Tag Archives | BP

The latest news BP Iraq – Oil, oilfields, contracts, production and more – brought to you by Iraq Business News

IBBC Celebrates Successful Inaugural Conference in Dubai

More than 180 expert speakers and delegates from the UK, Iraq, UAE and abroad gathered in Dubai at The Address Dubai Marina on Sunday 18 December for the Iraq Britain Business Council’s (IBBC) Autumn Conference. Usually held in London, the well-attended conference marked the first time the IBBC has held an event in the UAE, […]

Output from Rumaila hits 3-Billion Barrel Mark

By John Lee. Output from BP’s Rumaila oilfield has hit the milestone three billion barrel mark, according to a report from Energy Voice. 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. In the past […]

Oil Ministry asks IOCs to drop Dubai Offices

By John Lee. Reuters reports that Iraq has asked international oil companies to save costs by shutting down their prestige offices in Dubai and running their Iraqi operations from within Iraq. Oil companies with contracts in Iraq have to clear spending with Baghdad, including staffing costs, and are then repaid with income from Iraq’s exports […]

Genel Chairman, Tony Hayward, to Step Down next year

By John Lee. Fox Business reports that Tony Hayward, the former BP boss, is set to step down next year as chairman of Genel Energy. The company, which he founded in 2011 with financier Nat Rothschild, has become the biggest oil and gas producer in Iraqi Kurdistan. A company spokesman said that no decision has […]

Oil Companies trim Investments in Iraq

By John Lee. Major oil companies including BP, Shell and Lukoil are reported to be cutting investment in Iraq. “You’re going through difficult months,” said Ariel Flores, general manager of the BP-led Rumaila Operating Organization (ROO) told the Wall Street Journal. “You slow down and you make decisions to pause efforts.” Rumaila oil field now […]

Oil Firms to Restart Investment, Boost Output

By John Lee. Reuters reports that Baghdad has reached agreement with BP, Shell and Lukoil to restart stalled investment in Iraqi oil fields, allowing production to increase by 250,000-350,000 bpd in 2017. According to documents seen by Reuters, the three firms agreed to spend in the second half of 2016 roughly half the budgets they proposed […]

Protesters Demand Jobs in Basra

By John Lee. Hundreds of people protested in Zubair on Sunday to demand jobs. Asharq al-Aswat reports that the protesters tried to block access to oil fields managed by BP and Eni, saying that the oil is “being stolen by thieves.” Despite its oil wealth, the Basra region suffers from poor services and huge unemployment, […]

Amec Foster Wheeler wins BP Iraq Contract

Amec Foster Wheeler announced this morning that it has been awarded a three-year framework agreement by BP Iraq NV to complete conceptual studies and pre-front end engineering design (FEED) work to support BP plans to sustain and grown production at the Rumaila oil field in Iraq. Rumaila, one of the world’s largest oil fields and […]

Oil Companies Warn of Development Delays

By John Lee. A senior Iraqi oil official has told Reuters that international oil companies (IOCs) have warned of delays to projects to increase its crude oil output if the Iraqi government insists on drastic spending cuts this year. Investments by IOCs are repaid with crude oil, which has become a problem since oil prices […]

IBBC Spring Conference – “Iraq in Transition”

The Iraq Britain Business Council (IBBC) will be holding its Spring Conference on April 27 at Mansion House and on April 28 at Vintners’ Hall in London. In recent weeks considerable political debate has taken place in Iraq following Prime Minister Abadi’s announcement of a technocrat reshuffle of his cabinet. It seems that the motto of the conference – ‘Iraq […]

Iraq to pay $2bn in Arrears to Foreign Companies

By John Lee. Shafaaq reports that Iraq will pay foreign oil companies about $2 billion in remaining arrears for 2015 in April. The arrears were accumulated to international oil companies (IOCs) such as BP, Shell , ExxonMobil, Eni and Lukoil, which operate in under service contracts, whereby they are paid a fixed dollar fee for […]

Schlumberger Iraq Activity continuea to Decline

By John Lee. In a results statement this morning Schlumberger reported that its activity in Iraq has continued to decline, adding: “In Iraq, Wireline introduced LIVE PL digital slickline production logging services for the Rumaila Operating Organization in the Rumaila Field. LIVE PL technology provided real-time production logs on wells where memory logging was previously […]