Winning the race for West Qurna: the ExxonMobil-led consortium takes the chequered flag
- Shahristani in the firing line
- Iraq readies West Qurna award
- Business in Iraq is a risk worth taking
- Deals behind closed doors in Baghdad
- ExxonMobil seen ahead in West Qurna bid
- Iraq sets the scene for second round
- Lukoil ups output target in West Qurna bid
- Total and CNPC make new West Qurna bid
- Big names take stage
- West Qurna struggle of titans
ExxonMobil wins West Qurna prize
Iraq's oil ministry said today that a group led by US supermajor ExxonMobil beat three rival consortiums to win the contract to develop the giant West Qurna oilfield, one of several fields left unclaimed after a June auction.
The 20-year contract is one of a raft of agreements that Iraq is close to clinching, which could catapult the nation emerging from decades of strife and economic decline to the position of the world's third largest crude producer.
"The consortium led by ExxonMobil, which includes Shell, won the contract to develop West Qurna Phase One oilfield," Oil Ministry spokesman Asim Jihad said.
Jihad said the consortium will sign an initial deal at 1400 local time (1100 GMT) and that it still needed cabinet approval.
ExxonMobil and Shell competed against Russia's Lukoil , France's Total and a consortium led by China's CNPC for Phase One of the West Qurna field, which has reserves of 8.7 billion barrels, reported Reuters.