Lower oil prices and “adverse geopolitical developments” have led GKP to default on debt obligations and cash flow problems.
The gas quantity was 10.500 m3 for the benefit of Galaxy international company, and this quantity is a surplus out of the need of Iraq
Output still exceeds demand
Mr. Abd Al-Mahdi signed in Cairo a memorandum of understanding with the Egyptian minister of petroleum and minerals Mr. Farooq Al-mullah
The OPEC countries controls over 40% of the world production of oil and owns 70% of the world reserves
OPEC exports in June were below the October 2016 levels for the fourth time this year. '
'The country aims to reach production capacity of 5 million barrels a day by the end of the year,'
'Iraq has two oilfields with Kuwait and about 12 oilfields with Iran.
'IRNA news agency added that 6 oil wells shall be utilized in the oilfield out of 18 dug ones.
'The agency added that the exports started at the level of 7 million cubic meters day, which will reach at the end to 35 million cubic meters.
' The two parties discussed during the meeting about strengthening the bilateral cooperation and developing the oil & gas sector.
'SOMO will inform the international oil companies of their shares for the month, without giving full details of the loading quantities and their programmes.
Current production for the Sarqala-1 well is approximately 9,500 barrels per day of oil'
'Genel’s net share of the payment is $8.38 million.
'US$12.0 million net went to GKP'
'Mr. Jabbar Ali Hussein Al-Luiebi the minister of oil met with a delegation from ABB Company headed by Mr. Lorenzo Brintan and discussed with them about the bilateral cooperation.
'Currently, Iraqi oil products' production reached to about one million b/d, as reported.
'Currently, the production of the oilfield reached to 100.000 b/d, the sources added.
'In a statement, he added that the contract will develop Iraqi oil fleet and change it into a leading member in oil and gas transportation fields.
'The sources said that Badra oilfield produced 2.6 million tons of oil in 2016, with more wells to be dug to double the production.
'The main reason for the increasing production was the deterioration of international oil prices, the report said.
'In a statement, it said that the production reached to 16.719 barrels per day during May, 2017.
'Chairman of the Commission Ali Shadad al-Faris stated that the province is ready to buy the shares if Basra Oil Company was not able to do so.
'The central government in Baghdad always objected Kurdish independent selling of its oil, but the stand was "eased" amid the joint efforts
'The statement pointed that the revenues reached to 4.663 billion dollars with an average price per barrel of 46.108 dollars,
' Mr. Jabbar Ali Hussein Al-Luiebi the minister of oil met with the CEO of Lukoil Russian company Mr. Katy Al-Juboori and his entourage.
'The share of Occidental oil company reached to 31.25% of the service contract of the oilfield.
'Current information denoted that great quantities of gas are available in the western Anbar province, where the calls concentrated that the gas industry city
'He pointed that he will visit the Kurdish region to discuss the reduction matter with the authorities there.
' Dr. Al-Falih praised the Iraqi role in OPEC as one of the establishers, represented by Mr. Al-Luiebi to create a state of understanding and stability in the oil market '
The exported oil quantities was (97.600) million barrels and the outcome was (4.607.000.000) dollars.'
'In a statement, the exports from southern oilfields reached to 96.9 million barrels, with revenues of 4.577 billion dollars, while Kirkuk's exports
'The announcement was made in a press conference with Saudi Energy Minister Khalid al-Falih.
'He added that the cost of the project on the Jordanian side will reach to 6-7 billion dollars, where the investor will bear the costs
'Mr. Al-Luiebi confirmed that Iraq is going to witness a quantum leap in the oil & gas industry sector by depending on the plans and strategies
'The contract included the joining of the "Egyptian General Petroleum Corporation" as a 15% partner in the field development within the share of Kuwait Energy which is 45%. '
'A refinery in Al-Anbar governorate with a production capacity of 70 thousand barrels/ day.
'Kuwait Energy has a share of 45% in the project, as well as 30% for the Turkish partner and 25% for Missan Oil Company.
'According to a statement by the Royal Divan, both sides called to expedite completing the oil pipeline.
'MP al-Fayyad stressed that the oil policy should not be in the hands of the Oil Marketing Company (SOMO), which controls Iraqi oil contracts and exports.
' Mr. Al-Luiebi met with the Algerian minister of energy Mr. Nooraldeen Botarfa in Baghdad at Wednesday the 10th of May. '
'The meeting was attended also by the counselor of the minister and the director general of the oil projects company.'
' The oil exports for April was (97,574,813) barrels, while the outcome was (4,612,815,000) dollars.'
'Mr. Al-Hindawi confirmed the keenness of his group to strengthen the bilateral cooperation with the ministry to develop the oil & gas sector in Iraq.'
'"Iraq supports any move to increase oil prices in the international markets", the ministry stated.
'It is the main company that works in Atroush oilfield in the region, which was regarded "difficult" from technical point of view due to its geographical position.
'In a press conference, media spokesman Saad al-Hadithi pointed that the project was made to absorb the increasing oil production of the country in the coming years.
'The source, pointed that the price per barrel will reach to about 50 dollars.
'In a statement, the company added that this amount is its share according to the agreement with Genel Energy oil company.
'Genel’s downgrade followed new data showing that the rocks couldn’t hold as much crude as expected.'
'Iraq supports the extension of an OPEC-led oil output cut for a further six months,'
'The second phase of the pipeline starts from Najaf province and ends at Aqaba Terminal on the Red Sea.
'Thi Qar is the fourth Iraqi province in population.
'Mr. Jihad said also that this process is a part of the agreement between Iraq and Egypt which requires to supply Egypt with (12) million barrels "as 2 million barrels per month".
'Mr. Al-Luiebi confirmed the keenness of the ministry of oil to maintain the appropriate environment for the work of the international oil companies in Iraq, '
'Mr. Al-Luiebi hoped also for the workers in the oil sector and Iraq to be more devoted in order to keep up with the development to develop the Iraqi economy. '
'Mr. Al-Luiebi said also that Iraq supports also all the decisions which are for the interest of the crude oil producing countries'
'The products of the refinery must be environment friendly according to the international standards EURO-5.'
