BP and Iraq to share profits on Kirkuk fields
Iraqi officials from the oil ministry said that BP will develop Iraq's Kirkuk gas and oil fields using a profit sharing model. A final agreement should be reached before the end of this calendar year. Iraq and BP have signed a preliminary deal earlier this month for the development of four oil and natural gas fields in Kirkuk in northern Iraq. BP estimates that these fields contain about 9 billion barrels worth of recoverable crude oil.
OPEC, Russia Extend Record Oil Cuts
OPEC, Russia, and allies agreed on Saturday to extend record oil production cuts until the end of July, prolonging a deal that has helped crude prices double in the past two months by withdrawing almost 10% of global supplies from the market.The group, known as OPEC+, also demanded countries such as Nigeria and Iraq, which exceeded production quotas in May and June, compensate with extra cuts in July to September.OPEC+ had initially agreed…
Iraq's Nassiriya Oilfield Resumes Operations
Operations resumed at Iraq's southern Nassiriya oilfield on Monday, the oil ministry said, but it will take up to two days for output to be fully restored, two oil sources said.Protesters broke into the oilfield, which produces 80,000-85,000 barrels of oil per day, on Saturday and forced employees to cut off electricity from its control station, taking it offline.The incident marked the first time protesters have shut an entire oilfield…
Boskalis to Build Offshore Oil Export Installation for Iraq
Iraq's government has authorized the oil ministry to sign an initial agreement with Dutch maritime services company Boskalis to build an offshore oil export installation, it said on Thursday.Prime Minister Adel Abdul Mahdi said on Tuesday his government was seeking to diversify export routes.(Reporting by Ahmed Rasheed; Writing by Ahmed Aboulenein; Editing by Edmund Blair)
Iran Will Not Comply with 'Illegal' US Sanctions -Oil Minister
Iranian Oil Minister Bijan Zanganeh said on Thursday U.S. sanctions against his country were "fully illegal" and Tehran would not comply with them.Zanganeh, speaking at a joint news conference in Baghdad with Iraqi Oil Minister Thamer al-Ghadhban, said Iran would not discuss the volume or destination of its oil exports while it remained under U.S. sanctions.Ghadhban said Iraq had not yet reached an agreement with Iran to develop joint oilfields.
Iraq in Deal with Schlumberger to Drill in Majnoon
Iraq has agreed a deal with U.S.
Iraq Approves Drilling Deal for West Qurna 2
Iraq has approved a $165.74 million drilling deal with China's Bohai Drilling Engineering Co.
Oil Exports from Iraqi Southern Ports Slide
Iraq's oil exports from southern ports on the Gulf averaged 3.469 million barrels per day (bpd) in October, lower than the September average, the oil ministry said on Thursday.Iraq exported 3.560 million bpd of crude oil in September.Iraqi oil executives told Reuters on Wednesday exports were down from the September average owing to bad weather, which slowed shipments down on some days.The average sale price in October was $74.912 per barrel, generating more than $8 billion in revenue, the ministry said.All volumes shipped in October came from
OPEC could Compensate for Sanction-Related Iranian Supply Drop
OPEC will discuss in December whether producers can compensate for a sudden drop in Iranian oil supply after U.S sanctions against Tehran start in November, the head of Iraq's state-oil marketer SOMO, Alaa al-Yasiri, told Reuters on Wednesday.Yasiri said a sudden drop in Iran oil exports will have a negative impact on prices and market fundamentals.Iraq has resumed crude shipments to Iran from its Kirkuk oil fields following a few days stoppage due to logistical issues, he said, adding that so far Iraq had only shipped 500,000 barrels and hopes
Iraq's Oil Exports from Southern Ports Rise in July
Iraq exported 3.543 million barrels per day (bpd) of crude oil from its southern ports in July, slightly above the June average, the oil ministry said on Wednesday.Iraq exported 3.521 million bpd of crude oil in June.All the volumes shipped in July came from the southern fields, the ministry said in a statement. There were no exports in July from the Kirkuk fields, located in northern Iraq but under the control of Baghdad.The average sale price in July was $69.163 per barrel…
OPEC Seeks "very long-term" Cooperation with Other Exporters
A long-term deal with Russia seen as unprecedented. OPEC is seeking "very long-term" cooperation with other crude exporters, the secretary general of the oil exporting group said on Wednesday. Mohammad Barkindo was commenting on news that top OPEC producer Saudi Arabia and non-OPEC Russia were working on a long-term pact that could extend controls over world crude supplies by major exporters for up to 20 years. Saudi Crown Prince Mohammed bin Salman announced the plan in an interview with Reuters on Monday.
