Tuesday, September 28, 2010
ExxonMobil (XOM.N) and its partner Royal Dutch Shell (RDSa.L) plan to more than double the number of new wells in Iraq's West Qurna Phase One to reach its projected production target, an Exxon executive said on Monday.
Exxon aims to drill two to three times the current 370 wells in the field as part of its development plan for West Qurna to reach plateau output of 2.325 million barrels per day, said ExxonMobil Iraq Vice President James Adams.
Regular readers know that my admiration for the oil industry, especially the integrated multinationals, is almost boundless. These companies go in to the most challenging geophysical and geopolitical conditions and manage to deliver gasoline to local stations around the world at a pre-tax price that is less than milk, Coca-Cola, or even bottled water. Is there a better value in our modern world? I mean, of course, other than chicken.
The Prize by Daniel Yergin is great non-fiction. It's a history of the oil industry. It doubles as a history of the 20th Century. One of the best parts explains how the USA "stole" Saudi Arabia from under the nose of the British, thanks to some gifted Texas wildcatters.