' Mr. Jihad said that the oil price for March was 47 dollars and 188 cents for the single barrel.
'Mr. Iwai said that his country is aiming to strengthen the bilateral cooperation with Iraq in all the sectors "especially the oil & gas sector".'
'Mr. Al-Luiebi confirmed on the necessity of strengthening the relations with France in all the sectors “especially the oil & gas industry sector”
'Mr. Al-Luiebi said that this procedure is a part of an ambitious program to invest the gas in the southern region as an applied model of the general policy of the ministry v'
'The deadline of receiving the documents from the companies which desires to execute the announced refineries is at the end of the working hours of Sunday the 30th of April 2017.'
'Mr. Al-Luiebi confirmed on the necessity of strengthening & developing the relations with the international companies.'
'Mr. Al-Luiebi invited the Italian company to develop their work in the Zubair field in Basrah, and motivated the company to achieve their targets.'
'Mr. Allibi confirmed that the ministry is looking forward to develop the relations with PetroChina according to the aims of the company.'
'Mr. AL-Luiebi praised the workers in the port for their keenness to implement the shipping plans even in the bad weather. '
'The oil exports for March was (101,031,675) barrels, while the outcome was (4,744,726,000) dollars.'
'Mr. AL-Luiebi said that the sectors of exploration, production, exportation and refining are going to witness an increase in its levels and the infrastructure development'
'Mr. Al-Luiebi said during his speech that the ministry of oil is showing a great concern to the province and its citizens. '
'Mr. Al-Luiebi confirmed on the necessity of strengthening and developing the relations with the international companies. He also called to expand the work of the company'
'Mr. Falah Al-Ameri the director general of SOMO signed the contract with Mr. Tim bullock the director general of Litasco.
'Mr. Al-Luiebi was grateful for all the staff of the north oil company (NOC), the supporting oil companies, the civil defense, the security forces'
' Mr. Jihad said that the oil price for February was 49 dollars and 127 cents for the single barrel.'
' Mr. Al-Luiebi confirmed the support of the ministry of oil to hold the conferences, workshops and symposiums which are aiming to develop the Iraqi oil industry
'Mr. Jihad said also that Iraq is committed with the resolution of OPEC to cut the production in order to support the oil prices and control over the glut of supply in the oil market. '
'Mr. Al-Luiebi said that there are some discussions with the American companies such as Exxon Mobil to develop the infrastructure projects of the oil facilities.'
'Mr. Jihad said that the oil price for January was 48 dollars and 595 cents for the single barrel.'
'Mr. Al-Luiebi said that the technical & engineering staff in the north refineries company (NRC) and the supporting authorities from the other oil companies '
'The ministry of oil declared for the extinguishing of the well No.81 in Qayara oil field'
'The new project is called Lima Energy, which will receive the first Iraqi oil shipment this month.
'Egyptian authorities signed a contract with Iraq before two weeks to have 12 million barrels of Basra light oil , 2 million barrels each two months.
'The US continental shelf and Alaska are expected to have 90 billion barrels of oi and 9 trillion cubic meters of gas.
'SOMO will declare the official prices for June, 2017 in the second week of May, 2017.
'"Another Italian company expressed desire to implement the project, thus the province will study the two offers", al-Ikaili added.
'Ali al-Faris pointed that this matter will be discussed with oil authorities to find final solutions for this issue.
'Omani media organs reported that the proposed agreement does not any trade conditions for Iraq, except the idea of expanding Omani Duqum
'The sources quoted Iraqi Oil Minister Jabbar al-Lu'aibi that Iraq abided "fully" with reduction resolution by achieving 97% of its share.
'According to the final statistics provided by Iraqi Oil Marketing Company (SOMO), the exports reached to 101 million barrels with revenues of 4.76 billion dollars.
'Russia's Lukoil will provide training and support to its Iraqi counterparts. '
'“We need to progress the energy infrastructure and we have worked to broaden the sector,” '
'The Minister said he is working to develop the Nasiriya oil field '
'Discussed plans to raise and investment and production of gas at the Halfaya field in Maysan province.'
'Revenues for the month were $4,744,726,000, at an average price of $46.963 per barrel.
'Director General Adnan Noushi Sachit stated that this project represents the third and last stage in developing Hilfaya oilfield.
'Tawke production in January averaged 113,278 barrels of oil per day (bopd), of which 112,537 bopd was delivered for export through Turkey.
'These excellent results, combined with the significant increase in Garmian Reserves that we announced at year-end.'
'The high-quality seismic data obtained are required for the updating of the field’s geological model'
'The payment is for Shaikan Crude Oil Exports and net sales for the month of January in 2017. '
'otal crude exports have not been affected by the collision at all. '
'Iraqi oil ministry issued many reports on the export of this material during the past two months.
'This is the first time that Iraqi Basra crude oil to be sold through this exchange.
'Jordanian al-Ghad daily reported that the port has special piers for oil products, including liquid gas (LNG) and natural gas (LPG).
'The sources reported that the company, Jindal, did not fulfill the procedures of the permit, despite it was granted on May, 2012.
'He pointed that the production policy will provide the power stations with needed gas.
'He added that it was agreed to import one million oil barrels on a monthly basis, following the approval of the Egyptian cabinet on the deal.
'The first shipments will be 50 million cubic meters, the minister added.
'This the first cooperation between the top countries in the oil field.
'In a TV statement , the company announced that its debts wanted from the Kurdish region and Egypt will exceed one billion dollars.
'In a statement, the work to increase production was completed on 31 March, 2017.
'Highlights to 31 December 2016 and post reporting period
'The Iraqi Ministry of Oil has released March export numbers which resulted in 101,031,675 barrels of oil for the month '
'Genel Energy has decided to repurchase a nominal amount of USD 252.8 million of Bonds in connection with its recent Buy-Back Offer.
