On Thursday November 28, 2013 Chinese Petrochina will sign an agreement with the US Exxon Mobil Corp to buy 25% share in the Iraqi field Western Kurna-1, Bloomberg quoted Iraqi Vice Premier Hussain al-Shahristani.
Exxon Mobil holds 60% share in the field. Other shareholders include Royal Dutch Shell with 15% and Oil Exploration Company of Iraq with 25%. The resources of Western Kurna-1 are estimated at 8.7 billion barrels of oil. According to Exxon Mobil’s estimates, by the end of 2013 the volume of production on Western Kurna-1 will reach 600,000 barrels of oil a day.
ExxonMobil earlier offered Russian LUKoil to buy its share in Western Kurna-1, but at the end of December LUKoil refused of the proposal. LUKoil has been already working on the Western Kurna-2 field in Iraq.
Shahristani earlier reported that Iraq with the fifth biggest oil resources extracts 3.3 million barrels of oil a day. In August 2013 the country exported 2.58 million barrels a day. In the coming three years Iraq plans to increase daily volume or production up to 5 million barrels.—0—
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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