Iraq intends to buy the largest share of "Oxon Mobil" in Basra and confirms its commitment to the decisions of "OPEC"

[yota691]

Lukoil reverses its decision to sell its stake in West Qurna 2

 

West Qurna field

energy Economy News - Baghdad The Minister of Oil and Minister of Oil Ihsan Abdul-Jabbar announced that Lukoil had rescinded the decision to sell the company's share in the (West Qurna - 2) field to Chinese companies, stressing Iraq's ability to acquire shares that oil licensing companies wish to proceed with their sales deals in the global market. Abdul-Jabbar said, "The Russian (Lukoil) company has previously sent an official notice stating that it wants to sell its share in the (West Qurna-2) field to Chinese companies because (the investment in Iraq is not suitable in the eyes of major investors) according to the company's description, Also, (most of them - that is, investors - in Iraq are either looking for another market or a partner to invest in the renewable energy sector), according to her," according to "Al-Sabah". He stressed that "discussions with the company (Lukoil) during the last six months contributed to the company's official retraction from its desire to offer part of the shares for trading for sale to other companies." He added: "Understanding the motives of (Lukoil) has contributed to the development of solutions, in coordination with the Ministry of Oil, to some of the problems that the company believes have changed positively for the benefit of both parties."  And regarding Iraq’s purchase of the share of the American multinational company (Exxon Mobil), the main operator of the (West Qurna-1) field, the Oil Minister said: “We respect the contracts regarding the timing, but we were some time late in completing the share purchase program (Exxon Mobil) and that is currently being addressed. To obtain official approvals for the purpose of purchasing for the Basra Oil Company.  Abdul-Jabbar expressed his strong desire, backed by the same capabilities and expertise in the Ministry of Oil sector, "to acquire (ExxonMobil)'s share in the oil fields, as happened on August 12, 2018, after the withdrawal of (Shell) Oil Company from the (Magnon) field." He stressed that "the global success recorded in the management and operation of the (Basra Oil) Company for the Majnoon field is evidence of our adherence to our great capabilities." He added, "The government and the ministry still support maintaining foreign investment in order to maintain modernity and development in partnership with major foreign companies in the maturation of logistics projects (transport, training, development and investment in solar energy projects) by luring foreign companies to invest in solar energy and gas projects and building power plants with energy. alternative, which is currently being discussed.  Abdul Jabbar continued to move forward with the project to import gas from the Basra port with the aim of achieving the sufficiency of the speed possible to equip electricity production stations with natural gas fuel, announcing the submission of several companies to offers to supply Iraq with natural gas at the current stage, in parallel with a government direction to pump investments in the gas investment sector. He said, "The Cabinet's approval of a partnership contract with (Total) to build gas complexes in southern Iraq will help the country reach the production target to invest more than four billion standard cubic feet per day by 2024, enough to produce more than 10 kilowatts (10,000 MW). Watts) from gas-electric power plants. He pointed out that this "will help the country to gradually reduce the rate of the natural gas import bill over the coming years and get rid of the phenomenon of burning natural gas associated with crude oil in line with the environmental protection system and international requirements and standards in freezing energy produced with specific carbon fuels."

Views 68   Date Added 07/31/2021

[Longtimelurker]

14 minutes ago, yota691 said:

Lukoil reverses its decision to sell its stake in West Qurna 2

 