'Mr Al-Jebouri gives us his views on the Iraqi industry, how LUKOIL is working successfully in the country and his outlook for the future of the industry in the country:
'Latest financial accounts of the company noted that it was in "bad conditions for the last three years".
'According to a statement by the second governor's deputy Ali al-Mayali, the company threatened to fire all the workers in the refinery.
'The province is regarded as one of the promising areas in oil industries due to its great oil and gas reserves.'
'In a statement, this agreement comes within the framework of increasing Iraqi oil production to reach 5 million b/d.'
'He added that Iraqi production of liquid gas reached to 6000 tons daily, with an average exports of 1000 tons daily to be increased to 1500 tons daily.
'Spokesman Asim Jihad added that this refinery will enhance the work of the Greater Fao terminal , which shall be implemented by the Iraqi Transport Ministry.
'In an energy conference held here, he pointed that Iraq has contacts with Iran to reach a joint agreement on the bordering oilfields.
'Mr. Barkindo informed the conference that the oil decrease situation is "encouraging", pointing that the commitments with the member countries
'The oil company will get the Kurdish crude oil to be refined in its refineries, it added.
'In a statement, the company disclosed its talks with the Turkish Energy Company to have partnership in investing Kurdish natural gas in the region.
'On 15 October, 2016, the Iraqi Cabinet approved establishing Thi Qar Oil Company.'
'According Iraqi Oil statistics, the reserves of the gas in the country will reach to 137 trillion cubic feet, mostly produced with the production of crude oil.'
'A meeting is scheduled in Kuwait for OPEC members and rival oil producing countries to review current progress and decide whether to extend the agreement.
'"The biggest impact (from Opec cuts) was that EFS (Exchange of Futures for Swaps) narrowed," '
'Thanks to the application of cutting-edge production and transportation technologies'
'Quoting the Iranian Oil Engineering Company, the agency said that this joint oilfield will produce 65.000 b/d in the spring of 2018.'
'In 2012, Premier Oil was awarded a 40% stake in Block 12 '
'He attributed this decision to the increase of the numbers of the tourists and the passage of the trucks will endanger the lives of the people and increasing the traffic jam in the area.'
'In a statement, added that the average of southern and northern oil exports reached to 3.869 million tons daily.
'The sources added that the talks on the agreement were finalized with Iraqi oil ministry and Iraqi Oil Marketing Company (SOMO), except some procedures to start the shipments.
'In a press conference, Director General Hayan Abdul Ghani added that the talks are "progressing results".'
'The sources that Basra light oil exports are expected to be increased to 2.238 million b/d in comparison to the figures of the previous months that reached to 2.207 b/d.'
'This increase meant that Iran replaced Iraq to be the second biggest oil exporter to India.
'The company reported that the production of these fields reached 610.000 b/d, which represents 24% of the field's production.'
'The company revealed that the total production of the three wells reached to 23.000 b/d.'
'In a statement, the ministry added that the revenues for these two months reached more than 9 billion dollars.'
'Baghdad/ Iraq TradeLink: Iraqi Oil Ministry issued today a clarification on contracting with Kurdish'
'In an oil conference in Houston , USA, he added that Iraq will participate if the extension was made to the second half of this year.
'The sources said that this figure will be divided with its partner company of Genel Energy.
'Iranian IRNA News Agency confessed that the lifting of the nuclear sanctions against Iraq helped to export the Iranian gas with suitable price without intermediary.
'He pointed out that the ministry is trying to increase its oil and gas reserves through drilling more wells'
'The company is affiliate to the Iraqi Industry and Minerals Ministry.'
'MP Mazin al-Mazini pointed that the Commission is calling the personalities that have connections with the case'
'The previous location of the company was in the Eastern part of Baghdad.'
'But the recent development in oil markets, including OPEC decision to reduce production an d the prices' differences between Dubai and Oman
'Iraq’s Oil Minister, Jabbar al-Luaibi has released a statement indicating Iraq will begin offshore oil and gas exploration to increase the country’s crude reserves. '
'Kurdistan's natural sources minister Ashti Hawrami told Reuters new debt talks concluded in recent weeks gave the region grace periods of between 3 and 5 years for repaying the debt.'
'the company was compensated for US$6 billion historical costs '
'In a seminar by the Iraqi oil Exploration Company, he stressed that the work should concentrate on the bordering areas with
'The gas project is conducted by Shell Company, under the supervision of Basra Gas Company.'
'This new export route arrangement confirms there is a market for Shaikan crude as a standalone product '
'The refinery will process 300 thousand barrels per day of crude oil '
'Russia’s Lukoil and the Japanese operator INPEX discovered the additional reserves'
'"Iraq is obliged to cover its deficits through loans, so we need the oil prices to be high to 60 dollars per barrel to cover the deficit", Ibadi elaborated'
The Kurdish region started independently selling its oil for the last three years, because, as stated, that Baghdad did not pay the region's share
'In a statement, both ministers Iraqi Jabbar al-Li'aibi and Iranian Bijan Zangeneh signed the agreement that contained forming joint committees to finalize some important issues,
'Governor Ali al-Alaq, in a press conference, pointed that Iraqi revenues mostly depend on oil sales.'
'In a statement, he pointed that the explorations in 7 oilfields in mid and south Iraq contributed in adding 10 billion barrels to Iraqi oil reserves'
'The fleet had 25 tankers in 1980.'
'Kuwaiti Oil Undersecretary Talal Naser al-Adhbi disclosed forming a joint Kuwaiti-Iraqi committee to organize the work in the oilfields between the two countries
'Iraqi crude shipments rose 3 percent in the first half of February even after OPEC’s second-biggest producer agreed to participate in global output cuts to mop up a glut '
'Iraq plans to reduce its oil exports from Basra ports to 3.013 '
'The total is made up of Basra Light Blend and Basra Heavy. '
'During the three year period following such a termination, Genel would have a right of first refusal to participate in the development of the Miran and Bina Bawi gas fields '
'Iraq’s oil exports are poised to slump to a seven-month low in March as ongoing maintenance at some of its biggest fields coincides with a seasonal slump in shipments'
'Operations started again on Wednesday at midnight.
