Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content
  • CRYPTO REWARDS!

    Full endorsement on this opportunity - but it's limited, so get in while you can!

US report: Iraqi approach to extend an oil pipeline towards Syria


yota691
 Share

Recommended Posts

6 minutes ago, js214 said:

Drop the us dollar value down lower and see how fast they get on their own ?

I agree I post something to the effect in VIP that this is like a float already. If they start seeing a steady increase at a faster rate they will be jumping on the dinar ASAP.  When that happens we are getting close to the end of this ride.

  • Like 2
  • Thanks 1
  • Upvote 1
Link to comment
Share on other sites

Iraq achieves self-sufficiency of [kaz] and stops importing it

Bertha News Agency49 2018-04-22
5adc757d83908.jpg
 
 

The Ministry of Oil announced that for the first time since 2003, the ministry has decided to delay the importation of kerosene gas for May 2018.

"The workers in the liquidation sector have achieved an increase in the production of this material for the month of April and reach a production rate of 17 thousand and 894 cubic meters per day," a statement by the ministry of oil minister, Jabbar Ali al-Allaibi, saying that "this will save the hard currency spent on Import this article ".

He added that "these rates of production is higher than the rate of domestic consumption of kerosene for the month of March, which amounted to 17 thousand and 158 cubic meters per day," noting that "the rate of energy of the material also increased to 360 thousand cubic meters, To access the production capacity of the Iraqi refineries to the same rates that were before the events of 2014, despite the exposure of many of them to sabotage and destruction and stop production, but with the arms and the enthusiasm of the faithful we have succeeded in increasing the production capacity of the current refineries to rates ranging from [550-600] thousand barrels per day " .

"The ministry's ambition is to achieve self-sufficiency of this article and reduce the amount of imports to its percentage by more than 50 percent, depending on the size of the consumption of the Ministry of Electricity [kaz] in generating electricity for citizens."

He pointed out that "the Ministry of Oil succeeded in providing this material despite the suspension of the refinery Al-Samoud [Baiji], either through imports from abroad or through national production, in order to maintain the work and operation of power plants of the Ministry of Electricity, And public and private sector laboratories for the same purpose. "

Subscribe to the channel news agency Bertha on the talgam 
https://telegram.me/buratha
  • Thanks 1
Link to comment
Share on other sites

  • yota691 changed the title to Iraq: The value of oil exports amounted to more than 6 billion dollars in March

 

16:46 22.04.2018

Iraq announced on Sunday 22 April that 107 million and 50,000 barrels of crude oil had been exported last month, with revenues exceeding US $ 6 billion and US $ 435 million.

Cairo - Sputnik . The Iraqi Oil Ministry said in a statement that "the total exports from the fields of central and southern Iraq, for the month of March last reached 107 million and 50 thousand barrels of crude oil revenues amounted to 6 billion and 435 million and 210 thousand dollars."

OPEC
© REUTERS / RAMZI BOUDINA
 

 

" The statistics did not record exports from Kirkuk fields , " said ministry spokesman Assem Jihad . "The average price per barrel was 60.114 dollars."

"The quantities exported by 39 international companies of different nationalities have been loaded from the ports of Basrah, Khor al-Amaya and the single buoys on the Gulf."

Iraq recorded exports of more than 95 million 940 thousand and 404 barrels in February, with revenues of 5 billion and 769 million and 532 thousand dollars, at 60.137 dollars a barrel.

The highest rate of export early this year, as Iraq exported more than 108 million and 190 thousand barrels of crude oil in January, with revenues exceeded $ 6 billion and 772 million dollars, at 62.596 dollars a barrel, according to final statistics published on the website The official ministry.

Iraq seeks to recover economically and rehabilitate its oil fields, after being exhausted by the war against terrorism for more than three years.

