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Oil Development Continues at Hamrin

Oil Development Continues at Hamrin

By John Lee.

As part of an effort to continue to develop and expand oil production in Northern Iraq, the Minister for Oil Abdul Kareem Luaibi [Elaibi] (pictured) has announced that the ministry is accelerating development at the Hamrin (Himreen) field.

This is despite an increased security risk in the area around the field’s infrastructure, according to Iraq Oil Report.

Development of the unused wells in the Hamrin mountains began in June 2011, and prior to then the wells had not seen any production since the early 1990s.

The Hamrin mountains are directly north of Tikrit and approximately 20 miles from Baiji, an area of historically high insurgent activity.

(Source: Iraq Oil Report)

Posted in Oil & Gas2 Comments

Commercial Law Development Program

Commercial Law Development Program

US Embassy officers have participated in the Commerical Law Development Program’s (CLDP) Vis Moot Court program at the Al-Rasheed Hotel.

On the margins of the moot court training, Embassy officers offered guidance and encouragement to law students as they prepare for upcoming competitions in Qatar and the final rounds in Vienna, Austria.

The Embassy’s EducationUSA Advisor and a consular officer also informed the law students about educational opportunities under the LLM and JD programs and U.S. visa application procedures.

(Source: Embassy of the United States)

Posted in 'Your Country' - United States, Industry & TradeComments Off

Zebari Meets EU Commissioner for Development

Zebari Meets EU Commissioner for Development

Foreign Minister Hoshyar Zebari and his accompanying delegation met European Commissioner for Development, Andris Piebalgs, on January 20, 2014, at the headquarters of the European Commission in Brussels.

The two sides reviewed the development programs in Iraq, particularly the assistance provided by the EU in this area and the national development plan for the years 2013 – 2017, especially the fields of education, reform of services sector and provide sustainable energy.

Foreign Minister praised the role played by the EU supportive to Iraq and the assistance it provides for the development plans.

(Source: MoFA)

Posted in Industry & Trade, SecurityComments Off

Development Work to Begin in Kut

By John Lee.

A Malaysian firm has won a 71-billion Iraqi dinar ($61-million) contract to develop the southern area of Kut in Wasit [Wassit] province, according to a report from Al-Shorfa.

Wasit governor Mahmoud Talal said:

The contract includes developing and rehabilitating the southern neighbourhoods of town by developing and paving streets and implementing water, sanitation and electricity networks.

The contract also includes developing various public service buildings, rehabilitating gardens and hotels in the area, and building market

The project is expected to be completed within three years.

(Source: Al-Shorfa)

(Flag image via Shutterstock)

Posted in Construction & EngineeringComments Off

Denmark to Participate in the Kurdistan Development

Denmark to Participate in the Kurdistan Development

The Danish Ambassador to Iraq, Mr. Gert Meinecke, met with KRG Minister Falah Mustafa and other officials from the Department of Foreign Relations yesterday to announce that Danish companies will be participating in the progress and development of the Kurdistan Region.

Ambassador Meinecke visited the Region last month and met with President Masoud Barzani and other senior officials.

In the meeting attended by Ms Siham Jabali, Assistant Head of DFR, and Mr Dara Jalil Khayat, the Danish Honorary Consul in Erbil, both sides touched on the recent and successful parliamentary elections. Ambassador Meinecke also congratulated the KRG for the big turnout of vote and emphasised that the election is another milestone in the democratic process.

Minister Mustafa spoke in detail about the growing burden as a result of the increasing number of Syrian refugees fleeing to the Region. He praised UN agencies working hard to provide the refugees access to health care, education, shelter and food, and called for more assistance and aid from the international community, including Denmark.

There are currently over 240,000 refugees in Kurdistan as a result of continued violence. Ambassador Meinecke commended the KRG for the hospitality it is providing to the refugees and cited contributions Denmark is making through UN and its agencies.

He also cited his meetings with other senior officials in Kurdistan during his visit and reaffirmed the strong interest from Danish companies to participate in the investment opportunities the Region offers.

As part of the efforts to promote further trade and commercial ties and assist Danish companies on the ground, Ambassador Meinecke announced plans for Denmark to open a Commercial Office in Erbil.

(Source: KRG)

Posted in Industry & Trade7 Comments

KRG Approves Development of Atrush

KRG Approves Development of Atrush

By John Lee.

ShaMaran Petroleum has announced that the Atrush partners have received approval from the Kurdistan Regional Government (KRG) for the first phase in the development of the Atrush Block.

The TAQA-operated Block, located 85 km northwest of Erbil, is expected to initially produce approximately 30,000 barrels of gross oil per day (bpd) with first oil expected by early 2015.

The group plans to invest more than $300 million in Phase I in drilling three production wells and the construction of a central processing facility. Operator TAQA and its partners have an active drilling program on the Atrush Block and are continuing to appraise the area for further development.

