Tag Archives | ENI

South Oil Company takes over Oxy’s stake in Zubair

By John Lee. The South Oil Company (SOC) has officially taken over the stake in the Zubair oil field formerly held by US-based Occidental Petroleum, which has withdrawn from the project. Repressentatives of Italy’s Eni and the Korea Gas Corporation (KOGAS) signed the agreement along with the Ministry of Oil. Mr. Laith Al-Shaher, the director general […]

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, […]

DSI Wins $61m Zubair Project

Dubai-based Drake & Scull International PJSC (DSI) has announced that it has been awarded a AED 226 million ($61 million) engineering, procurement and construction (EPC) contract for the construction of a water injection network installation project at the Zubair oil field in Basra, Iraq by ENI Iraq B.V. (EIBV) a subsidiary of the Italian oil […]

Iraq Boosts Oil Exports ahead of OPEC Meeting

By John Lee. Iraq plans to supply an additional 5 million barrels of crude oil to its partners in June, according to industry sources cited by Reuters. The country joins other Middle East producers in attempting to increase market share ahead of an OPEC meeting in Vienna later this week. Iraq had already been targeting […]

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 […]

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 […]

Eni Delaying Investments in Iraq

Italy’s Eni SpA has said it is delaying planned investments in Iraq in an effort to preserve cash, as it deals with the effects of lower oil prices. Chief Executive Claudio Descalzi (pictured) told The Wall Street Journal that the company wants to concentrate on more profitable oil and gas projects, but declined to say […]

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Oil Minister meets Deputy Head of Eni

By John Lee. Oil Minister Adel Abdel Mahdi [Adil Abd Al-Mahdi] has met the deputy head of the Italian company Eni, Mr. Labo Pasteli, and discussed cooperation in the oil industry. He said that Iraq is keen to strengthen the relations with companies such as Eni. Mr. Pasteli said that his company aims to increase […]

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Occidental to sell Zubair stake to Iraq’s South Oil

By John Lee. Occidental Petroleum intends to sell its stake in the Zubair oilfield to Iraq’s state-run South Oil Company (SOC), according to a report from Reuters. The news agency quotes ministry spokesman Asim Jihad as saying on Wednesday: “Occidental asked the ministry for permission to sell its stake in Zubair field and the ministry […]

KOGAS to Invest $4.9bn in Zubair

By John Lee. The Korea Gas Corporation (KOGAS), the state-run South Korean gas company, is to invest $4.9 billion (5.7 trillion Iraqi dinars) to develop the Zubair oilfield. In a stock exchange filing, the company said this investment is part of the total $19.4 billion capital expenditure required for the project, and added that it […]

Schlumberger Updates on Iraqi Operations

By John Lee. While describing its activities in Iraq as ‘muted’, oil services company Schlumberger gave details of two projects in the country in its Second-Quarter 2015 Results. Italy’s ENI awarded the company a three-year integrated well construction contract which covers the drilling of 30 wells and includes the provision of land drilling rigs, directional […]