Link to comment
Share on other sites

  • yota691 changed the title to Iraq opens bids for the end of the month to develop 11 oil fields
Editorial Date: 2018/4/23 13:15 • 27 times read
Iraq opens bids for the end of the month to develop 11 oil fields
Iraq's 
oil ministry announced Monday that Iraq expects to receive offers from international energy companies wishing to win contracts for exploration and development on April 26. Iraq is offering 11 new exploratory sites in the border areas with Iran, Kuwait and Gulf waters. 
"The Department of Petroleum Contracts and Licenses in the Ministry will carry out the competition process to receive the competitive bids of the international oil companies on the contracts of exploration and border fields next Thursday, at 10:00 am and at the cinema / Oil Ministry".
Link to comment
Share on other sites

Iraq expects to receive offers of concessions for oil exploration 26 April

 

 Since 2018-04-23 at 13:23 (Baghdad time)

67.jpg

Baghdad Mawazine News

The Iraqi Oil Ministry said in a statement on Monday that Iraq expects to receive bids from international energy companies wishing to win contracts for exploration and development on April 26.

Iraq, according to the Ministry of Oil 11 new exploratory areas in the border areas with Iran and Kuwait and in the waters of the Gulf

The ministry said in a statement that it will "the Department of Contracts and Petroleum Licenses to implement the competitive process to receive competitive offers of international oil companies on the contracts of exploration and border fields on Thursday, April 26, where will join a conference in this regard."

The spokesman of the Ministry of Oil Assem Jihad said that the conference organized by the ministry will be attended by international companies that bought the bags of information and 13 companies in addition to two companies announced their intention to buy the information bag to become 15 companies competing to develop and rehabilitate patches of the 26 companies eligible to participate in the competition.

Jihad pointed out that "the Department of Contracts and Petroleum Licenses will be during the conference to provide an explanation of the basic features of the contract and the amendments that touched him on the comments submitted by the ministry and a number of members of the House of Representatives and the government and some experts," explaining that "the wording of contracts will be" service contract with minor modifications on him".

The total number of exploratory patches identified by the Ministry of Development was 9 patches. Two exploration squares were added in Diyala governorate, totaling 11 plots, namely Anjana, Khashm Al Ahmar, Kalabat and Kammer.

Three of them are on the Iraq-Kuwait border, six on the Iraqi-Iranian border and two in Diyala, east of the country. Finished / m

  • Upvote 1
Link to comment
Share on other sites

APRIL 23, 2018 / 4:57 AM / UPDATED 18 MINUTES AGO

Iraq to auction oil exploration contracts on Thursday

 

Reuters Staff

3 MIN READ

  •  
  •  
 

BAGHDAD (Reuters) - Iraq will hold an auction to award exploration and development contracts to international energy companies on Thursday, the oil ministry said in a statement.

Iraq is offering 11 new blocks for exploration in border areas with Iran and Kuwait and in offshore Gulf waters.

Fourteen companies have expressed interest in the bidding round, the oil ministry said on April 14.

Oil companies’ offers will be received at a ceremony at the oil ministry starting at 10 a.m. (0700 GMT) on Thursday and the auction results will be announced later in the day, the ministry said in its statement on Monday.

It is the third time the auction date has been changed. The blocks were initially to be auctioned in June, but the date was brought forward to April 15, then postponed to April 25 to give bidders more time, the oil ministry said at the time.

 

Last month the ministry announced measures to reduce the fees paid to oil companies in the contracts to be auctioned.

The new contracts will exclude oil by-products from the companies’ revenue, establish a link between prevailing oil prices and their remuneration, and introduce a royalty element.

Oil companies operating in Iraq currently receive a fee from the government linked to production increases, which include crude and oil by-products such as liquefied petroleum gas.

 

OPEC’s second-largest producer after Saudi Arabia, Iraq decided to change the contracts after a glut caused oil prices to crash in 2014, reducing Baghdad’s ability to pay such fees.

Companies including BP, Exxon Mobil, Eni, Total, Royal Dutch Shell and Lukoil have helped Iraq expand production in the past decade by over 2.5 million barrels per day (bpd) to about 4.7 million bpd.

The semi-autonomous Kurdistan Regional Government produces oil and gas from fields it controls in northern Iraq under a production-sharing model that is more profitable to companies.

The new contracts offered by Baghdad will also set a time limit for companies to end gas flaring from oilfields they develop.

Iraq continues to flare some of the gas extracted alongside crude oil at its fields because it lacks the facilities to process it into fuel.