West Qurna field

energy Economy News - Baghdad The Minister of Oil and Minister of Oil Ihsan Abdul-Jabbar announced that Lukoil had rescinded the decision to sell the company's share in the (West Qurna - 2) field to Chinese companies, stressing Iraq's ability to acquire shares that oil licensing companies wish to proceed with their sales deals in the global market. Abdul-Jabbar said, "The Russian (Lukoil) company has previously sent an official notice stating that it wants to sell its share in the (West Qurna-2) field to Chinese companies because (the investment in Iraq is not suitable in the eyes of major investors) according to the company's description, Also, (most of them - that is, investors - in Iraq are either looking for another market or a partner to invest in the renewable energy sector), according to her," according to "Al-Sabah". He stressed that "discussions with the company (Lukoil) during the last six months contributed to the company's official retraction from its desire to offer part of the shares for trading for sale to other companies." He added: "Understanding the motives of (Lukoil) has contributed to the development of solutions, in coordination with the Ministry of Oil, to some of the problems that the company believes have changed positively for the benefit of both parties."  And regarding Iraq’s purchase of the share of the American multinational company (Exxon Mobil), the main operator of the (West Qurna-1) field, the Oil Minister said: “We respect the contracts regarding the timing, but we were some time late in completing the share purchase program (Exxon Mobil) and that is currently being addressed. To obtain official approvals for the purpose of purchasing for the Basra Oil Company.  Abdul-Jabbar expressed his strong desire, backed by the same capabilities and expertise in the Ministry of Oil sector, "to acquire (ExxonMobil)'s share in the oil fields, as happened on August 12, 2018, after the withdrawal of (Shell) Oil Company from the (Magnon) field." He stressed that "the global success recorded in the management and operation of the (Basra Oil) Company for the Majnoon field is evidence of our adherence to our great capabilities." He added, "The government and the ministry still support system" rel="">support maintaining foreign investment in order to maintain modernity and development in partnership with major foreign companies in the maturation of logistics projects (transport, training, development and investment in solar energy projects) by luring foreign companies to invest in solar energy and gas projects and building power plants with energy. alternative, which is currently being discussed.  Abdul Jabbar continued to move forward with the project to import gas from the Basra port with the aim of achieving the sufficiency of the speed possible to equip electricity production stations with natural gas fuel, announcing the submission of several companies to offers to supply Iraq with natural gas at the current stage, in parallel with a government direction to pump investments in the gas investment sector. He said, "The Cabinet's approval of a partnership contract with (Total) to build gas complexes in southern Iraq will help the country reach the production target to invest more than four billion standard cubic feet per day by 2024, enough to produce more than 10 kilowatts (10,000 MW). Watts) from gas-electric power plants. He pointed out that this "will help the country to gradually reduce the rate of the natural gas import bill over the coming years and get rid of the phenomenon of burning natural gas associated with crude oil in line with the environmental protection system and international requirements and standards in freezing energy produced with specific carbon fuels."

Views 68   Date Added 07/31/2021

Something changed for the positive in order for them to change their mind... i like it!

[yota691]

 

Oil expert: The withdrawal of international companies from the fields is in the interest of Iraq

 

 2021-08-03 05:28

 

Shafaq News/ The oil expert, Hamza Al-Jawahiri, considered, on Tuesday, the withdrawal of companies from the oil fields; It is in the interest of Iraq.

Al-Jawahiri said in an interview with Shafak News Agency; "The contracts that were signed within the oil licensing rounds stipulate that the total number of people working in these companies should be at least 70 percent of the Iraqis," noting that "many companies employed between 80 to 90 percent of the Iraqis in these fields." ".

He added, "These Iraqis worked in these companies for more than 10 years, and thus gained long experience and were able to manage these fields even without the help of international companies, as is the case in Majnoon field when Shell withdrew from the field."

Al-Jawahiri added; From an economic point of view, the withdrawal of these companies will greatly reduce the operational and capital costs of these companies, which were burdening Iraq’s budget, and therefore the withdrawal of these companies will be in the interest of Iraq, stressing that “the most prominent objections to licensing rounds are the duration of the investment contract for the field, which amounts to 20 years".

It is noteworthy that a number of international companies, such as the Russian Lukoil and the American Exxon Mobil, notified Iraq of their desire to leave the oil fields and sell their shares to other companies, while Oil Minister Ihsan Abdul-Jabbar attributed this to the inappropriate investment climate in Iraq.

[yota691]

Iraq approves BP's plans to spin off Rumaila oilfield

Oil company's exit comes as it and industry peers face a challenging environment operating in Opec's second-largest producer

 

Workers at the Rumaila oil refinery near Basra. BP is the main contractor in the Rumaila oilfield – the country's largest, in which it holds a 38 per cent share. AP

 

Jennifer Gnana

 

Aug 25, 2021

Iraq's Cabinet has approved plans submitted by BP to spin-off the development of the Rumaila oilfield, the country's largest, as the oil company exits the country.

BP's interests will now be held by a new company, Basra Energy, and will be jointly owned by the China National Petroleum Corporation, which has an existing interest in the field, the country's oil ministry said on its website.

"The minister of oil added that one of the most important tasks of this company is that it will be the party responsible for financing the giant Rumaila field development project in southern Iraq," the ministry said.

BP is the main contractor at the Rumaila oilfield and has a 38 per cent stake in it.

 

The oil company operates alongside the China National Petroleum Corporation, which has a 37 per cent interest in the field. The remainder is held by Iraq's State Oil Marketing Organisation and Basrah Oil Company.

BP's exit comes as the oil company and its industry peers face a challenging operating environment in Iraq, Opec's second-largest producer.

In July, oil minister Ihsan Ismael told parliament that BP and Russia's Lukoil were looking to withdraw from the country.

