MOL Purchases Azerbaijan ACG, BTC Pipeline Stakes
MOL has signed an agreement with Chevron Global Ventures Ltd and Chevron BTC Pipeline, Ltd to acquire their non-operated E&P and mid-stream interests in Azerbaijan, including a 9.57% stake in the Azeri-Chirag-Gunashli (ACG) oil field, and an effective 8.9% stake in the Baku-Tbilisi-Ceyhan (BTC) pipeline that transports the crude to the Mediterranean port of Ceyhan…
As Traders Tussle Turkmenistan Cuts Exports
A clash between trading house Vitol and Azerbaijan's SOCAR over Caspian Sea oil shipments is forcing Turkmenistan to slash exports of crude due to a lack of tankers.Turkmenistan typically exports about 200,000 tonnes of oil per month via the Caspian to world markets, mainly from fields operated by the UAE's ENOC and Italy's Eni…
Oil Steady as U.S. Rig count, Middle East Issues Support
U.S. oil rig count drops to lowest since June as Iraq, Saudi Arabia hail OPEC cooperation. Oil prices held on to last week's gains on Monday, supported by supply disruptions in Iraq and a drop in U.S. drilling. But analysts said the reduction in drilling rigs in the United States could prove temporary as activity had been restrained by hurricane threats. The number of U.S.
Rosneft Takes First Shipment of Kurdish Oil
Russian state oil giant Rosneft will buy its first shipment of oil from Iraq's Kurdistan in early April, becoming the first oil major to take Kurdish crude directly into its refining system, trading sources said on Friday. The shipments aboard tanker Minerva Sophia will sail from the Turkish Mediterranean port of Ceyhan to Italy's Triest…
Glencore Raises Money for Kurdish Oil Deal, Likely Short of Target
Glencore will likely fall short of its target of raising $550 million to pre-finance the purchase of Kurdish oil, with investors exercising caution despite the offer of a 12 percent bond yield, industry sources told Reuters. Two sources familiar with the plans said that commodities giant Glencore will price the bond at 12 percent on Tuesday…
Iraq Sept Oil Exports from Southern Ports rise slightly
Iraq's oil exports from the southern ports rose to an average of 3.245 million barrels per day (bpd) in September, from 3.230 million in August, the oil ministry said on Saturday. OPEC's second-largest producer also exported 935,270 barrels - an average of 31,176 bpd - via pipeline to the Turkish Mediterranean port of Ceyhan in September…
Iraq exported 935,270 barrels of oil in Sept via Ceyhan
Iraq exported 935,270 barrels of oil in September via pipeline to the Turkish Mediterranean port of Ceyhan, the oil ministry said on Saturday. September was the first full month for exports since the North Oil Company resumed pumping crude from fields it operates in Kirkuk, which the Kurdistan Regional Government controls, following a four-month dispute over revenue sharing.
Iraq Blacklists Tankers Lifting Kurdish Crude
Iraqi state oil firm SOMO has blacklisted three tankers involved in shipping crude from Kurdistan, stepping up pressure on the semi-autonomous region amid tense talks on sharing oil revenue. Kurdistan has been exporting crude independently via Turkey since mid-2015 after saying Baghdad had failed to respect an oil revenue-sharing deal and transfer enough money to Erbil.
Oil Prices Rally after Turkish Military Takes Over
Oil prices extended gains in post-settlement trading on Friday after Turkey's armed forces said they had taken power in the country to protect the democratic order and to maintain human rights. Supply outages across the world have led to crude prices rallying from 12-year lows touched earlier in the year.
Kurdish Oil Loadings at Turkey's Ceyhan Delayed
Loadings of oil from Iraqi Kurdistan at the Turkish Mediterranean port of Ceyhan, which were halted on Feb. 17, remained suspended on Monday due to bad weather, shipping agents told Reuters. Pumping via the pipeline which feeds the port had resumed on Friday and were back to normal, with a pumping rate of close to 600,000 barrels per day, shipping agents said.
Pipeline Outage Almost Halves North Iraq Feb Exports
Oil exports from northern Iraq fell by almost half to an average of 350,067 barrels per day (bpd) in February due to an outage of the pipeline to Turkey, the Kurdistan region's Ministry of Natural Resources said on Monday. The nearly three-week outage is a big blow to Kurdistan, an autonomous region within…
TonenGeneral Imports Japan's First Kurdish Oil Cargo
TonenGeneral imported Japan's first cargo of Kurdish crude from northern Iraq in January, a source with direct knowledge of the matter said on Tuesday. Iraq's semi-autonomous Kurdistan region began selling oil directly to world markets in 2015 to get money for its survival and to fight Islamic State. Typically…
Sabotaged Iraq-Turkey Pipeline Ops Resuming Tuesday
Iraq's oil pipeline to Turkey is expected to resume pumping on Tuesday, Turkish energy officials have told Reuters, after sabotage by Kurdish militants halted crude flow last week. The attack last week by fighters from the Kurdistan Workers' Party (PKK) on the pipeline carrying Kurdish and Kirkuk oil to…
Iraq-Turkey Pipeline Attacked; Flow Halted
Oil flow on an Iraqi pipeline carrying Kirkuk and Kurdish oil to Turkey's Mediterranean port of Ceyhan has been halted after saboteours attacked it, Turkish Energy Minister Taner Yildiz said on Wednesday. "The pipeline has been damaged and the flow is halted due to sabotage by terrorists," Yildiz said in a statement…
Kirkuk Oil Pumping Halted since Monday
Pumping of oil along Iraqi Kurdistan's pipeline carrying Kirkuk and Kurdish crude to the Turkish Mediterranean port of Ceyhan has been halted since Monday due to repairs necessitated by theft, Turkish officials and an industry source said. "There has been a theft on the pipeline and repairs are required…
Oil Deal Between Iraqi Kurdistan & Baghdad Welcomed
The United States welcomes an agreement between Iraq's central government in Baghdad and its northern Kurdistan region over the management of oil exports, U.S. Vice President Joe Biden said on Saturday. Biden told an Atlantic Council summit in Istanbul that Washington also supported the development of an oil pipeline from Iraq's Basra to Turkey's Mediterranean port of Ceyhan.
Iraqi Kurdistan Oil Exports Approaching 300,000 bpd
Iraqi Kurdistan has increased its oil exports to almost 300,000 barrels per day, the semi-autonomous region's natural resource minister said on Thursday, adding he expects them to rise to around 500,000 bpd early next year. "We are now close to exporting 300,000 bpd through Ceyhan in Turkey," the Kurdistan…
Iraq Sues Greek Shippers for Transporting Kurdish Oil
Iraq said it filed a lawsuit against Greek shipping company Marine Management Services (MMS) for its role in the export of crude from the Kurdistan region, which Baghdad says is illegal. The case is the latest move by Baghdad to deter customers and thwart independent exports of crude from the autonomous Kurdistan region.
Iraq Sues Tanker Operator over Kurdish Lifting
Iraq has filed a case against Greek shipping company Marine Management Services (MMS) for its role in the "illegal" export of crude from the autonomous Kurdistan region, the oil ministry in Baghdad said in a statement on Thursday. The lawsuit is the latest move by Baghdad to deter customers and thwart independent exports of crude from Kurdistan.
Iraqi Kurdish Flowing to Turkish Port
The crude flow in Iraqi Kurdistan's oil pipeline to Turkey's Ceyhan port resumed on Sunday at 75,000 barrels per day, Turkish energy officials told Reuters on Monday, having been halted late last month because the storage tanks were full. The officials also said a sixth tanker carrying 260,000 barrels of…
