Iraq takes center stage in top five oil deals amid global energy crisis
Shafaq News / The Top five oiil Deals in November 2023 witnessed a strong presence from Iraq and Algeria, as both countries escalate development and investment activities within their respective oil sectors.
According to a report from the Energy platform, the significance of oil is growing amid the escalating global energy crisis. Markets are experiencing turmoil due to the continued implementation of voluntary cuts in oil production.
Iraq led the list of the top five oil deals in November. This was achieved through significant agreements involving investment, production, and development in the "West Qurna 1" and "West Qurna 2" fields by major international companies.
Iraq topped the list after announcing the grant to PetroChina, allowing them to become the primary operator of the West Qurna 1 field, replacing ExxonMobil, which withdrew. This deal was part of a settlement agreement between the Iraqi Oil Ministry and the American energy giant, aimed at finalizing ExxonMobil's exit from this field.
Iraq further solidified its presence at the forefront of the Top 5 Oil Deals by entering a new agreement with Lukoil, the Russian oil company, for the development of the West Qurna 2 oil field.
The Russian company declared the agreement was signed to improve conditions in the Iraqi field, extending the service contract with the Ministry of Oil responsible for the field for another 10 years. It affirmed that the deal would gradually double the field's capacity.