Subject to the outcome of this appraisal and KRG approval, the Phase 2 development is expected to include another 30,000 bpd production facility. TAQA and its partners will also evaluate the feasibility of producing associated natural gas for delivery to the domestic market.

Discovered in 2011, the Atrush field is expected to provide long-term benefits to the region and the community. The approval of the Field Development Plan by the KRG provides for a 25-year period during which TAQA and its partners expect to maximise recovery of the oil resources.

TAQA, the Operator, is currently preparing to drill the fourth well on the Atrush block.

Pradeep Kabra (pictured), President and CEO of ShaMaran, commented:

We are pleased to receive Ministry approval for Phase 1 of the Atrush field with a October 1, 2013 effective date for the commencement of the Development Period (pursuant to Clause 12.9 of the PSC). The partnership is working very closely with the KRG to fast-track first oil.

David Cook, Executive Officer and Head of Oil & Gas at TAQA, said:

The Kurdistan region of Iraq is an exciting exploration frontier and has tremendous potential … Through the Atrush development, TAQA is delighted to be part of the economic progress and growth in the region.

“It is our ambition to build an integrated business in the Kurdistan Region of Iraq including potential power and water projects in addition to oil and gas infrastructure developments.

The Atrush Block is operated by TAQA Atrush B.V., a subsidiary of Abu Dhabi National Energy Company PJSC which holds a 39.9% working interest in the Block. ShaMaran Petroleum Corp. holds a 20.1% working interest through its wholly owned subsidiary, ShaMaran Ventures BV (100% owner of General Exploration Partners, Inc.).

Marathon Oil KDV B.V., a wholly owned subsidiary of Marathon Oil Corporation (NYSE:MRO), holds a 15% interest in the block. Subsequent to their back-in the Government of the Kurdistan Region of Iraq holds a 25% working interest.

(Source: ShaMaran, TAQA)

Posted in Oil & Gas2 Comments

New $357bn National Development Plan

New $357bn National Development Plan

On Monday, September 16, the Ministry of Planning launched Iraq’s second National Development Plan (NDP) 2013-2017 at Baghdad’s Al-Rasheed Hotel.

The Ministry of Planning (MOP) played a key role in producing the new NDP, with support from other Government of Iraq institutions and line ministries. The launch for the NDP was hosted by Minister of Planning Dr. Ali Al Shukri (pictured). Iraq’s NDP 2013-2017 establishes government’s development priorities, and charts a path for Iraq to achieve more diversified economic growth.

The U.S. Embassy in Baghdad, through the U.S. Agency for International Development (USAID), supported the Ministry of Planning in the preparation of Iraq’s NDP through its Tarabot Administrative Reform Project. In his remarks, USAID Iraq Mission Director, Mr. Thomas H. Staal, congratulated the Government of Iraq, noting that the National Development Plan 2013-2017 articulates a vision for utilizing Iraq’s expanding budgetary resources in a way that benefits all Iraqis.

The new NDP calls for the investment of approximately $357 billion in development projects across Iraq, focusing in particular on five key sectors: energy; building and services; agriculture; education; transportation; and communication.

The USAID Tarabot project supports the U.S.-Iraq Strategic Framework Agreement through its work with the Government of Iraq to help it strengthen public management institutions and improve delivery of services to its citizens.

(Source: Embassy of the United States)

Posted in 'Your Country' - United States, Industry & Trade, Politics2 Comments

Private Sector Development Workshop at Swedish Embassy

Private Sector Development Workshop at Swedish Embassy

The Private Sector Development Centre (PSDC) in Iraq in partnership with Chamber Trade Sweden and the support of The World Bank and SIDA carried out a 2-day workshop at the Swedish Embassy in Baghdad on the 2nd and 3rd of September 2013.

Presentations were made by Swedish experts on:

  • Labour Market Regulations – Good Practices.
  • Sweden as an Example for Economic Development.
  • Economic Data & Market Intelligence.
  • Women Economic Empowerment.

Participants included members of the Iraqi private sector and business associations, Iraqi public servants, representatives from leading Chambers of Commerce as well as notable international experts in their respective fields, amongst others.

A Working Group will be formed to review the current draft labour law in Iraq. With participation from Iraqi and Swedish subject matter experts, it will present its’ recommendations to the Iraqi parliament.

One pilot project, in collaboration with Iraqi Business Associations including the Babylon Chamber of Commerce, will be to initiate a web portal to provide market information targeting EU exporters interested in the Iraqi market.

Visits will be organised to take Trade Delegations between Iraq and Sweden in order to galvanise interest in Iraqi markets and help foster a growing dialogue between the respective business communities.

(Source: PSDC)

Posted in Industry & Trade4 Comments

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