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Iraq NEWS

DNO ASA completes 2018 target category
Oct. 10, 2018
Source: World Oil

DNO ASA completes 2018 target

DNO ASA is the oil and gas operator of Norway and has announced that the production at Peshkabir field of Iraq has increased up to 50,000 bopd. The company has informed that it has completed the 2018 target before time and below budget. Two wells have been completed recently, out of which Peshkabir-7 is producing over 10,000 bopd from nine Cretaceous zones.

Petrofac announces a £38 million extension deal in Iraq category
Oct. 9, 2018
Source: Energy Voice

Petrofac announces a £38 million extension deal in Iraq

Jersey’s oilfield services firm, Petrofac has extended its deal with an international Iraq-based oil company. The deal is worth £38 million. This unknown Iraqi client has requested Petrofac to continue providing “support maintenance services” and “new production enhancement facilities”. MD, EPS East commented on this deal and said, “We look forward to continuing our focus on safe and efficient delivery and the development of local resources in-country.”

OPEC records highest production in August category
Sept. 1, 2018

OPEC records highest production in August

With the recovery of Libyan production and Iraq’s southern exports creating records, the output of OPEC oil has hit a high of this fiscal year, the analysis of Reuters revealed. The production hiked in the month of August and 32.79 million barrels per day were pumped, which is 220,000 bpd more than the July numbers. The progress got restricted due to the US sanction resulting in halt on Iranian shipments.

Dana Gas reports profits in H1 category
Aug. 18, 2018

Dana Gas reports profits in H1

Natural gas giant, Dana Gas has posted a $24 million in profits for the first half of 2018. Displaying improved underlying business performance, Dana Gas reported a 200% jump in the second-quarter profits to $36 million. The off sukuk restructuring costs sunk the profits by $2 million for the company. Dana took big steps this year in bringing transformational expansion in KRI (Kurdistan Region of Iraq).

Petrofac bags BOC's contract in Iraq category
Aug. 14, 2018
Source: Energy Voice

Petrofac bags BOC's contract in Iraq

The UK-based oilfield services company, Petrofac has bagged £290 million contract by Basra Oil Company. Under the 34-month contract, Petrofac will provide facilities for the expansion of the central processing facility in the Majnoon Field, Southern Iraq. Additionally, two oil processing trains with a capacity of 200,000 barrels of oil per day are also included in the engineering, procurement and construction contract.

BHGE wins flare gas recovery contract in Iraq category
Aug. 8, 2018

BHGE wins flare gas recovery contract in Iraq

Leading oilfield service provider, BHGE received a flare gas recovery contract for the Nassiriya and Al Gharraf oilfields in Iraq. The contract was awarded by the South Gas Company of Iraq (SGC). The GE Company will deploy advanced modular gas processing (NGL) technology to provide solutions for recovering flare gas at Nassiriya and Al Gharraf oilfields. The project is estimated to be delivered by 2021.

Saudi boosts OPEC production category
Aug. 2, 2018
Source: World Oil

Saudi boosts OPEC production

A Bloomberg survey has revealed an increment in the crude output of OPEC owing to Saudi Arabia’s near-record production. Oil production of Saudi grew by 230,000 bpd to 10.65 MMbpd in July. The kingdom was joined by Nigeria and Iraq in offsetting losses from Venezuela, Iran, and Libya. The cartel all-in-all produced 32.6 MMbpd. Saudi held up to its promise of preventing crude prices from sabotaging the global economy.

OPEC intends to moderately increase the supply category
June 19, 2018
Source: World Oil

OPEC intends to moderately increase the supply

Russia and Saudi Arabia are pushing for a big rise, while Iran, Iraq, and Venezuela are insisting to keep the production quota same as before. Members of OPEC are looking for a way out of this situation and according to sources, are into discussions about delivering 300,000 to 600,000 bpd of additional oil supply to global markets over the next few months.

OPEC pressurised by members to block Saudi plans category
June 12, 2018
Source: World Oil

OPEC pressurised by members to block Saudi plans

OPEC’s second biggest producer, Iraq is pressurizing OPEC to strengthen its opposition to plans by Saudi Arabia. Its defiance follows similar resistance from Iran and Venezuela, which implies that three of the five countries that founded OPEC now oppose the Saudi plan. OPEC will meet with its partners on June 22-23 in Vienna. Nevertheless, it’s unclear whether Iraq, Iran, and Venezuela could do much to block the Saudi-Russian plans.

Oil Swap starts between Iran and Iraq category
June 5, 2018
Source: Vanguard

Oil Swap starts between Iran and Iraq

Iran and Iraq have started oil swapping under the swap deal inked between the two countries. The deal was signed in 2017, under which Iraq is about to truck 60,000 bpd of crude oil to Iran, covering all transport costs, via Kirkuk strategic route. Iran, from its end, will deliver to Iraq’s clients through its Kharg terminal in the Persian Gulf, in equal volumes with the same quality.

Iraq to sign exploration contracts category
June 4, 2018
Source: Reuters

Iraq to sign exploration contracts

The Oil Ministry of Iraq yesterday stated that it will sign contracts for oil and gas exploration and development of six blocks. The ministry had held an auction in May, for 11 blocks on offer, near the borders with Iran and Kuwait and in offshore Gulf waters. Five blocks failed to bring investors on board. The contracts have been awarded to UAE-based Crescent Petroleum, China’s Geo-Jade and United Energy Group.

New deal signed between Lukoil and Basra Oil for West Qurna-2 field category
May 12, 2018
Source: World Oil

New deal signed between Lukoil and Basra Oil for West Qurna-2 field

In a new deal signed between Lukoil and the Basra Oil Company for West Qurna-2 field shall provide for an oil production plateau of 800,000 bpd. The plan observes that the oil production of 480,000 bpd will be reached in 2020 and 800,000 bpd is expected in 2025.

Iraq contemplates building an island to amplify oil exporting capacity category
March 20, 2018
Source: World Oil

Iraq contemplates building an island to amplify oil exporting capacity

The second largest producer of OPEC, Iraq, is reinvigorating efforts to maximise its oil exporting capacity. Iraq is weighing up the possibilities of injecting seawater into crude deposits and laying down the infrastructure for export facilities on an artificial island in the Persian Gulf. Iraq is trying to secure its business by expanding export volume more than the output strength to sustain exigencies of time and nature.

Expansion dream of Iraq faces threats as investor firms encounter service flaws category
March 17, 2018
Source: Shafaaq

Expansion dream of Iraq faces threats as investor firms encounter service flaws

Iraq’s aspirations of production expansion suffer as the global energy companies reduce their investments in the nation’s low-return environment. The leading oil firms that have previously invested an ample amount in Iraq are complaining about the technical service contracts offered by Baghdad, which happen to be too stringent and give a meagre return on investments.

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