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Date Posted: 8:58:27 2/28/23 Tue
Author: Jasper
Subject: How many human resources did the US waste trying to bring democracy to Iraq?

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China is set to take over as the sole lead operator of Iraq’s giant West Qurna 1 oilfield.
West Qurna 1 crude oil has an average lifting cost of around US$1-2 per barrel.
West Qurna 1 and 2 hold an estimated 43 billion barrels of recoverable reserves.

Whilst the U.S. and its allies appear to be taking a subtle approach to advancing their remaining interests in Iraq, as hinted at by the Qatar’s talks to buy a 30 percent stake in TotalEnergies’ US$27 billion project package, China seems to be taking a more direct route to what it wants. Last week saw six oil concessions awarded by Baghdad to three companies from China and the UAE, as part of the fifth licensing round, according to Iraq’s latest Oil Minister, Hayan Abdul Ghani. In addition, according to a senior source who works closely with Iran’s Petroleum Ministry spoken to exclusively by OilPrice.com in the past few days, PetroChina is set to take over as the sole lead operator of Iraq’s supergiant West Qurna 1 oil field as the U.S.’s ExxonMobil is finally close to being able to sell its 32.7 percent stake in the site.

https://oilprice.com/Energy/Crude-Oil/China-Makes-Big-Moves-To-Secure-Iraqi-Oil.html

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