West Qurna Field

West Qurna (Arabic: غرب قرنة) is one of Iraq's largest oil fields, located north of Rumaila field, west of Basra. West Qurna is believed to hold of recoverable reserves. Until 2009, the field was closed to Western firms. Phases West Qurna Phase I In November 2009, an ExxonMobil - Shell joint venture won a $50 billion contract to develop the West Qurna Phase I. As per Iraqi Oil Ministry estimates, the project will require a $25 billion investment and another $25 billion in operating fees creati…