'The operator of the Tawke field, DNO ASA, expects production from the field to remain stable at the current rate of 115,000 bopd in 2017'
'DNO ASA, the Norwegian oil and gas operator, today announced a stepped up drilling campaign in the Kurdistan region of Iraq and the Sultanate of Oman '
'Iraqi oil ministry disclosed that that it will supply Kuwait with 50 million cubic feet daily, which shall be increased to 200 million cubic feet.'
'Oil imported from Iraq would go through a refinery in Egypt. '
After Saudi Arabia, Iraq is OPEC’s largest oil producer'
'The funds are to be shared pro-rata by DNO and partner Genel Energy'
'Oil sources said that Iraq will lose nearly 100 million dollars daily for any stoppage in loading.'
'Al-Fayha Commences the Milestone Target of Casting the first Piles of the IOT Project.
'The ministry is serious to solve the question of burning of the accompanying gas, where billions of dollars are wasted annually, in addition to environmental risks'
'Earlier, Governor Nasrawi gave one week's ultimatum to the comp;anies to pay these funds to implement projects in the province.'
'The previous levels of production reached to 1.38 b/d at the mid of January, 2017'
'This oilfield is the biggest among the joint fields between the two countries'
'operator of the Shaikan Field in the Kurdistan Region of Iraq, closed up 1.7 percent on Wednesday following a trading and operational update.'
'In press statement during his participation in the economic forum organized by Chatham House in London'
'The sources reported that an Iranian and Russian meditations are underway to pass this agreement, which Egypt depends on to meet its oil needs'
'It was decided that Kuwait will import 50 million cubic feet of gas daily (1.4 million cubic meters) as a start to reach 200 million cubic feet daily (5.6 million cubic meters).
'he average price for each barrel reached to $46.370'
'He pointed that some of the oil companies refrained from paying this amount to the local government, but entrusted the projects to contractors with high costs'
'In the statement (see below), the company said it expects a significant drop in production in 2017. Share were trading down 11 percent on Tuesday.
'The net proceeds from the Private Placement will be used primarily to fund the Company’s expenditures related to the Atrush field development in the Kurdistan Region '
'The first pipeline will be built in the next few weeks. '
'The Abu Dhabi National Energy Company PJSC (TAQA) has announced the appointment of AbdulKhaliq Al Ameri as acting project director TAQA Iraq with immediate effect.
Reuters reported the terminal has a loading capacity of 600,000 bpd which will increase to 1.2 million bpd after modernisations occur'
' The South Oil Company (SOC) started the development operations and extension of Khor Al-Omaia oil field'
'Global benchmark Brent crude futures LCOc1 rose 99 cents, '
'The minister of oil declares the accomplishment of the draft of the two laws of oil & gas and sends them the general secretariat of the cabinet'
'Mr. Allibi said that the draft of the laws was sent to the general secretariat of the cabinet in order to be discussed and approved, then to be referred to the parliament to gain the approval'
'The latest agreement between the OPEC members to introduce a certain cut in their respective shares of the crude oil market is a positive step in order to balance the market'
'Reuters has recently reported Iraq’s southern oil fields have cut oil production '
'Peshkabir-2 well in the Kurdistan region of Iraq on the Cretaceous horizon in the southern flank of the Peshkabir field.
'Stuart Catterall who will also join the Executive and Leadership teams'
'Majnoon has approximately13 different reservoirs with the potential to produce oil and gas.
'Sonangol has a 75-percent stake in the fields while North Oil Company has a 25-percent stake in the company.'
'The Minister of Oil Meets with the Head of Lukoil Russian Company.
'The drilling of the third well in the appraisal and initial development of the Zey Gawra field targeting the Cretaceous reservoir is planned in the second quarter of 2017.
'Mr. Jafar was quoted in the National recently'
'Iraq was meant to reduce 210,000 b/d.
'Recent reports have indicated Kuwait is now willing to begin negotiations with Iraq for a gas import deal. '
'OPEC Agreement Kicked Off January 1 2017'
'This announcement comes despite both regions signing an oil agreement over the summer after failing to agree an amendment to the previously failed oil sharing agreement.'
'Mr. Assim Jihad recently announced Iraq exported (268061) cubic meters, and (30341) tons of the liquefied gas during 2016'
'I Iranian Oil Minister Bijan Namdar Zanganeh will visit Iraq next week to hold talks with his Iraqi counterpart, Fars news agency reported on Sunday.'
'Agreement will be finalised by first quarter of 2017'
'He said that the cultivation project will start during the first quarter of the next year.
Gazprom Neft currently owns shares in the Halabja, Shakal and Garmian blocks. 80% of the Halabja and Shakal blocks is owned by Gazprom'
November oil export numbers show the KRG has exported on average, 587,646 barrels of oil per day. '
'Company President Announced '
'Restrictions on Zain Iraq’s shares and its bank accounts, which the authorities had frozen, will also be lifted.
'The field is producing oil at its highest rate in 27 years; since BP joined the partnership to redevelop the field in 2010, output has increased by 40 percent.
'Iraq reported to OPEC its total crude oil production in November was 4.8 million bpd. The OPEC agreement uses 4.56 million bpd as a reference for Iraq.
'British oilfield services company Petrofac said it has secured a contract worth $75 million from South Oil Company (SOC)'
'WesternZagros Resources has announced that Jonathan Oestreich has been appointed to Western Zagros’s Board of Directors'
'the state-owned China Petroleum & Chemical Corporation — is considering a takeover of the recently restructured Gulf Keystone Petroleum (GKP).'
'Revenue was US$568 Million '
Under the new agreement, Petrofac will continue to facilitate a substantial proportion of Iraq’s oil export which is generated from the facility located 60km offshore'
'The United States Kurdistan Business Council is a non-profit trade association based in Washington, DC.'
'The OPEC reduction is equal to roughly 1 percent of current production worldwide.'
