Posted on 20 September 2014.
By John Lee.
According to a report from Reuters, a US federal appeals court has rejected Iraq’s effort to sue dozens of companies for allegedly conspiring with the Saddam Hussein regime to subvert the United Nations’ oil-for-food programme and deprive Iraqi citizens of humanitarian aid.
The court said Iraq’s government could not recoup damages under a U.S. anti-racketeering law over Hussein’s effort to defraud the U.N. programme, despite repudiating that effort and his regime’s legitimacy.
More than 80 companies, subsidiaries and affiliates were named as defendants in the 2008 lawsuit over the $64.2 billion (£39.1 billion) oil-for-food programme, which ran from 1996 to 2003 and was designed to help citizens hurt by international trade sanctions.
Among the defendants were the French bank BNP Paribas; Swiss engineering company ABB; U.S. oil company Chevron; British drugmaker GlaxoSmithKline and German electronics company Siemens.
(Court image via Shutterstock)
Posted in Security
Posted on 09 August 2014.
By Patrick M Schmidt.
As the United States begun strikes against Islamic State of Iraq and the Levant (ISIL) militants, Canadian oil firm, Oryx, began evacuations of staff from their facilities in the Kurdistan region.
The company announced that portion of its Demir Dagh oil field had been shut down. Drilling and other operations continued at reduced levels by contract staff. The field produces approximately 3,000 to 4,000 barrels of oil per day.
Operations at Ain Al Safra and Banan oilfields have been completely suspended until further notice.
Other firms evacuated staff from the region including Chevron Corporation and Exxon Mobil.
Posted in Oil & Gas, Security
Posted on 31 July 2014.
After months of remaining out of public knowledge, the buyer of Kurdish oil in America has been revealed.
The chemical firm LyondellBasell purchased two tankers worth of Kurdish oil in May. The shipments totaled nearly 533,000 barrels of oil and at the time did not result in any legal action.
Data retrieved from the U.S. Energy Information Administration (EIA) revealed that the chemical make up of the crude oil from those two shipments matched characteristics of oil from the Shaikan field in Kurdistan.
Over the past two years the Kurdistan Regional Government (KRG) has sold almost 20 million barrels of oil. Kurdistan continues to have bases of operations for many major oil companies including Chevron, BP, and ExxonMobil.
Posted in Oil & Gas
Posted on 03 December 2013.
By Ahmed Mousa Jiyad.
Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.
China and CNPC are Consolidating Further their Positions in Iraq Petroleum Sector
Four years after the first bid round took place, some international oil companes (IOCs) are consolidating their positions. while others are descending after good start, and some were even unable to make an entry. CNPC stands among the first group, while ExxonMobil exemplifies the second group, and companies such as Chevron, Repsol and Conoco Phillips fall into the third group.
In a previous paper I addressed how Russia has entrenched and solidified its role in the Iraqi petroleum sector. This paper is mainly about CNPC’s path to consolidating its presence in this sector.
Please click here to read Ahmed Mousa Jiyad’s report.
Mr Jiyad is an independent development consultant, scholar and Associate with Centre for Global Energy Studies (CGES), London. He was formerly a senior economist with the Iraq National Oil Company and Iraq’s Ministry of Oil, Chief Expert for the Council of Ministers, Director at the Ministry of Trade, and International Specialist with UN organizations in Uganda, Sudan and Jordan. He is now based in Norway (Email: [email protected], Skype ID: Ahmed Mousa Jiyad).
Posted in Ahmed Mousa Jiyad
Posted on 13 November 2013.
By Semih Idiz for Al-Monitor . Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.
It is no secret, thanks to frequent leaks to the media, that energy cooperation between Turkey and the Kurdistan Regional Government (KRG) is continuing apace. This, however, has not broken the determination by both sides to maintain a low-key position on the subject. The sensitivity is due to strained ties between Baghdad, Ankara and Erbil over a number of issues, including the exploitation of northern Iraqi oil and gas.
The KRG has been demanding an independent say over the gas and oil in its region, arguing that Baghdad has not honored its pledge to give the Iraqi Kurds their rightful share of Iraq’s oil revenues. Baghdad denies this and has declared the KRG’s stance illegal and dangerous in terms of Iraq’s territorial integrity.
Baghdad has also accused Turkey of endangering Iraq’s territorial integrity through separate energy deals with the KRG, and has US support on this point. This, however, has not prevented energy cooperation between Turkey and the KRG. Turkish officials say if the United States is concerned, it should first convince the American oil giants Exxon and Chevron, who have also signed deals with the KRG.
An exclusive Reuters report this week, citing unidentified official sources, also showed that Turkey and the KRG are pushing ahead with “a comprehensive package of deals” in the energy field. This package, reportedly agreed on during last week’s visit to Istanbul by KRG Prime Minister Nechirvan Barzani, includes multibillion-dollar oil and gas pipelines between Turkey and northern Iraq.
According to the Reuters report, these will enable the KRG to export some 2 million barrels per day of oil to world markets, and at least 10 billion cubic meters of gas to Turkey annually when completed. The first pipeline is almost ready and should be pumping oil by the end of December. The next stage will be to pump northern Iraqi gas by pipeline as of December 2016. The technical details for a pipeline that will carry heavy oil between northern Iraq and Turkey are also said to have been mapped.
Posted in Oil & Gas
Posted on 25 June 2013.
Erbil Governorate has compiled and published a list of the top oil companies in Kurdistan [Note: This list was originally compiled and published by Marcopolis - Ed.].
Listing them by country:
- Exxon Mobil
- Aspect Energy
- Marathon Oil Corporation
- Hillwood International Energy
- Hunt Oil
- Prime Oil
- Murphy Oil
- Hess Corporation
- HKN Energy
- Viking International
- Forbes and Manhattan
- Western Zagros Resources
- Talisman Energy Inc
- NIKO Resources
- Ground Star
Posted in Oil & Gas
Posted on 17 June 2013.
By John Lee.
France24 reports that Chevron has signed another oil exploration deal in Iraqi Kurdistan.
The contract, under which Chevron will acquire an interest in and operatorship of the Qara Dagh block production sharing contract, is the company’s third in the autonomous region; it was previously barred from working in non-Kurdish parts of the country following the previous agreements.
The block lies southeast of Erbil and is about 860 square kilometres (332 square miles) in total area.
Posted in Oil & Gas
Posted on 07 February 2013.
By John Lee.
An Iraqi lawsuit accusing more than 90 companies of conspiring with Saddam Hussein’s regime to frustrate the United Nations’ program, and depriving Iraqis of roughly $10 billion of essential aid, has been dismissed by a court in New York.
Reuters reports that U.S. District Judge Sidney Stein said the government of Iraq could not recover damages and other remedies under an anti-racketeering law because most of the wrongful conduct took place in foreign countries.
He also said Iraq failed to allege the companies’ conduct was a key reason for the injury, and that laws governing sovereign nations did not let the current government escape responsibility for Hussein’s abuses.
“The court rejects Iraq’s view that it may sidestep responsibility because the conduct was illegal or the actors held power illegitimately,” he wrote.
Defendants in the 2008 lawsuit over the $64.2 billion oil-for-food program included:
- French bank BNP Paribas, which administered a U.N. escrow account for the program;
- Swiss engineering company ABB;
- Dutch chemicals company Akzo Nobel;
- U.S. oil company Chevron;
- German automaker Daimler;
- British drugmaker GlaxoSmithKline; and,
- German electronics company Siemens.
The U.N. program let Iraq sell oil to finance the purchase of food, medicine and other goods for citizens hurt by international trade sanctions.
Posted in Industry & Trade, Security