleum laws.

The chief executive officer of Shell, Jeroen van der Veer, told the Center for Strategic and International Studies: “We are very much prepared to go back to Iraq”, reported Reuters.

However, he said that the safety of his staff was important and that they must be able to work without danger.

“You have to know the rules of the game because you have to bring a lot of money to the country. We expect that the petroleum law, we hope that it is finally passed…during this year,” he added.

The news organisation said that Iraq has the third largest oil reserves in the world, with some of the cheapest extraction costs.

Mr van der Veer recently said that he expected easy-to-produce oil and gas to peak on the next ten years.
(more…)