"The investment environment currently in Iraq is unsuitable for retaining major investors. All the big investors are either looking for another market or another partner. This is a remark that we as an investment environment are unsuitable for major partners," he said.

Shell, BP, Exxon Mobil, Lukoil, and Italy's Eni are among foreign companies working in the south of Iraq.

Last year, Exxon Mobil's staff left the country after the US assassination of Iranian general Qassem Suleimani in Baghdad.

 

Earlier this year, Iraq formally informed Exxon Mobil of its plans to buy the company's shares in the West Qurna-1 oilfield. The field is one of the largest in Iraq and Exxon's stake could be as much as $350 million, according to media reports.

Shell continues to operate in Iraq through its 25-year Basrah Gas Company joint venture. In June, the joint venture secured $300m in funding from the World Bank's International Finance Corporation to expand one of the largest gas-flaring reduction projects in the world.

Updated: August 25th 2021, 4:18 AM

[yota691]

Lukoil President: OPEC + is keen to keep oil prices at 65-75 dollars per barrel

 

 

- 09-07-2021 10:53 AM - Read: 302

 

The head of Lukoil, the second largest Russian oil producer, said that oil prices in the range of 65 to 75 dollars a barrel are "comfortable" for consumers, and that the OPEC + group of major oil producing countries seeks to maintain that price range by regulating production.

In an interview with Kommersant newspaper published on Tuesday, Vahid Alekperov said the restrictions on oil production will depend on market conditions.

“The (production) regulation can vary depending on the situation,” Alekperov said.

“At the moment, September 2020 will be a milestone when restrictions are scheduled to be phased out. The company has up to 900,000 barrels per day of suspended production, which we hope the market will need.”

Lukoil had previously stated that it might reduce its stake in the West Qurna-2 oil project in Iraq.

Alekperov said that the Yamama reservoir in the West Qurna-2 oil field has proven difficult to exploit because it contains high levels of hydrogen sulfide.

[yota691]

 

Iraq concludes a contract to drill dozens of oil wells and increase its production by 800,000 barrels per day

 

 2021-10-21 08:24

 

Shafaq News/ The head of the National Oil Company and Oil Minister Ihsan Abdul-Jabbar Ismail stressed on Thursday the importance of using modern technologies in implementing operations to maintain and increase oil production from oil fields, especially the "horizontal" or inclined drilling technique.

This came during his attendance and sponsorship of a ceremony to launch a contract to drill (96) wells in the West Qurna-1 field in Basra Governorate.

The head of the National Oil Company said that this contract is one of the major and important contracts in the "horizontal drilling" axis, which is currently one of the latest advanced technologies in this field, in order to achieve high productivity and great economic returns.

Ismail added that despite the challenges facing the oil industry, the ministry is accelerating steps to obtain modern technologies to develop the oil and gas industry, as well as the continuous interest and support for new research that has a significant impact on field work.

For his part, Undersecretary of the Ministry of Oil, Hamid Younis, said that the contract will increase the production capacities of the field through the use of horizontal drilling with technical and economic returns. , because we cover large areas of drilling inside the oil reservoir of the well, and reduce the rise of water in these wells, noting that Schlumberger possesses modern capabilities and techniques in the field of drilling.

In turn, the Deputy Director General of the Basra Oil Company, Hassan Muhammad, said that the contract with Schlumberger will cover the drilling of (96) wells in the West Qurna/1 field using horizontal or inclined drilling technology. (One thousand barrels per day in 2027, and it is one of the important contracts for the development of the oil reservoirs of the Basra Oil Company, which is under implementation to reach peak production rates, in addition to providing great job opportunities.

The head of Exxon Mobil Corporation in Iraq, Taher Hamid, said that his company, in cooperation with the Ministry of Oil, is developing the West Qurna 1 field according to the latest technologies, programs and interim plans. "We are proud of our work record in Iraq and our relationship with the Ministry of Oil, and we continue to work rigorously and constructively."

For his part, Saad Al-Damen, Vice President of Schlumberger Company, said that his company will implement the contract with modern technologies and the method of horizontal drilling, which will maximize contact with oil reservoirs and improve and develop production levels, noting that this contract will add (200) thousand barrels per day to the production of the field, and that horizontal drilling represents An advanced state in the oil industry.

Al-Damen stressed his company's keenness to organize technical workshops for officials and workers in the oil sector, with the aim of learning about the applications of digital management in the oil industry.