Iraq to Increase Kirkuk Oilfields Output to Supply Refineries
Iraq's state-run North Oil Company (NOC) has begun testing operations at its Avana and Bai Hassan oilfields in Kirkuk to increase crude supply for domestic refineries, Iraqi officials said on Wednesday. "We have started testing operations at Avana and Bai Hassan oilfields to prepare initial pumping of more than 50,000 barrels per day," two NOC oil officials said. Reporting by Ahmed Rasheed
Oil Market "heading in the right direction" - Iraq
The global oil market is stabilising as crude inventories are falling, Iraqi Oil Minister Jabar al-Luaibi said on Monday. The market "is heading in the right direction ... it will continue to stabilise until the end of the year," he told reporters. Global oil producers agree that they should continue cooperating on output after their deal on supply cuts expires at the end of this year, Saudi Energy Minister Khalid al-Falih said on Sunday.
Turkey, Iraq Discuss Resuming Kirkuk Oil Exports
A Turkish energy delegation has met with Iraqi top oil officials in Baghdad to discuss issues including the resumption of Kirkuk oil exports via the Turkish port of Ceyhan, Iraq's oil ministry said in a statement on Thursday. "A high level Turkish energy delegation met with senior oil officials, including officials from state-run SOMO, to discuss ways to restart Kirkuk oil exports," the statement said. (Reporting by Ahmed Rasheed; editing by Jason Neely)
Shell to Hand Over Iraq's Majnoon Oilfield
Oil major Royal Dutch Shell has agreed to exit the Majnoon oilfield and hand over its operation to the state-run Basra Oil Co. by the end of June 2018, two oil officials close to the deal said on Wednesday. A letter signed by Iraqi oil minister Jabar Luaibi, dated Aug. 23 and seen by Reuters, gave approval for the Anglo-Dutch company to quit Majnoon, a major oilfield near Basra which started production in 2014. Two Iraqi oil officials said…
Iraq's Luaibi to Reopen Pipeline to Turkey
Iraq plans to reopen a crude oil pipeline from the Kirkuk oilfields to Ceyhan in Turkey, the oil ministry said in a statement on Tuesday, a route partly still in use by the Kurdistan Regional Government (KRG). Iraq largely stopped sending oil through the Kirkuk-Ceyhan pipeline in 2014 after the region was overrun by Islamic State militants. Recaptured by U.S.-backed Iraqi forces over the past two years, there have been some intermittent flows.
Iraq in 'Final Stages' of Southern Oilfields Talks
Iraq's talks with U.S. oil major Exxon Mobil to develop a multi-billion-dollar project to boost output from several southern oilfields are nearing completion, its oil minister Jabar al-Luaibi said on Monday. "Talks are in advanced final stages with Exxon to develop and finance the important south project," Luaibi told reporters after a meeting an Exxon delegation in Baghdad. The enhanced recovery project targets the Luhais, Nassiriya, Tuba, Nahr Bin Umar and Artawi oilfields.
Shell to Shed Iraqi Oil Assets
Royal Dutch Shell is set to end a century of oil production in Iraq by withdrawing from two of the Arab state's flagship fields to focus on more profitable gas development. Shell's retreat highlights the challenges foreign operators face with low-margin oil contracts in Iraq, an OPEC member that sits on some of the world's biggest oil reserves and wants to boost production after years of conflict hindered development. The Anglo-Dutch firm…
Iraq Loading First Crude Cargo for Egypt
Iraq's oil ministry said on Thursday it had started loading a tanker with 2 million barrels of crude oil bound for Egypt, marking the first shipment under a bilateral agreement. Under a one-year agreement reached last month between Iraq and Egypt, Iraq will sell 12 million barrels of oil to Egypt, the ministry said. Reporting by Ahmed Rasheed
Bombs target oil pipeline in Iraq's Kirkuk
Four bombs went off on Saturday near a minor pipeline from an oilfield close to the northern Iraqi city of Kirkuk, security and oil industry sources said. The pipeline delivers crude from the Bai Hassan oilfield to a degassing station in Kirkuk, though pumping had been halted for maintenance at the time of the blasts, security sources and officials at the state-run North Oil Company said. "Four bombs blew up near a pipeline in Bai Hassan oilfield this morning, causing a fire. Firefighters are trying to put out the blaze," said an oil engineer.