'"Some companies didn't meet contractual deadlines and according to the contract had to relinquish their areas," the minister was quoted as saying.
' The ministry of oil declared for the oil exports of the last November which was 4 million & 51 thousand barrels/ day.
' oil exports for November have reached a record high of 4.051 million bpd.'
'Crude prices rose nearly 5 percent for the month. However, they are unlikely to skyrocket further in reaction to the deal and the rally may even be short-lived, traders and analysts said.
'This decrease partly attributed to moving to the maintenance oil production stage at the West Qurna-2 project in Iraq.
'Production from Majnoon averaged 206,000 barrels per day in 2015.
'“If OPEC cuts down output at 1 million barrels a day, this will help prices to go up and Iraq will make gains from this,” he said.'
'Brent oil futures were trading slightly up at around $49.2 per barrel at 2010 GMT, having lost most of their earlier gains of around $1 a barrel.
'“Glencore expects to enter into a new five-year agreement with the government of Kurdistan to buy its crude,” Reuters reported.
'Iraq, OPEC’s second-biggest producer, will offer proposals this month to help the producer group reach an agreement on an output freeze to shore up prices.
'DNO’s shares recently rose 8 percent upon the news of a venture with Iran and the company already has operations in North Africa, Middle East and Iraqi Kurdistan.
'The figure is slightly down on November’s plan. It would be made up of 2.437 million bpd of Basra Light, and 726,000 bpd of Basra Heavy.
'Tawke production during the third quarter averaged 109,159 bopd, of which 108,759 bopd was delivered for export through Turkey.
'Vitol has also stored crude for Iraqi Kurdistan at the same location which will be used at Fujairah refinery, with a current capacity of 82,000 barrels per day. '
'KEC and EGPC are currently partners in the Block 9 Concession'
'At a meeting in Baghdad on Wednesday, Minister Jabar Ali al-Luaibi [Allibi] told OPEC Secretary General, HE Mohammad Sanusi Barkindo:
'It also said that production levels for the year would come in at the bottom of its target range of 53,000 bpd to 60,000 bpd.
'Not long after oil sharing agreeement was signed, KRG halted transfers of oil to State Organization for Marketing Oil and therefore, Baghdad stopped making transfers of federal funds.
'Kurdish oil player Genel Energy said its quarterly production from northern Iraqi fields was inching lower and it was time to revisit development plans.
'The Secretary General will hold further talks with Prime Minister of Iraq, Dr. Haider Al-Abadi, on Wednesday and pay a courtesy call on the President of Iraq, Dr. Fuad Masum.
'“We should be producing 9 million (barrels per day) if it wasn’t for the wars,” he said.'
'IFC has invested $410 million (including $125 million in mobilization) in Iraq to support the development of the nation’s private sector'
'“Iraqis are now negotiating with international banks so they can open an LC,” Hamid Reza Araqi said in a press conference in Tehran on Wednesday.
'In its results for the third quarter of 2016, oilfield services company Schlumberger has said that it has increased process systems deliveries in Iraq.
'Kuwait Energy is an independent oil and gas company actively involved in the exploration, appraisal, development and production of hydrocarbons.
'The meeting at the Iraqi Parliament for Gas Committee decided to increase its current volume of half a million liters of oil to Kurdistan. '
'Other OPEC members, Nigeria, Libya, Iraq and Iran, have different ideas.
'Alex Beard, the company’s global head of oil, told the Reuters Commodities Summit that Glencore would be seeking to trade more crude from the Middle East,'
'On 1 October 2016, the well started commercial production at 36/64 inch choke size and has stabilized at rate at of 5,600 bopd.
“The Hasira-1 well was safely suspended in the third quarter of 2015 and future options to utilize the well bore continue to be evaluated,”'
'There are plans to increase this to 450,000 bpd next year.'
'This is part of a stepped up drilling program kicked off in July 2016.'
'Head of South Oil Company, Hayan Abdulghani Abdulzahra recently stated this in an interview'
'Organization of the Petroleum Exporting Countries hit a record high in September of 33.64 million barrels a day'
'Iraq's oil minister has urged oil and natural gas producers operating in the country to continue increasing output next year, the oil ministry said in a statement on Sunday.
'Iraqi oil minister Jabar Ali Hussein al-Luaibi and Lukoil's head Vagit Alekperov met in Baghdad, it said.
'Mr. Jihad said that some well-known global media have published false information about the oil exports of September'
'Supply from OPEC has risen to 33.60 million barrels per day (bpd) in September from a revised 33.53 million bpd in August
'Gulf Keystone (GKP) has confirmed today that a gross payment of $15.0 million has been received from the Kurdistan Regional Government (KRG) for Shaikan crude oil export sales in July 2016.
'The dollar's retreat from session highs also enticed more buyers into oil as greenback-denominated crude became less costly to holders of other currencies. [FRX/]
'The sharp decline in non-oil exports was the result of a fall in the export value of chemicals, plastics and rubber, and base metals and articles.
The payment reflects full settlement of the invoiced amount for July 2016 oil sales,'
'exports from the southern ports rose to an average of 3.245 million barrels per day (bpd) in September'
'Mr. Allibi ordered the concerned authorities in the ministry of oil to make a detailed report about the situation of the refinery'
'Mr. Assim Jihad the spokesman of the ministry said that the exported oil quantities from the middle and southern oil fields'
'Mr. Adnan N. Sajit the director general of (MOC) said that the staff of (IDC) completed the drilling of the oil well No. 13 by coordination with the staff of (MOC)'
'Genel’s net share of the payment is $12.85 million.'
'International Oil Companies that include BP, Shell and Lukoil will be reporting a significant reduction in their investments in Iraq.'
'"We are not intending to flood the market.."'
' Mr. Allibi said that the plan of the ministry aims to develop the refining sector and raise the national production of oil derivatives'
'State Company for Oil Marketing (SOMO) did not specify the or differentiate between Baghdad oil exports and Kurdistan Regi'
'Mr. Niema stressed on the necessity of cooperation with the well-known global companies on the project consultation & implementation issues'
'The ministry confirms that the last agreement is still active'
'Dr. Maasom and Mr. Allibi discussed during the meeting about the oil sector and the way to develop it'
'Average selling price of $39.248 per barrel.'