[yota691]

With the aim of sustaining and increasing production, a project to drill 96 oil wells was launched

Nour News / Baghdad

The Minister of Oil, Chairman of the National Oil Company, stressed the importance of using modern technologies in implementing operations to maintain and increase oil production from oil fields, especially the “horizontal” or diagonal drilling technology. 1 in Basra Governorate.

Ihsan Abdul-Jabbar Ismail said, according to a statement received by "Al-Nour News" a copy of, that this contract is one of the major and important contracts in the "horizontal drilling" axis, which is currently one of the latest advanced technologies in this field, in order to achieve high productivity and great economic returns.

Ismail added that despite the challenges facing the oil industry, the ministry is accelerating steps to obtain modern technologies to develop the oil and gas industry, as well as the continuous interest and support for new research that has a significant impact on field work.

In turn, the Undersecretary of the Ministry of Oil, Hamid Younis, stated that the contract will increase the production capacities of the field through the use of horizontal drilling with technical and economic returns, because it covers large areas for drilling inside the oil reservoir of the well, and reduces the rise of water in these wells, noting that Schlumberger owns Modern capabilities and techniques in the field of drilling.

The Assistant Director General of the Basra Oil Company, Hassan Muhammad, stated that the contract with Schlumberger will cover the drilling of (96) wells in the West Qurna 1 field using horizontal or inclined drilling technology. (One thousand barrels per day in 2027, and it is one of the important contracts for the development of the oil reservoirs of the Basra Oil Company, which is under implementation to reach peak production rates, in addition to providing great job opportunities.

The head of Exxon Mobil Corporation in Iraq, Taher Hamid, said that his company, in cooperation with the Ministry of Oil, is developing the West Qurna 1 field according to the latest technologies, programs and phased plans. “We are proud of our work record in Iraq and our relationship with the Ministry of Oil, and we continue to work rigorously and constructively.”

For his part, Saad Al-Damen, Vice President of Schlumberger Company, explained that his company will implement the contract with modern technologies and the method of horizontal drilling, which will maximize contact with oil reservoirs and improve and develop production levels, noting that this contract will add (200) thousand barrels per day to the field's production, and that drilling Horizontal represents an advanced case in the oil industry.

Al Damen expressed his company's keenness to organize technical workshops for officials and workers in the oil sector, with the aim of learning about digital management applications in the oil industry.

[yota691]

Halliburton is considering acquiring ExxonMobil's stake in West Qurna 1

 

A worker in an oil field. "Internet"

Reports Economy News - Baghdad The giant oil company "ExxonMobil" has been trying for several years to free itself from an unprecedented oil agreement with Iraq, but the success of its attempt may depend on the intervention of one of the world's largest companies in the field of hydraulic fracturing. The Basra Oil Company said in a statement that Halliburton had expressed its interest in acquiring Exxon's stake in the Qurna 1 field in southern Iraq, in an unusual move from a chartered services company in the oil sector. Halliburton, based in Houston, said that the Basra Oil Company's statement was inaccurate. "(Halliburton) provides oilfield site services to its clients, and we focus our efforts on collaboration and engineering solutions in order to maximize asset value for the benefit of our clients," Mir explained in an emailed statement. Exxon was one of the first Western oil exploration companies allowed to operate in Iraq in 2010, as the Middle Eastern country sought to rebuild its oil industry after the fall of Saddam Hussein and years of fighting that followed. Prior to that time, Iraq's oil wealth had been off-limits to most foreign companies for nearly 40 years. Exxon's West Qurna field has struggled with harsh contractual terms, OPEC's oil supply restrictions, and continued political instability. Halliburton has long operated as one of Exxon's major contracting firms in this field, but it is rare for a service firm that specializes in site mapping, quarrying, and rehabilitating other companies' assets to actually own a stake in these assets. West Qurna 1 is a giant oil field with an oil reserve of 20 billion barrels. Investors don't seem to care, Halliburton shares rose more than 2% in Monday's trading.

Views 107   Date Added 02/11/2021

[yota691]

 

After its production reached one billion barrels, Iraq achieves 40 billion dollars in financial revenues from an oil field

 2021-11-11 06:05

 

Shafaq News/ The Iraqi Oil Minister, Ihsan Abdul-Jabbar, announced on Thursday that the production of West Qurna II field has reached one billion barrels.

Abdul-Jabbar said in a press conference attended by Shafak News Agency; This day is one of the most important days in the history of the oil industry, and Lukoil has a major role in ensuring that the oil produced in the second Qurna field is according to the specifications. 

He added that Lukoil contributed to securing revenues for the Iraqi state, and the company was very patient in the limitations of OPEC and development programs, evidence of the company's keenness to develop the second Qurna project, which provided sustainable development. 

