ExxonMobil, BP, Eni Investing $100B to Develop 3 Iraqi Fields

Oct. 19, 2011 01:40PM PST

Rigzone reported that ExxonMobil (NYSE:XOM), BP (NYSE: BP) and Eni (NYSE:ENI) plans to spend almost $100 billion to upgrade three oilfields in southern Iraq.

As quoted in the market news:

The three fields are pumping now around 2 million barrels a day, which is the bulk of Iraq’s total oil output, currently standing at 2.9 million barrels a day.
According to the deals signed with these companies two years ago, production from these three fields should reach at least 6.8 million barrels a day in 2017.

Click here to read the full Rigzone report