Page 4 - MEOG Week 50 2021

MEOG COMMENTARY MEOG

Iraq turns to Majnoon

in push to 8mn bpd

The super-giant Majnoon oilfield is the next on the list for Baghdad, which is
pushing hard to drive a 3mn bpd increase in its oil production capabilities.

IRAQ IRAQI Oil Minister Ihsan Abdul Jabbar this and plan announcements by the MoO as it seeks
week attended a ceremony at the Majnoon oil- to expand oil production capacity from the cur-
field and expressed optimism about the asset’s rent 5mn bpd to 8mn bpd by 2027.
WHAT: future as the country seeks to achieve a signifi- Data seen by Middle East Oil & Gas (MEOG)
Basra Oil Co. is looking cant increase oil production capacity. suggests that Majnoon has a current capacity
to roughly double oil Meanwhile, efforts are ongoing throughout of around 240,000 bpd. With reserves of nearly
production at Majnoon, southern Iraq to achieve the national target, with 13bn barrels and far higher resources, the field,
and recently awarded a the Ministry of Oil (MoO) courting IOC opera- whose name translates as ‘insane’, is one of Iraq’s
contract for new wellhead tors to get their buy-in. largest assets, but has so far failed to fulfil much
units. of its potential.
Majnoon It is currently operated by Basra Oil Co.
WHY: After laying the foundation stones for the (BOC), a subsidiary of the recently re-estab-
The field has massive Majnoon Field Production and Development lished Iraqi National Oil Co (INOC). BOC
potential but has failed Authority HQ and electronic control building assumed this role in 2018 after the departure of
to deliver amid concerns and a project to capture and utilise sour gas Royal Dutch Shell and Malaysia’s Petronas the
about pressure and from Majnoon, Abdul Jabbar said: “We aim to previous year, with reservoir pressure concerns
the withdrawal of IOC increase [oil] production to 450,000 barrels per and corruption cited as potential reasons. The
developers. day [bpd].” two companies had signed a technical services
The update is the latest in a string of target contract (TSC) for the field following the second
WHAT NEXT:
The Ministry of Oil is
continuing to discuss
E&P expansion plans with
IOCs as it rides a wave of
positive sentiment.

P4 www. NEWSBASE .com Week 50 15•December•2021