He stressed that the Ministry of Oil and the Basra Oil Company are ready to cooperate with Lukoil, and we affirmed the government's seriousness and keenness to keep Lukoil as a key partner for Iraq. 

He added that the company has added $40 billion to state revenues since the beginning of its work until now. 

from his side; The director of Lukoil, Vagit Alekperov, said during a press conference, that production reached one billion barrels from the second Qurna field. 

He pointed out that the beginning of the company in the field was in 2009, and it was an unknown area for the company and after the work of specialists, the Arido field was discovered inside Qurna II, which has a reserve of more than 7 billion barrels, pointing out that the company's work continues to discover other fields within the Qurna field. Second, that the company is working through the extraction of oil to develop the infrastructure in Iraq and build the future.

[yota691]

Iraqi "Oil" reveals giant projects in the "Qurna 2" field

archival

 November 19, 2021 4:33 PM

 

Mubasher: The Iraqi Ministry of Oil revealed, today, Friday, giant projects in the Qurna 2 field and the tenth exploration block.

The Russian operating company Lukoil announced the success of producing one billion barrels of oil throughout its work period in the Qurna 2 field, according to the Iraq News Agency, "Ina", today, Friday.

And Oil Minister Ihsan Abdul-Jabbar said: "The Qurna 2 field is one of the largest oil fields in Iraq, and it is operated by Lukoil, one of the largest energy companies in the world. Noting that "the field's peak production is expected to reach 800,000 barrels in 2027."

He pointed out that "the field's work began seven years ago with a stable production rate and very high oil specifications," noting that "the ministry and the National Oil Company are seeking to maximize crude oil and natural gas production capabilities and achieve international standards and environmental determinants, as well as control the amount of gas and its refining." ".

He added that "Iraq's commitment to the local community and the provision of gas and oil supplies to the national industry, in addition to providing revenues for the export of crude oil, is a solid and important commitment," noting that "the ministry's next steps include the establishment of giant projects in the Qurna 2 field, in order to reach production The second billion, in addition to the increase in crude oil production.

The Minister of Oil confirmed that "the production of the Yamama field amounted to 30 thousand barrels, and there are projects to catch gas under promotion and projects to improve the environment in the fields and surrounding areas," noting that "the ministry, in cooperation with the Basra Oil Company, provided projects with social benefits that contributed to supporting institutions in the province." Basra has achieved social stability and provided many jobs, as well as achieving some kind of development in the surrounding areas.

He added that another project will be worked on by Lukoil, which is the tenth exploration block, and there will be early commercial production from this patch," noting that "it will be one of the most important elements of stability in oil and gas supplies."

[Wiljor]

Good morning Yota and thank you 

Iraq has massive oil deposits just under the sand, and is easily acccessable.  Looks like oil will not be disappearing anytime soon. Also, this will enhance Iraq's riches, that coupled with the "white paper" and Kademi's mandate, we can be rest asssured an increase value of the IQD is imenent. 

[yota691]

 

Oil Minister: We have two options to cover ExxonMobil's withdrawal from West Qurna 1

 

 2021-12-09 11:26

 

Shafaq News/ Oil Minister Ihsan Abdul-Jabbar confirmed on Thursday that the US company Exxon Mobil preferred to withdraw from West Qurna/1 field, indicating that there are two alternatives to this withdrawal.

 

Abdul-Jabbar told a number of media outlets, including Shafaq News Agency, on the sidelines of the Iraq International Book Fair, that "the American company ExxonMobil preferred to withdraw from the West Qurna/1 field," noting that "the company also withdrew from Australia and another country, although its project Iraq is the biggest project.

 

He added, "The ministry tried, through holding several meetings with the company's management, to discourage it from withdrawing, and an offer was made to it as an additional incentive as an operator."

 

The Minister of Oil indicated that "the alternative that we have to fill the void is for the Basra Oil Company to purchase the share from Exxon Mobil after it expressed its desire to do so and to enter it as a partner in financing the project, similar to its experience in the Zubair field, and initial approval was obtained and the Ministry's decision to acquire, and the acquisition was also done." The issue was presented to the Council of Ministers to obtain approval," noting that "the second alternative is the presence of another American company that wants to replace Exxon Mobil."

 

On the other hand, Abdul-Jabbar pointed out that "the OPEC meeting, which was held five days ago, is still in place and has not been closed and will continue until the end of this month, and our discussions are continuing, and the price of the barrel has begun to recover."

