BAGHDAD, Oct 22 (Reuters) - U.S. oil major ExxonMobil (XOM.N) said on Friday it was on track to reach its initial production target in Iraq’s West Qurna Phase One oilfield next year.
“ExxonMobil is moving forward in accordance with the contract timeline and we are on track with our plans to reach the initial production target in 2011 in accordance with our contract terms,” Exxon told Reuters in a statement.
Current production at West Qurna Phase One is more than 200,000 barrels per day, Exxon said.
ExxonMobil Iraq Vice President James Adams had said in recent months that Exxon and its partner Royal Dutch Shell (RDSa.L) aimed to raise production by 10 percent by the end of the first quarter of 2011 and that current production was from 200,000 to 250,000 barrels per day. [IDnLDE68Q0Y2]
ExxonMobil and Shell won a contract to develop the 8.7-billion-barrel West Qurna Phase One field. The group aims to boost output to 2.32 million bpd after setting a baseline production of 244,000 bpd, according to Iraqi officials. [ID:nRAS832007]
The Exxon-Shell 20-year contract was one of a series that Iraq has signed with international oil companies to develop its vast reserves in a bid to boost its production capacity to 12 million bpd, from around 2.5 million bpd now. (Reporting by Rania El Gamal; Editing by Sue Thomas)