 

Iraq hopes to end gas flaring by 2021. Flaring costs the government nearly $2.5 billion in lost revenue each year and could meet most of its unmet needs for gas‐fired power, according to the World Bank.

https://www.reuters.com/article/us-iraq-oil/iraq-to-auction-oil-exploration-contracts-on-thursday-idUSKBN1HU151

  • Upvote 1
Link to comment
Share on other sites

Iraq's oil ministry announced Monday international energy companies would submit bids for exploration and development contracts from on April 26, reports said. 

Iraq is offering 11 new blocks for exploration in border areas with Iran and Kuwait and in offshore Gulf waters.

 

http://www.thebaghdadpost.com/en/story/26442/Iraq-expecting-int-l-oil-exploration-bids-in-late-April

  • Like 1
  • Upvote 1
Link to comment
Share on other sites

If it takes 80-100 buck a barrel to RV I’m all for it.  I’ll go buy an electric car.  My best friend bought a Tesla a few weeks ago and he said,

” I won’t need to EVER go to a gas station for gas again”.  

  • Like 1
  • Upvote 3
Link to comment
Share on other sites

7 minutes ago, Pitcher said:

If it takes 80-100 buck a barrel to RV I’m all for it.  I’ll go buy an electric car.  My best friend bought a Tesla a few weeks ago and he said,

” I won’t need to EVER go to a gas station for gas again”.  

Man, that is sounding pretty good right now. 

  • Like 2
Link to comment
Share on other sites

Oh, they want 100 buck a barrel.  The oil minister said last week he didn’t think 100 was too high.  SA has been saying they think 100 a barrel is doable.  The problem with getting to 100 is that it won’t be sustainable imo.  At 100 bucks a barrel you can bet your bottom dollar the the West Texas Shale  producers will go full bore. OPEC doesn’t dictate the final say in the price of oil anymore. 

I agree they should be happy at around 70.  

  • Upvote 2
Link to comment
Share on other sites

When Iraqis head to the polls in parliamentary elections next month, the country’s oil industry will likely permeate the vote. The revenues it provides has greased Iraqi politics since the fall of former Iraqi dictator Saddam Hussein in 2003, and they are expected to continue to play this role from behind the scenes.

Gross mismanagement and corruption in the oil industry are the causes of much of the inequality and discontent with the country’s ruling parties, since this is an industry that is not just Iraq’s largest but that ought also to be one of its wealthiest sectors.

Fixing Iraq’s oil industry will have to be a main priority of whoever wins Iraq’s next elections in order for the country not only to block efforts to siphon off Iraq’s resources by major international companies but also to sustain its economic growth and development and to remain united.

Signs are emerging that some in Iraq’s ruling oligarchy may be ready to give privatisation of the oil industry the go-ahead, supposedly under plans to reform the poorly run sector.

While officials have remained tight-lipped about the sensitive issue of privatising the country’s oil infrastructure, some analysts believe that Iraq’s next parliament will face strategic choices in regard to the future of energy policy.

Iraqis vote on 12 May in parliamentary elections that will help to determine whether the country’s fragile political system can end the sectarian fissures that divide Iraq and threaten to tear it apart.

With expectations high that the upcoming vote will deepen communal divisions, Iraq’s energy sector will likely remain in a mess, with revenues possibly remaining the major impetus for sectarian and ethnic conflicts.

Earlier this month, Iraq abruptly postponed a new round of bidding for oil and gas tenders for 11 new blocks located in promising areas on the border with Iran and Kuwait.

Baghdad had originally planned to award oil and gas exploration and development contracts for the new blocks on 15 April, but the country’s Oil Ministry said it was rescheduling the tenders for 26 April after introducing changes in the terms of the contracts.

As many as 16 companies, including energy giants Exxon, Chevron, Total Eni, Lukoil and Gazprom, have expressed their interest in taking part in this bidding round.

 Many of the world’s oil giants like BP, Exxon, Total, Royal Dutch Shell and Eni have operations in Iraq, whose oilfields account for around two-thirds of the country’s total production of around 4.4 million barrels of oil per day.