 

The Minister of Oil stressed that "OPEC does not aim to reach a specific price, which would have been 100 dollars a barrel, for example. Rather, OPEC's policy is clear and a balance between supply and demand in the markets."

 

He pointed out that "the engines for calculating the price of a barrel are many, which is affected by several factors, including the US strategic stockpile. The less this storage, the higher the price and the lower the price with the higher stock, and therefore it is an element of pressure on the price," stressing that "the United States to take out part of the storage to the markets will affect over the price, but not by much.

 

ExxonMobil seeks to sell its 32.7% stake in West Qurna/1 field. West Qurna field is one of the major oil fields in Iraq, and oil was extracted from it for the first time in 1973. It is estimated that it contains 24 billion barrels of oil reserves.

 

Iraq is the second largest oil producer in the Organization of Petroleum Exporting Countries after Saudi Arabia, and oil revenues contribute at least 95 percent of Iraq's general budget.

 

During the year 2010, Iraq signed several contracts with international companies to develop its oil fields within the first and second licensing rounds. Most of these fields were concentrated on the southern fields.

[horsesoldier]

E. Mobil would not pull out of such a successful Field unless Iraq did something so ridiculously stupid that prompted E. Mobil to throw their hands and said Enough...OR, they’re trying to through leverage, to renegotiate some or all of their contact. 
 

Something happened that we’re not being told. I’ve had dealings with “ Company Men “ that run the entire drilling site from Exxon. They’re an interesting breed and not particularly fond of delays, incompetence & being questioned on their decisions.

Let’s see how this plays out: the outcome is extremely important 

[yota691]

Al-Muthanna Governorate records the largest oil reserves in 20 years

 

- 12-14-2021 09:22 AM - Hits: 1964

 

The local government in Al-Muthanna revealed, on Tuesday, the size of the oil discovery in the Warka 1 well located in the common area with Dhi Qar Governorate, while noting that its reservoir is the largest in 20 years.
Governor Ahmed Manfi Judeh said in a statement, “The size of the oil discovery in the (Warka 1) well located in the common geographical area with Dhi Qar Governorate is the largest in twenty years,” noting that “the quality of oil in these areas is similar to the product from the southern Rumaila fields in the Governorate.” Basra.
Judeh added, "The quantities that have been discovered are the largest in twenty years," adding that "the data was based on the stages of work that reached more than 20% of the area of the oil patch, and that the Warka 1 well's stock is enormous in that patch and can be used in the coming years. According to the stages of work.
He pointed out that "the delegation of the investing company held talks with the local government regarding the release of social services funds to allocate them to projects that serve the people of Muthanna, while providing job opportunities for their children."

[yota691]

Huge oil discovery in Muthanna

Tuesday 14 December 2021 283

 

 Samawah: Ahmed Al-Fartousi

 

The local government in Muthanna revealed the size of the oil discovery in the Warka 1 well located in the common area with Dhi Qar Governorate, while noting that its reservoir is the largest in twenty years.

Governor Ahmed Manfi Judeh told "Al-Sabah": "The size of the oil discovery in the (Warka 1) well located in the geographical area shared with Dhi Qar Governorate is the largest in twenty years," noting that "the quality of oil in these areas is similar to the product from the southern Rumaila fields." in Basra Governorate.

He pointed out that "the quantities that were discovered are the largest in twenty years," adding that "the data was based on the stages of work that reached more than 20% of the area of the oil patch, and that the Warka 1 well's stock is huge in that patch and can be used in the coming years, according to Phase

 the work ".

He pointed out that "the delegation of the investing company held talks with the local government regarding the release of social services funds to allocate them to projects that serve the people of Muthanna, while providing job opportunities for their children."

[yota691]

Iraq acquires US ExxonMobil's stake in a giant oil field

•  Time: 01/05/2022 13:45:25
•  
•  Reading: 1,079 times

  

{Economic: Al Furat News} Oil Minister Ihsan Abdul-Jabbar announced that the Council of Ministers approved in its regular session today, Wednesday, that the National Oil Company acquire ExxonMobil’s share in the West Qurna/1 field, which is one of the giant fields in the Basra Governorate in the south of the country.

And Prime Minister Mustafa Al-Kazemi announced last July that he wanted another American company to replace Exxon Mobil - which operates the West Qurna 1 field - when it leaves Iraq.

Al-Kazemi added at the time that ExxonMobil was considering leaving Iraq for reasons related to its internal administrative practices and decisions, and not because of the situation in Iraq.

