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Iraq agress to a $4 billion oil refinery contract with JGC
Aug. 4, 2020
Source: Reuters

Iraq agress to a $4 billion oil refinery contract with JGC

Iraq’s government agreed to sign a contract with JGC Corp to build a 55,000 barrels per day refinery in the southern region of Basra. The refinery will produce fuels including liquified petroleum gas, gasoline and gasoil, estimating the cost of the facility at $4 billion.

Petrofac to keep servicing offshore Iraq oil export complex
May 29, 2020
Source: World Oil

Petrofac to keep servicing offshore Iraq oil export complex

Basra Oil Co. has extended Petrofac’s Engineering & Production Services division’s contract for the offshore Iraq Crude Oil Export Expansion Project by six months. Petrofac has worked with BOC for seven-and-a-half years as operations and maintenance service provider, helping to raise daily crude exports beyond 2 MMbbl. The terminal, which handles around 50% of Iraq’s crude oil exports, is 60 km (37 mi) offshore the Al Fao peninsula, southern Iraq.

CPECC lands $203.5 million contract in Iraq
March 23, 2020
Source: Reuters

CPECC lands $203.5 million contract in Iraq

CNPC-owned China Petroleum Engineering & Construction Corp (CPECC) has landed the $203.5 million worth sour gas treatment contract in Iraq. The engineering contract is part of the 29-month long project which aims at building 4.39 million cubic meter-sour gas treatment facility for Iraq’s Majnoon oilfield. The field is currently operated by state-run Basra Oil Co, and produces around 240,000 bpd, which will be later boosted to 450,000 bpd.

OPEC plans to cut output over Coronavirus outbreak
Feb. 6, 2020

OPEC plans to cut output over Coronavirus outbreak

Iraq has informed about OPEC's plan to cut down on the crude output. This possibility is being weighed over China's coronavirus epidemic. OPEC will hold a meeting with "joint technical committee" in Vienna on Tuesday and Wednesday. "The technical committees are discussing the recommendations, which they will elevate to their ministers. Any further cut to outputs would only be announced in a ministerial meeting", said Iraq's oil ministry.

BP to withdraw from Iraq's Kirkuk field
Jan. 22, 2020
Source: Reuters

BP to withdraw from Iraq's Kirkuk field

If sources were to be believed, oil supermajor BP has decided to withdraw from Iraq’s Kirkuk oilfield. BP's $100 million exploration contract lapsed with no agreement on the field’s development, dealing a major setback to Iraq’s hopes to enhance its oil output. The pullout comes as the energy companies re-evaluate their activities in Iraq amid political turmoil and escalating tensions between the US and Iran.

Iraq’s December oil exports dip to 3.428 mln bpd
Jan. 3, 2020

Iraq’s December oil exports dip to 3.428 mln bpd

Iraq’s oil ministry, yesterday, informed about Iraqi oil exports dropping to 3.428 million barrels per day (bpd) in December. Oil exports from the country averaged 3.5 million bpd in November. The spokesman for the oil ministry, Asim Jihad informed that exports from Iraq’s southern Basra terminals reached 3.326 million bpd, down from 3.4 million bpd in November.

Basra and Majnoon to Replace Nassiriya Oilfields
Dec. 30, 2019
Source: Reuters

Basra and Majnoon to Replace Nassiriya Oilfields

Iraq has decided to increase production from oil fields in Basra after the production from Nassiriya oil fields were stopped abruptly by protestors. The move aims at preventing the country's export and production from declining. Iraq can also increase the production from Majnoon oil fields to cope up with the situation. However, it is a tense situation as Nassiriya produces 80-85,000 BOPD and this is the first time when protestors have shut an entire oilfield.

Oil prices rise over new tensions in the Middle East
Dec. 30, 2019
Source: Reuters

Oil prices rise over new tensions in the Middle East

Oil prices remained high in the international market on Monday, even though the traders expected lower fuel prices. The price of WTI increased by 1% to $61.73. Brent Crude rose 27% in 2019. Tensions in the Middle East escalated on Sunday, as the United States carried out airstrikes in Iraq and Syria. U.S. officials have also warned of “additional actions”.