Since the drop in international oil prices in 2014, some of these companies have been complaining of low returns and have been pushing for easier terms in the new contracts.

Another hurdle emerged last week when it was disclosed that talks between Exxon Mobil and the Iraqi government on a multi-billion-dollar infrastructure contract had reached an impasse.

Officials said negotiations over a project to build a water-treatment facility and the related pipelines needed to boost Iraq’s oil-production capacity had hit difficulties because the two sides differed on contract terms and costs.

The Common Seawater Supply Project (CSSP), which is intended to supply water to more than six southern oilfields in Iraq, including Exxon’s existing West Qurna 1 field and BP’s Rumaila, was initially planned to be completed in 2013 but has now been delayed until 2022.

The collapse of the negotiations could deal a blow to Iraq’s broader plans to develop its southern oilfields as part of the oil cartel OPEC’s second-largest producer’s plans to redouble its production capacities.

While relationships with the foreign oil companies will remain uncertain, Iraq’s new parliament is expected to face the daunting challenge of issuing the necessary legislation to overhaul the oil industry and make it a beacon of hope for all Iraqis.

The Iraqi parliament voted on 5 March to create the Iraqi National Oil Company (INOC) with the stated objective of regulating oil production and exports and fairly distributing revenues to the different regions of Iraq.

The Iraqi National Oil Company was first founded in 1964 to supervise oil exploration, drilling and production after Iraq took back control of 95 per cent of the Iraq Petroleum Company’s concessions. The oil industry was nationalised in 1972 and foreign companies were excluded from operating.

In April 1987, Iraq decided to merge INOC with the Ministry of Oil while creating the State Organisation for the Marketing of Oil (SOMO) to run all oil-transfer and sales operations. SOMO’s operations will now be taken over by INOC.

Under the new law, INOC will guarantee full sovereignty over Iraq’s energy resources through managing the entire sector, including exploration, drilling, production, development and marketing.

Iraq’s oil industry remains fundamental to international energy markets, regional geopolitics, and Iraq’s domestic prosperity, as well as to the country’s national unity.

The pressing challenges of the future warrant the need for creative approaches to rebuilding the oil sector in Iraq in a purposeful and strategic way, avoiding a grab-bag containing the wishes of different interest groups.

However, there are reasons to believe that something fishy is going on in Iraq’s oil industry, and the controversy may relate to a hidden agenda to prepare to sell some of its assets to the private sector.

Iraq’s decision to push back the auctions to award the rights to develop its oil and gas fields to international companies and to create a national oil company came under fire from lobbyists and market analysts working closely with international oil cartels.

Many lobbyists have warned that the amendments made in previous contracts and the new terms for the new bidding, mainly the short review periods of the deals, are setbacks which will undermine investment in the energy sector.

These critics argue that foreign investment and expertise are crucial for Iraq to meet its goal of pumping six million barrels a day of oil by 2020 as it overcomes decades of conflict and sanctions.

The establishment of the new national oil company has also been a target of severe criticism. At the heart of the condemnation of the parliament’s decision to create the national company is what lobbyists have termed “populist policies”.

With fraud now so rampant, especially in the Iraqi oil sector, concerns have mounted over the future of Iraq’s energy industry amid speculation that the controversy is a cover-up for plans to sell the industry, the core of Iraq’s economy, to foreign and local investors.

The plans are reminiscent of the post-Soviet era when most of Russia’s oil sector’s privatisations transferred state property into the private hands of oligarchies associated with president Boris Yeltsin.

 “This law will be harmful to Iraq, especially to its poor, if it is meant to be a prelude to privatising the Iraqi oil [sector] and taking the country towards destructive economic policies,” wrote prominent Iraqi oil expert Fouad Qassem Al-Amir in the magazine Hiwar Mutamadin on 28 March.

However, the idea of privatising the Iraqi industry has been on the agenda of Western officials and members of the Iraqi post-Saddam elites even before these recent events.

After the US-led invasion of Iraq in 2003, several US officials in the US-led Coalition Provisional Authority (CPA) and some of Iraq’s new leaders floated the idea that Iraq’s state-owned industry would benefit from privatisation.