Exxon, which in 2019 appeared to be proceeding with a $53 billion project to increase Iraqi oil production, sought to sell its 32.7% stake in West Qurna 1, one of Iraq's largest oil fields.

 

[yota691]

The National Oil Company decides to acquire ExxonMobil's stake in West Qurna 1

 

oil field

energy Economy News - Baghdad The Ministry of Oil announced that the National Oil Company has acquired ExxonMobil's stake in the West Qurna 1 field in Basra. ExxonMobil had decided to sell its 32.7% stake in the field, and conducted negotiations with Chinese companies, but Iraq refused to sell the stake to any foreign company. And Oil Minister Ihsan Abdul-Jabbar Ismail revealed that the Cabinet approved the National Oil Company's acquisition of ExxonMobil's share in West Qurna/1, which is one of the giant fields.

Views 100   Date Added 01/05/2022

[yota691]

An economist evaluates the decision of the Ministry of Oil to acquire Exxon Mobil's stake in West Qurna/1

•  Time: 01/07/2022 15:49:19
•  
•  Reading: 2,873 times

  

{Economic: Al Furat News} An economic expert evaluated the recent cabinet decision by the National Oil Company to acquire the share of ExxonMobil Mobil in the West Qurna/1 field, which is one of the giant fields in Basra Governorate.

Hamza Al-Jawahiri told {Euphrates News}, "The step of the Ministry of Oil's acquisition of the field is positive, and Iraq was already demanding it."
He added, "The Ministry of Oil has received this field because no American company has received an alternative to ExxonMobil in the field, and the file has been on the table for more than 6 months, but no American company has come."
Al-Jawahiri stressed that "this step is excellent," adding that "the largest partner in the development and production of the field will be the Ministry of Oil."
He continued, "There will be direct national development, knowing that there is a Chinese company working in the field now," noting that "this context is global in the work of different companies in the oil fields, but the largest share in development and production is the Basra Oil Company, we think."

Raghad Daham

[yota691]

Al-Marsoumi: The government paid ExxonMobil $350 million for its exit from West Qurna (video)

 

 

- 02-12-2022 10:51 PM - Number of readings: 8118

Al-Marsoumi: The government paid ExxonMobil $350 million for its exit from West Qurna
718 views Feb 12, 2022

[currenzcraze]

The National Oil Company begins an agreement with contractors regarding exploration in regional waters

 

 

•  Today, 13:05

 

Basra - INA - Saad Al-Sammak
confirmed, today, Sunday, that the National Oil Company provided support for the implementation of a plan to explore oil and gas in the territorial waters of Iraq, while noting that it was initiated in coordination with contractors with experience in offshore drilling operations.
The director of the Basra Oil Company, Khaled Hamza, said in a statement to Al-Sabah newspaper, which was followed to the Iraqi News Agency (INA): "A plan to support exploration efforts in our territorial waters has been approved to implement projects to invest hydrocarbon wealth in marine areas," stressing, "It was initiated in coordination with subcontractors." They have experience in offshore drilling.
Regarding the production capacity of the Basra Company, Hamza explained, "It reached more than 3 million barrels per day, while the export rate reached 3 million and 250 thousand barrels per day through the Basra oil ports, adding that the export rate is subject to the extent to which it is affected by weather fluctuations in the northern Arabian Gulf."
He pointed out that Iraq's commitment to the decisions of "OPEC Plus" was an actual contribution to support the organization in determining the future of prices and their stability in the global oil market, noting that Basra oil has available energy that can be used as an effective reserve for Iraq to restore balance to oil markets and maximize oil revenues to support the country's general budget.
 And regarding the negotiations to acquire ExxonMobil’s share in the West Qurna 1 field, the Deputy Director General of the Basra Oil Company, Ahmed
Dehim said: The partial withdrawal of the two companies (Petrogiana and Petro Mina) from a preliminary agreement to buy the share of their largest partner Exxon Mobil is consistent with the content of the Cabinet’s decision to fully acquire the ExxonMobil's share in West Qurna 1 field, noting that he informed the two companies, during recent negotiations between the two parties, of the need to withdraw any compensation. 
At the same time, Dahim confirmed that Iraq advised ExxonMobil to abandon the international arbitration case in exchange for continuing the purchase negotiations that guarantee the rights of both parties, pointing out that the matter is still pending, adding that the negotiations are taking place in the right way.
It is noteworthy that the Council of Ministers agreed, in its session held on January 5, 2022, for the National Oil Company to acquire ExxonMobil’s stake in West Qurna 1 field, which was offered by the American company, the main operator of the field, with a limit of 350 million dollars, and to enter into sale negotiations with its Chinese partners, and to sign the Minutes of a preliminary agreement, which Iraq rejected for violating oil licensing rounds contracts.

https://www.ina.iq/148794--.html

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Iraqi Oil begins drilling a well in Majnoon field

Iraqi Ministry of Oil

 February 21, 2022 03:26 PM

Mubasher: The Iraqi Ministry of Oil announced today, Monday, the start of drilling an oil well in the Majnoon field in Basra Governorate.