'Mr. Allibi said during the symposium that it is necessary to expand the local & foreign investment of the distribution and oil products sectors'
'A spokesman for the company told Reuters that exploration results were “uneconomic.”
'Maysan province is producing 200,000 bpd of crude oil per day. '
'Badra Oil field in Iraq has recently produced 3 million tons of oil in the last two years for Gazprom Neft. '
'Dr. Hamid Y. Salih the deputy minister for gas industry said that the ministry have shipped and exported two tanker ships of liquefied gas'
'The lifting of Iran’s sanctions have meant that Iraq’s 14% quota needs revision '
'Iraq will have to source the gas that is required'
'This new processing plant is in part of a larger plan to use gas that was previously flared to generate electrical power. '
'WesternZagros’s Chief Executive Officer Simon Hatfield released the statement '
'Baghdad has reached agreement with BP, Shell and Lukoil'
'A Reuters survey reported that OPEC’s (Organization of the Petroleum Exporting Countries) crude oil production rose by 100,000 bpd'
'A three percent decline due to lower activity levels in Iraq, Australia, and Indonesia.'
'Casing and completion tool specialist Deep Casing Tools has continued its Middle East expansion'
'Exxon and Petrochina have put previous plans to develop Artawi and Nahran Omar oil fields on hold'
'Gulf Keystone will also receive US$120 million with a value of securities of bondholders at 111% of face value'
'The two parties discussed during the celebration about the unique steps which was applied on the projects modules which was chosen within the application project and the achieved results'
'Mr. Assim Jihad the spokesman of the ministry said that the exported oil quantities for the previous June was (95.300) million barrels and their outcome was (3.829) billion dollars'
'Mr. Adnan N. Sajit the director general of the company said that MOC completed the drilling of the wells'
'Mr. Hamid Y. Salih the deputy minister for gas industry said that the ministry exported new (24.000) m3 of the condensed gas & (1600) tons of the liquefied gas from Um- Qasr port in the south of Iraq'
'This will be Gazprom's 10th oil well in Badra. '
'These quantities were exported from the southern ports in Basra. '
'Kirkurk has pleaded their need for own refinery'
'This will be the third shipment of liquified gas for Iraq. '
'Ms. Pusponegro stated, “with this increase, Pertaminas oil and gas production rose on a consolidated basis than that in last year.”
'The Saudis losing their dominance in the Indian market is a result of Saudi Armco raising crude prices over the last four months
'Lower oil prices and “adverse geopolitical developments” have led GKP to default on debt obligations and cash flow problems.
'The Iraqi Government needs to create fiscal space to pay suppliers and international oil companies.'
'KOGAS Iraq B.V. is undertaking the redevelopment of the Zubair Oil Field.'
'Iran and Indonesia, fellow OPEC members have signed a memorandum of understanding (MOU)'
'Dr. Hamid Y. Salih the deputy minister of gas industry said during the celebration of the occasion that the exported quantity was (2000) tons'
'South Oil Company cites declines were due to pipeline disruptions '
'Gulf Keystone Petroleum, announced it has only received partial payment from the Kurdistan Regional Government (KRG), for exported oil. '
'Operating profitability of the company should also improve. '
'April exports numbers, however, were higher than March 2016 exports with 3.364 million barrels per day (bpd)'
'Kurdistan Regional Government (KRG) may soon reach an agreement with Iran to export 250,000 a day of oil to Tehran'
'Mr. Assim Jihad the spokesman of the ministry said that the exported oil quantities for the previous May from the middle & southern ports was (99.200) million barrels'
West Qurna-2 was discovered in 1973 using 2D seismic acquisition drilling techniques by Soviet geologists and is over 300 square meters.'
'In the past month, KRG has exported 513,041 barrels of oil per day through Ceyhan, Turkey,'
'Musher Salih,a financial policy advisor to Prime Minister Haider al-Abadi has recently announced Iraq will repay all arrears to foreign oil'
'Packers Plus Energy Services Inc. is pleased to announce it recently installed and stimulated an open hole completion system in the Kurdistan region of Northern Iraq. '
'It also attributed the increase in the company’s international production to higher production at West Qurna-2.
'With Iraq “actively repaying” international oil and gas operators..'
'Mr. Assim Jihad the spokesman of the ministry said that the exported oil quantities from the middle & southern fields for the previous May was (99.205.367) million barrels'
'Mr. Jihad said also that the ministry is going on to export the liquefied gas after achieving the self-sufficiency of this material and reaching the national production to (5000) m3'
'The ministry confirmed that it is committed with the monthly available exportation quantities for June'
'This is a partial payment of the invoiced amount, Gulf Keystone said, and the balance is expected shortly.
'Iraq's total oil output has reached 4.7 million barrels per day (bpd) and exports are running at a record 3.9 million bpd'
'This year Angola, Nigeria, Iraq, Venezuela and Kurdistan are due to repay a total of between $30 billion and $50 billion with oil'
'The price of West Texas Intermediate settled at $49.48, having hovered just below $50 for much of the day.'
'U.S. inventory levels may be influenced by outages in Canada, the top crude oil exporter to the United States'
'290,000 liters of natural gas have been dispatched to Iraq from Iran'
'Baghdad has announced recently changes to the route of the pipeline to speed up the construction of the $15 billion project'
'Falah Almri commented to Reuters..'
'"Unaoil can confirm it has been the victim of a four-month extortion attempt by criminals."
'International Oil Companies (IOC's) in Iraq have announced to the oil and gas community that they are planning to place a series of delays to projects '
'Basra heavy grade will provide most the increase at 900,000 bpd, an increase from 645,000 bpd in May. The Basra light is expected to produce 2.57 million bpd, an increase from 2.44 bpd in May.