However, the idea was put on hold after an anti-occupation insurgency swept the country, and the then Bush administration in the US decided that privatisation should wait until a sovereign Iraqi government had taken the CPA’s place.

If discussions over the latest developments in Iraq’s oil sector are related to the country’s rampant corruption, the possibility that the idea of privatising Iraq’s oil industry will be on the agenda after next month’s elections cannot be excluded.  

In a country that evicted the foreign oil companies four decades ago, it remains to be seen if corruption, greed and the serving of foreign interests will triumph over nationalism and state and nation-building in Iraq.

 

http://weekly.ahram.org.eg/

  • Upvote 1
Link to comment
Share on other sites

  • yota691 changed the title to Oil signed two contracts for the operation and maintenance of Majnoon oil field
 
Editor Hussam Al - Khafaji - Thursday 26 April

 

Search Bigger
 
 
 
 
 

Alsumaria News / Baghdad 
Oil Ministry announced on Thursday it has signed two contracts for the operation and maintenance of oil Majnoon field, indicating that the value of the contracts amounting to $ 118 million for a period of two years. 

Oil Minister Jabbar Ali al-Allaibi said in a statement received by Alsumaria News, a copy of that "the Basra Oil Company signed two contracts with the Chinese company Anton and Kebyar US, to operate and maintenance of Majnoon oil field." 

He added that the ministry is keen to develop production in the field of Majnoon oil to reach high rates according to plans for the field, "noting that" the field of large fields in the country and will work on the ministry to develop the national effort after Shell withdrew from the development work. "

 

 


For his part, the director of the Basra Petroleum Company Ihsan Abdul-Jabbar said that "the two companies Anton Chinese and Kbyar US will provide advice to develop capacity and information transfer," pointing out that "the two contracts include a standard management and maintenance of the field according to the requirements of global." 

Abdul-Jabbar said that "the two contracts are related to the operation and maintenance of the field and within the efforts to manage the field by the national effort by the staffs of the Basra Oil Company," noting that "the value of the contracts is $ 118 million two years." 

The Majnoon field of large oil fields, which is located in the territory of Iraq by 100% and contains 11 oil reservoirs multi-capable of production, and three types of oil, is heavy and medium and light oil. 

He said that Shell asked to withdraw from the field of Majnoon to devote fully to the development of gas investment operations in the Gas Company of Basra.

  • Thanks 1
  • Upvote 1
Link to comment
Share on other sites

The start of auction contracts for the exploration and development of Iraqi oil and gas

The start of auction contracts for the exploration and development of Iraqi oil and gas



 Twilight News    
 one hour ago

An oil ministry official said on Thursday that the auction of exploration and development contracts for international energy companies had begun.

Iraq is offering 11 new exploration sites in the border areas with Iran, Kuwait and Gulf waters.

Oil Minister Jabbar Ali al-Allaibi opened on Wednesday the central production plant for the gas field in Basra province and announced the launch of the first commercial production of the plant with a capacity of 25 million standard cubic feet per day.

The minister said in a speech at the opening ceremony that the ministry has achieved a qualitative achievement in the gas sector and within the objectives planned for the optimal investment of the national gas invasions, noting that the production achieved is preliminary production up to production peak by the end of this year, which is estimated at 100 million cubic feet Standard per day.

Keywords: 

  • Upvote 2
Link to comment
Share on other sites

Iraq signs two contracts with 118 million dollars to operate the field "Majnoon oil"

Iraq signs two contracts with 118 million dollars to operate the field "Majnoon oil"
Both contracts include standard management and maintenance of the field according to the global requirements
 
 
 
 
 26 April 2018 02:12 PM

Mubasher: Basra Oil Company signed two contracts for the operation and maintenance of Majnoon oil field with the companies "Anton" Chinese and "KBR" of America, worth 118 million dollars, for two years.

The director of the Basra Oil Company, in a statement to the Iraqi Oil Ministry, on Thursday, that the two companies will provide advice for capacity development and information transfer.

He pointed out that the two contracts include a standard management and maintenance program for the field according to the global requirements.