The Director General of the Iraqi Drilling Company, affiliated with the ministry, Basem Abdul Karim, said in a statement today, Monday, that "the company's staff started drilling operations in a well in the Majnoon oil field after the necessary preparations for preparing and operating the drilling rig equipment," noting that "the planned depth of the well is 3648 meters to the formation of supervisor". 

Abdul Karim pointed out that "the drilling operations were carried out using the IDC 56 drilling rig, which is one of the modern equipment owned by the company."

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Iraq intends to buy the largest share of "Oxon Mobil" in Basra and confirms its commitment to the decisions of "OPEC"

 

 2022-06-19 06:05

 

Shafaq News/ On Sunday, the Iraqi government intends to buy the American "Oxon Mobil" share in the West Qurna 1 field in Basra Governorate, confirming its commitment to the decisions of the Organization of "OPEC" regarding oil export rates for its member states.

The Minister of Oil answered a question asked by a Shafak News correspondent about the sale of the American company's share, saying: Iraq will buy the largest share of it after the company decided to exit the field, while the rest of the share will buy one of the companies operating in West Qurna 1 field.

Last May, the minister announced the Cabinet's approval for the National Oil Company to acquire ExxonMobil's share in West Qurna/1, which is one of the giant fields.

ExxonMobil's share is 32.7% in the West Qurna/1 field. The West Qurna field is one of the large oil fields in Iraq, and oil was extracted from it for the first time in 1973. It is estimated that it contains 24 billion barrels of oil reserves.

During the year 2010, Iraq signed several contracts with international companies to develop its oil fields within the first and second licensing rounds. Most of these fields were concentrated in the fields of the south, and Exxon was one of the companies that won the contract for West Qurna field, the first phase within an alliance of several companies.

The other partners in the field are Japan's Itochu (19.6%), Indonesia's Pertamina (10%) and the Iraqi State Oil Exploration Company (5%).

However, Iraq rejected the deal and wanted to replace ExxonMobil with another American company, not less than the American company that seeks to get out of the field or buy the Basra Oil Company its share.

Regarding the oil export quotas established by OPEC, the minister said in his statement to reporters, "We are committed to our quota by 100%, and our export ceiling for the current month of June will be 3 million and 800 thousand barrels of crude oil per day.

He pointed out that the quota will rise slightly in the month of July to reach 3 million and 850 thousand barrels per day, including the Kurdistan Region of Iraq as well.

Abdul-Jabbar stressed that Iraq is working to increase oil production to reach 8 million barrels per day of oil at the end of the year 2027, which is the peak in production, noting, "Currently we have projects in this direction in most fields, especially in Basra, and we have infrastructure projects to extend pipelines to the sea to increase exports." ".

[yota691]

The Minister of Oil discloses the allocations for the purchase of “Exxon Mobil” share in the West Qurna field

2022.07.19 - 08:25

 

Baghdad - people  

Oil Minister Ihsan Abdul-Jabbar announced, on Tuesday, the allocation of $300 million to buy ExxonMobil’s share, the main operator in the West Qurna 1 field.  

  

  

Abdul-Jabbar said in a statement to the official newspaper and followed by “Nass” (July 19, 2022): “In mid-2021, Iraq submitted a formal request to the American energy company ExxonMobil to buy its share in the field,” noting that “discussions about purchasing with ExxonMobil partners It lasted more than 90 days.  

  

He added, "The National Oil Company will buy ExxonMobil's share with a value of up to 300 million dollars, and it will be included in the next budget, noting that the amount, according to the economic feasibility presented to the Ministry of Finance, will be recovered within two years of production and export profits."  

  

Abdul-Jabbar pointed out that "the National Oil Company plans to expand its investment portfolio in the extraction and oil industries sector, in addition to diversifying its activities by entering the public services utilities sector, the investment sector, pointing out that this planning is in the interest of Iraq and supports the program of converting its companies into profitable businesses."  

  

And he added, "Iraq succeeded in managing and operating the Majnoon field, after the withdrawal of Shell, the main operator of the field, within the service contract for oil licenses signed in 2010."