ExxonMobil does not see any major impact on its overall production from a potential reduction in the plateau target of Iraq’s WQ-1, oil field as it confirms that it had started exploration drilling in the KRG.

Iraq’s oil ministry is negotiating lower plateau targets and contract extensions for its five big southern oil fields with operators of the consortia developing the fields under long-term Technical Service Contracts (TSC). Talks with ExxonMobil for WQ-1, BP for Rumaila and Shell for Majnoun have not been concluded. Iraqi Oil Minister ‘Abd al-Karim al-Laibi said in December the ministry was proposing lowering the production plateau for WQ-1 to 1.8mn b/d from 2.325mn b/d. Exxon is proposing 1.6mn b/d, he said. Eni and Lukoil have agreed to lower plateaus for the Zubair and West Qurna-2 fields, respectively. (CONTINUED - 455 WORDS)