Abdul Jabbar explained that the two contracts are related to the operation and maintenance of the field and within the efforts to manage the field by the national effort by the Basra Oil Company.

In March of this year, the Iraqi government decided to assign the development of the Majnoon oilfield to the Basra Oil Company after Royal Dutch Shell decided to leave the field .

In early April, Iraq  signed a two-year contract with China's Petrofac and Anton Oil Field to operate the Majnoon oil field on behalf of the North Oil Company.

The field of "Majnoon oil" in the province of Basra in southern Iraq, one of the largest oil fields in the world, and got "Iraqi Shell" in 2009 on the contract development of the South Oil Company, which belongs to the field.

The estimated reserves of "Majnoon oil" on the southern border of Iraq, about 42 billion barrels of crude oil, and about 4.5 trillion cubic feet of gas.

  • Thanks 2
  • Upvote 2
Link to comment
Share on other sites

On 4/23/2018 at 4:02 AM, yota691 said:

Iraq expects to receive offers of concessions for oil exploration 26 April

 

 Since 2018-04-23 at 13:23 (Baghdad time)

67.jpg

Baghdad Mawazine News

The Iraqi Oil Ministry said in a statement on Monday that Iraq expects to receive bids from international energy companies wishing to win contracts for exploration and development on April 26.

Iraq, according to the Ministry of Oil 11 new exploratory areas in the border areas with Iran and Kuwait and in the waters of the Gulf

The ministry said in a statement that it will "the Department of Contracts and Petroleum Licenses to implement the competitive process to receive competitive offers of international oil companies on the contracts of exploration and border fields on Thursday, April 26, where will join a conference in this regard."

The spokesman of the Ministry of Oil Assem Jihad said that the conference organized by the ministry will be attended by international companies that bought the bags of information and 13 companies in addition to two companies announced their intention to buy the information bag to become 15 companies competing to develop and rehabilitate patches of the 26 companies eligible to participate in the competition.

Jihad pointed out that "the Department of Contracts and Petroleum Licenses will be during the conference to provide an explanation of the basic features of the contract and the amendments that touched him on the comments submitted by the ministry and a number of members of the House of Representatives and the government and some experts," explaining that "the wording of contracts will be" service contract with minor modifications on him".

The total number of exploratory patches identified by the Ministry of Development was 9 patches. Two exploration squares were added in Diyala governorate, totaling 11 plots, namely Anjana, Khashm Al Ahmar, Kalabat and Kammer.

Three of them are on the Iraq-Kuwait border, six on the Iraqi-Iranian border and two in Diyala, east of the country. Finished / m

 

This pic looks more suited to the Bakken Oil Fied in N. Dakota where I used to work. Not saying it isn’t out of Iraq mind you: this is very familiar to me, to include the Big Rig oil hauler.

its all good I guess-thanx for the article Yota - they’re moving forward.

  • Upvote 1
Link to comment
Share on other sites

On ‎4‎/‎23‎/‎2018 at 5:15 PM, yota691 said:

$100 a barrel I doubt it..They should be happy at what it is now...The 3 letter agency don't want $100 bucks a barrel...they preach reform everyday, subsidizing one GDP and quit relying on oil... 

Agreed yota, they don't need $100 a barrel of oil, what they need is to stop the stealing of $40 a barrel of oil which would give them a surplus at $70 a barrel of oil...simple. They had it at $110 a barrel at one time an that didn't bring them out of poverty, only made their thieves richer.

  • Like 1
  • Upvote 4
Link to comment
Share on other sites

On 4/23/2018 at 8:15 PM, yota691 said:

$100 a barrel I doubt it..They should be happy at what it is now...The 3 letter agency don't want $100 bucks a barrel...they preach reform everyday, subsidizing one GDP and quit relying on oil... 

Problem is the world economies start to suffer and then things get ugly for everyone. 

  • Like 1
Link to comment
Share on other sites

Major oil companies are absent from bidding for exploration and development in Iraq

Economie

 Since 2018-04-26 at 22:37 (Baghdad time)

%D9%88%D8%B2%D9%8A%D8%B1%20%D8%A7%D9%84%

 

Baghdad Mawazine News

Iraq did not succeed in attracting investment from major oil companies in a bid to award oil and gas exploration and development contracts on Thursday, with no bids from major oil companies winning and Eni offering one offer.