'Abu Dhabi Makes 2016 First Quarter Projections '
'Out of the four fields, Saba (expected to produce 30,000 bpd )and al-Amoud are not operational and Garraf and Nasiriyah produce 170,000 bpd and will be 200,000 bpd by the end of the year. '
'Shares in Weatherford fell 30% since the quarterly announcement was released. '
'Paul Schofield has been named Genel Energy's new Chief Operating Officer.'
'Wood Group Will Provide Services for a leading Oil Company Operating in Iraq '
'Gross production rates are expected to average approximately 5,000 barrels per day for the well with monthly payments to be received within 10 working days of the following month.'
'The company said it will boost investments on the back of seven consecutive monthly oil payments, the last three of which were in line with its contractual entitlements.
'In Iraq’s Kurdistan Region, we have resumed full local sales and entered into a new agreement with the Ministry of Natural Resources to receive regular monthly payments.'
'The government-owned, North Oil Company has undergone a series of attacks near two of their oil fields causing disruptions in Northern Iraq,'
'Gazprom recently released its operational management report indicating their various projects in production stage, including Iraq:
' Kurdistan Regional Government has also reported record export numbers of crude going from 327,000 bpd to 420,000 bpd in April.
'Missan Oil Company (Maysan Oil Company) and PetroChina will represent the Iraq Government in cooperation to develop Huwaiza oil field.
' Kuwait Energy will also receive its share of the interest from Faihaa-1 well for the period between October 2015 through March 2016. '
'In recent weeks considerable political debate has taken place in Iraq following Prime Minister Abadi’s announcement of a technocrat reshuffle of his cabinet. '
'Russian Energy Minister, Alexander Novak has said there is still no agreed meeting date for OPEC in May. '
'the project was signed between the two countries in 2013'
'Mr. Assim Jihad the spokesman of the ministry said that the exported oil quantities for the previous March was (101.900) million barrels from the southern ports & the SPM’s'
'Details of the agreement indicate that 25 mcm of gas will be exported via a 270-kilometer pipeline to Baghdad'
'The conference discussed the issue of freezing the crude oil production in order to control the oil prices drop and depend the production of January as a standard until the next September'
'Mr. Salih confirmed on the devotion of the ministry on the professional health & safety standards for the employees inside the oil sector'
'Unaoil is a family owned and run company founded by Iranian Ata Ahsani who fled Tehran during the Islamic revolution. '
'Dr. Hamid Y. Salih the deputy minister for gas industry confirmed that the staff of the gas filling company (GFC) could rehabilitate the factory with a record time'
'Marwa al-Nasaa, Amman-based IMF resident representative for Iraq maintains this will better match global oil prices
'Russia's second-largest oil production company, Lukoil PJSC, tripled its revenue'
'Tank shortages in China combined with disruptions in sailing schedules due to the backup in Iraq have increased rates in the middle east.
'Mr. Assim Jihad the spokesman of the ministry said that the exported oil quantities for the previous March was (101.865.415) barrels, and the outcome was (2.891.575) billion dollars'
'The gas quantity was 10.500 m3 for the benefit of Galaxy international company, and this quantity is a surplus out of the need of Iraq'
'The agreement will formalise the partnership between the engineering giant and the Iraqi government '
'Mr. Salih wants also to notify the media and the people whom are interested with the oil to distinguish between the gas condensed liquids'
'OPEC and non-OPEC members will meet on April 17th to discuss plans in Doha'
'Iran signs oil contract with France's Total'
'Iraq oil exports, OPEC's fastest growing in 2015, hold steady in March
'The ongoing dispute between Iraq and Iraqi Kurdistan continues as has not not yet pumped oil to Turkey via the Kurdish pipeline, according to the Iraqi Minister of Oil.
Genel's share price has gone down 42% forcing chairman'
'Output still exceeds demand '
'Iraq to export first cargo of gas condensates on Sunday, oil ministry says
' Gas is the less environmentally harmful traditional source of energy because of the potentials that it can provide as a cheap & easy source for many industries'
'Iraq's Finance Minsiter discusses Iraq's place in OPEC's proposed oil price freeze'
'Guidelines for attaining certification include quality control and the MRC commitment for their employees and meeting national production standards.
'The OPEC countries controls over 40% of the world production of oil and owns 70% of the world reserves'
'Mr. Abd Al-Mahdi signed in Cairo a memorandum of understanding with the Egyptian minister of petroleum and minerals Mr. Farooq Al-mullah'
'The Iraqi Government will be revising licensing contracts signed by the Ministry of Oil between 2009 and 2010 when Nouri al-Maliki was prime minister'
'Iraq is the 3rd largest project market in the Gulf with over $358 billion in active infrastructure project, $90 billion of these are in the oil, gas and power generation sectors.
'Shares in Amec Foster Wheeler were up 7 percent in early trading, as the company announced plans to reduce overall debt.
'BP, Shell , ExxonMobil, Eni and Lukoil will all receive payments as they currently provide services under service contracts.'
'Shell General Manager Mr. Amr Adel said, “the decision to partner with Khudairi Group will ensure further growth of the company’s premium lubricants brand in Iraq.”
'The Ministry of Oil Puts the Corner Stone for Two Projects & Opens the Hammar Station in Basra.'
'Similar pipeline disruptions in Nigeria with a spill and maintenance in the UAE also affected oil output.
'Foreign oil companies in Iraq have reduced development costs by over half than was previously budgeted: from $23 billion to $9 billion.
'The proposal was announced last week as producers seek to boost oil that is trading near $30 and fell to a 12-year low in January amid a global glut.'
'The refinery will aim to provide oil derivatives of the highest standards as well as facilitate jobs for people in the province.
'The daily average of exportation for January was about (3.900) million barrels/ day from the southern ports and the Turkish Ceyhan port'
'Mr. Abd Al-Mahdi confirmed that the oil prices drop effected directly on the international economy'
'Oil prices drop effected directly on the international economy'
'Iraq's crude output at 970,000 barrels a day since January 2015'
'Iraq is Opec's second largest oil producer, according to the International Energy Agency.
