West Qurna 1 budget slashed by $500 million
Iraq has cut the annual budget of its second-most-prolific oil project by nearly 50 percent, as part of a broader effort to reduce oil field development costs in response to a financial crisis.
A worker adjusts the valve of an oil pipe at the West Qurna 1 oilfield in Basra on Nov. 28, 2010. (ATEF HASSAN/Reuters)
BASRA - Iraq has cut the annual budget of its second-most-prolific oil project by nearly 50 percent, as part of a broader effort to reduce oil field development costs in response to a financial crisis.
The joint management committee (JMC) of the West Qurna 1 oil field in Basra has decided to cut its 2015 budget from $1.6 billion to $1.1 billion.
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