The Oil Ministry has held a tender to award contracts to international energy companies, with 11 plots near the border with Iran and Kuwait and a marine patch in the Gulf waters.

"We decided to accelerate the development of the border fields after five decades of lack of investment, leaving it without investment means wasting the country's oil wealth," Iraqi Oil Minister Jabbar al-Luaibi said before the bid.

"I say to the companies (which will make offers) thank you ... because that means trust in Iraq ... and it means services and education for citizens living in the areas where you will work."

Five exploratory spots failed to lure any offers. Three patches were awarded to the UAE-based Crescent Petroleum, two of China's Jiujed, and also to China-based United Energy Group.

Eni made an unsuccessful bid, while other major oil companies did not bid. The ministry said on April 14 that 14 companies had shown interest in the contracts and had bought a package that included bidding documents and conditions for 11 plots.

"As an Iraqi company, the issue for us is not commercial, it is an investment and development of Iraq's oil wealth," Abdullah al-Qadi, chief executive of Crescent Petroleum, told Reuters.

Patches were scheduled for June. The deadline was extended to April 15 and then postponed to April 25 to give applicants more time, the Oil Ministry said.

Abdul Mahdi al-Amidi, director of contracts and licenses at the Ministry of Oil that a combination of factors behind the failure of the five patches in the call for proposals.

He added that some of them extend over previous battlegrounds, some are difficult to access, and the marine area lacks more data.

Amidi said another round could be held for the five patches but gave more details.

The contracts offered excludes secondary oil products, establishes a link between the prevailing oil and counterparty prices received by the companies and applies royalties to the concession.

Oil companies operating in Iraq are currently receiving government fees linked to increases in production, which include crude and by-products such as LPG.

Iraq, the second largest producer of the Organization of the Petroleum Exporting Countries (OPEC) after Saudi Arabia, decided to change contracts after oversupply led to the collapse of oil prices in 2014, reducing Baghdad's ability to pay those fees.

Companies such as BP, Exxon Mobil, Eni, Total and Royal Dutch Shell have helped boost Iraq's production over the past 10 years by more than 2.5 million barrels per day to around 4.7 million bpd.

is over

M

http://www.mawazin.net/شركات-النفط-الكبرى-تغيب-عن-عطا-للاستكشاف-والتطوير-في-العراق/اقتصادية

  • Thanks 1
  • Upvote 1
Link to comment
Share on other sites

Editorial Date: 2018/4/26 17:48 • 104 times read
Chinese, UAE and US firms win oil contracts in Iraq
[Ayna-Baghdad] 
Chinese, UAE and US companies won oil contracts in Iraq.
"The Chinese company UEG won the development contract for the Sinbad plant in Basra, while the Chinese Jiu Good Company won the development of the oil of Kana and Huweizah in Maysan province, And 
signed the contract "Crescent Petroleum" UAE contract to develop the patch Khashm red, as well as Iraq signed contracts worth 118 million dollars for the operation and maintenance of Majnoon oil field Oil 
Minister Jabbar Ali al-Allaibi said in a press statement that "the Basra Oil Company signed two contracts with the company Anton Chinese and American company Kipiar, to operate and maintenance of Majnoon oil field.
He added that "the ministry is keen to develop production in the field of Majnoon oil to reach high rates according to plans for the field," noting that "the field of large fields in the country and will work on the ministry to develop the national effort after Shell withdrew from the development work." 
For his part, the director of the Basra Petroleum Company Ihsan Abdul-Jabbar said that "the two companies Anton Chinese and Kipiar American will advise the development of capacity and information transfer," pointing out that "the two contracts include a program of management and standard maintenance of the field in accordance with the requirements of global."
  • Upvote 2
Link to comment
Share on other sites

  • yota691 changed the title to US report: Iraqi approach to extend an oil pipeline towards Syria
  • TexasGranny locked this topic
Guest
This topic is now closed to further replies.
 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.



×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.