There are three types of companies that supply crude oil to the global market. Each type of company has different operational strategies and production-related goals:
' Mr. Niema said that the establishment of these units is considered as the first stage for making use of this type of gas to generate power especially in the Rumaila gas powered station.
' Mr. Abd Al-Mahdi said that the invested quantities of the first stage reached 70 million standard cubic feet (MSCF) per day which will contribute in generating 300 megawatts per day.'
'Iraq’s State Oil Marketing Organisation (SOMO) has adjusted its official selling prices for its Basra and Kirkuk crude oil for March.
' The project was awarded to a consortium managed by Shell Company and supposed to be opened in February the 10th.'
'KRG will also provide companies with a 5% 'netback revenue' from each oil field to assist producers in recovering money owed to them. '
'The project is expected to commence in the second half of 2016, with services offered spanning for a term of three years.'
'Daily average of exportation is (3.285) million barrels per day.'
'Adel Abdul Mahdi has agreed to allow any decision by OPEC and non-OPEC members when considering a cut in crude production.'
'Missan Oil Company disclosed its ambitions to reach one million barrels daily by the beginning of 2017'
'6% fall in crude oil futures made last session even though Iraq's output has reached an all time high in December.
'Mr. Abd Al-Mahdi said also that the ministry is studying the idea of reducing the financial expenses of the foreign companies whom are working as service contractors. '
'Zangeneh has revealed oil production from the fields will increase to 700,000bpd in the coming years.
'Iraq wants foreign oil companies to cut spending as the nation seeks to narrow a budget gap caused by lower crude prices.'
'Korea Gas Corporation selling half its stake in Akkas gas field. '
'Generating just under $50 billion'
'Production capacity of the field amounts at present to 450,000 barrels of oil daily'
'Iraq Signed 5 agreements & memorandums of understanding with China'
'Iraq Minister of Oil heads the meeting with BP'
'Mr. Abd Al-Mahdi confirmed that Iraq is keen to strengthen the relations with the well-known global companies.'
'Concept and FEED work for future projects will also be included in the contract, which creates more than 100 new positions and retains 20 jobs.'
'Iraq has increased exports this year by over 13% which equates to an additional 500,000 barrels of oil per day.'
'Iraq’s overall exports have risen by about 40% to more than 3 million bpd and deliveries of 1 million bpd to Europe'
'The 4 billion barrel Zubair Oil field is currently run by ENI, Occidental, KOGAS and Iraq's Missan Oil Company.'
'The Iraq Minister of Oil said that the ministry is keen for the foreign investments in order to develop the country as well as the oil investment.'
'Honeywell Process Solutions and Honeywell UOP Will Help Karbala Refinery Meet Iraq's Growing Energy Demand'
'The Iraqi third conference for oil & gas was held on the 28th of October 2015'
'The scope comprises of providing the heavy haulage, engineering and installation services.'
'Current exports from the South of Iraq @ 3.1 million BPB'
'Mr. Beck said that his company is keen to work in the Iraqi oil sector.'
'Tawke field partners have received a gross payment of $30 million for oil exported through the Kurdistan Region of Iraq-Turkey pipeline'
'Revenue for Q3 2015 of $77 million, with total revenue for the first nine months of 2015 of $276 million.'
'The Ministry of Oil Signs a Contract with a Czech Company to Build a Refinery.'
'We are proud to have begun production in record time after making the discovery last December'
'Petrofac Training Services (PTS) has joined Shell in the management and operation of Shell’s Majnoon training centre'
'Intertek signed a multi-year agreement and it is the first time SOC has appointed a third party inspection company to provide quality control and health and safety checks.
'Speaking about the award Deputy Minister of Oil for Gas Affairs, Dr. Hamid Younis said “I am very pleased to hear that BGC has won the GGFR Excellence Award'
'The Ministry of Iraq are going to owe in excess of a further $8 billion by the end of the year to IOCs'
'Ministry of Oil: Modifications on the 9th Area Contract.'
' Mr. Abd Al- Mahdi confirmed that Iraq is keen to enforce the relations with the global well-known companies such as Total'
'The facility, located in the province of Al Basra, will be designed to process full well stream fluids from the production wellhead area and separate them into associated gas
'Gharraf is ranked as the fifth largest oil and gas field in Iraq with reserves estimated to 1 million barrels of oil equivalent'
'Work is due to start Mid-September and is expected to last up to three months.'
'Petronas is the main operator of the Gharraf project'
'Investment is required to increase production'
'Increase current production from the field is 1.3 million bpd day to targeted output of 2.1 million bpd'
'The contract, with an estimated value of USD140 million, covers workover and completion services for more than 160 wells and acidizing service for over 60 wells.'
'Anton is commissioned to provide a series of services covering workover, coiled tubing acidizing and other downhole services.'
'The agreement includes the supply of expatriate talent to support Iraq’s giant Rumaila and Kirkuk oil fields.'
'ERGIL commented: “Having already established itself in the Iraq region, this project is a feather in the cap of ERGIL as it is able to utilize the experience it has in this region.'
'CPE is the main engineering service provider to Petrochina and China National Petroleum Corporation’s overseas oil and gas field development. '
'Production from the Sarqala-1 well in the Garmian Block commenced on February 11, 2015, and for the remainder of the quarter averaged 5,221 barrels of oil per day'
'Gazprom Neft, the operator of the Badra field development project, has received the first batch of Kirkuk grade oil from the Iraqi government. '
'Provides an operational update for its Garmian Block in Kurdistan'
'Mr. Adil Abd Al-Mahdi the minister of oil met with the Jordanian minister of energy and minerals Mr. Ibrahim Saif, in addition to Mr. Kassim Al-Fahdawi the Iraqi minister of electricity '
' LS Industrial Systems Co., a leading South Korean manufacturer of electric components, said it has won its largest-ever overseas deal '
We have been working with some of our key customers to improve the service by using the latest software and technology, taking business
intelligence in Iraq onto the next level.Mason Johnson, Rebuilding Iraq Project Information Manager