At the handover ceremony held in the southern province of Basra, Iraq, the lead contractor for the West Gurna-1 oilfield has completed the transfer of power, and China National Petroleum Corporation has taken over from ExxonMobil as the new lead contractor.

The Sigurna 1 oil field, located approximately 50 kilometers northwest of Basra, is not only the largest oil field in Iraq, but also one of the largest oil fields worldwide. Its annual crude oil production exceeds 25 million tons, and its total recoverable reserves are estimated to exceed 20 billion barrels. According to Global Data, the current recovery rate of the oilfield accounts for 32.44% of its total recoverable reserves and is expected to peak in 2029. According to economic assumptions, the production of the oilfield will continue until reaching its economic limit by 2064. At present, the production of this oilfield accounts for approximately 8% of Iraq's daily production. Basra Oil Company stated that Iraq and China Petroleum Company plan to increase the daily production of the oilfield to 600000 barrels by the end of 2024.

Since November 2013, ExxonMobil has been gradually selling its 60% stake in the West Gurner 1 oilfield to China National Petroleum Corporation, Indonesian National Petroleum Corporation, and Basra Oil Company. Shell initially owned 15% of the oil field, but in 2018, it sold its shares to CIECO West Qurna Limited, a subsidiary of Itochu Corporation in Japan, for $406 million. Keywords: the Belt and Road news, the Belt and Road project, overseas project.

ExxonMobil transferred its remaining equity in the West Gurner 1 oilfield to Basra Oil Company and Pertamina. After ExxonMobil withdrew, PetroChina held the largest stake in the oilfield and took over the operating rights from ExxonMobil on January 1, 2024. The current shareholding of the oilfield is 32.7% of PetroChina; Basra Oil Company 22.7%; Itochu 19.6%; Indonesian National Oil Company 20%; Oil Exploration Company 5%. (This article is from the official website of Jiandao: www.seetao. com. Reproduction without permission is not allowed, otherwise it will be punished. Please indicate Jiandao's website and the original link when reprinting.) Jiandao's mechanical column editor/Zhou Yingwen