CPECC secures $121 mln West Qurna-1 contract
Nov. 26, 2019
Source: Reuters

CPECC secures $121 mln West Qurna-1 contract

CNPC’s subsidiary, China Petroleum Engineering & Construction Corp (CPECC) has secured a $121 million engineering contract in Iraq. The contract requires CPECC to renovate the facilities currently used for gas extraction during crude oil production at West Qurna-1 oilfield. The project is slated for completion in 27 months. The West Qurna-1 oilfield was developed by Exxon Mobil and produces 480,000 barrels of crude oil per day.

Iraq in conversation with Exxon over southern mega project
Aug. 12, 2019

Iraq in conversation with Exxon over southern mega project

Oil Ministry of Iraq is in conversation with energy giant ExxonMobil. Both the parties are discussing over a deal to enhance Iraq's southern oil infrastructure. Iraq has also made it clear that its deal with BP and Eni was for the construction of two seabed oil pipelines for its southern exports through the Gulf. And also, it was not a part of the $53 billion 30-year southern mega-project.

Lukoil, Iraqi Minister of Oil explore areas of cooperation
June 7, 2019
Source: World Oil

Lukoil, Iraqi Minister of Oil explore areas of cooperation

Vagit Alekperov, the President of Lukoil, has met the Iraqi Minister of Oil, at the St. Petersburg International Economic Forum. They discussed the development of West Qurna-2 project and agreed to consider the possibility of early commissioning of Block 10 of Eridu field. Both the parties also expressed their interest in gas processing and petrochemical projects in Iraq.

"That’s something we reject"- Iraq on Exxon's evacuation process
May 20, 2019
Source: World Oil

"That’s something we reject"- Iraq on Exxon's evacuation process

ExxonMobil decided to pull out its staff from Iraq as a “precautionary and temporary” measure. Energy Minister of the Middle East nation has termed this decision as “unacceptable and unwarranted”. He further argued that “This withdrawal may send the wrong message about the situation in Iraq, and that’s something we reject”. He has also sent a letter to Exxon officials asking for clarification and enquiring the workers to return.

Genel Energy to acquire Chevron’s stakes in Iraq blocks
Jan. 24, 2019

Genel Energy to acquire Chevron’s stakes in Iraq blocks

British oil firm, Genel Energy has inked an agreement to acquire Chevron’s stakes in Iraq oil blocks. Genel will gain ownership of 30% interest in the Sarta licence and 40% interest in the Qara Dagh licence. Until a specific production target is reached in the Sarta license, Genel will account for 50% share of ongoing field development costs. The firm will become the operator of the Qara Dagh licence.

BPCL to increase oil imports from Iraq
Jan. 14, 2019
Source: Gulf Times

BPCL to increase oil imports from Iraq

In an interview last week, director for refineries at BPCL said that the downstream major will import 5mn tonnes of various grades of Iraqi crude in 2019. He also said that importing more crude from Iraq will let BPCL to displace some portion of the other Middle East crude. BPCL enhanced the capacity of Kochi refinery to 15mn tpa, which will allow them to process more dirty cheap crudes.

Halliburton secures contract for work in Iraq
Dec. 28, 2018
Source: Energy Voice

Halliburton secures contract for work in Iraq

Leading oil services firm, Halliburton has secured a well drilling contract from an Eni-led consortium in Iraq. Over the next two years, the Houston-based firm will utilize up to six rigs to drill development wells in the Zubair Oil Field in Iraq. Italian oil major, Eni leads a consortium of Oxydental, Kogas and Missan on the Zubair field, which has over more than four billion barrels of reserves.

US urges Iraq to move towards true "energy independence"
Dec. 12, 2018

US urges Iraq to move towards true "energy independence"

US has asked Iraq to reduce its dependency on Iran. In a meeting with top Iraqi officials in Baghdad, Rick Perry, the US Energy Secretary has urged Iraq to replace Iran with America and open the energy sector for American investment. Presently, Iraq is in a delicate situation because even after the renewed US sanctions, the nation is still reliant on Iranian gas for its electricity production.

MRPL said to have inked term deal with Iraq
Nov. 30, 2018

MRPL said to have inked term deal with Iraq

If sources were to be believed, state-owned refiner, MRPL has inked a term deal with Iraq’s State Organization for Marketing of Oil (SOMO) to buy 1.5 million tonnes of Basra oil in 2019. MRPL, which runs a 300,000 barrel-per-day refinery in India, is seeking to diversify its crude imports. MRPL didn’t comment on the matter.

DNO ASA completes 2018 target
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.

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