Tag Archive | "ExxonMobil"

PM al-Abadi Meets Oil Bosses

During his visit to Washington this week, Prime Minister Haider al-Abadi received the Chairman and CEO of Occidental Petroleum, Mr. Steve Chazen, and the Chairman and CEO of Exxon Mobil, Mr. Rex Tillerson, in separate meetings.

Both chairmen discussed the progress in oil production in Iraq, and thanked the Prime Minister for the security and stability in the Basra region, which has positively affected their operation.

They also discussed the removal of obstacles to achieving higher production volumes.

(Source: Office of the Prime Minister)

ScreenHunter_1660 Apr. 17 14.04

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GKP ex-Chairman Claims “Forced Out”

By John Lee.

Gulf Keystone‘s former Chairman Simon Murray (pictured), whose retirement was announced by the company on Tuesday, told Reuters he was effectively forced to quit the company.

Murray said he disagreed with the firm’s decision to raise $41 million through an equity issue at a 21 percent discount to the market, a move intended to avoid breaching debt covenants.

He said he had been in communication with several parties about a rescue for the cash-strapped firm before being forced to quit under pressure from investor M&G.

Murray said he had an offer from investment group T5, led by former Tullow Oil chairman Pat Plunkett, and that ExxonMobil and a Chinese company were also interested.

Describing the share placing as a “panic-mode decision“, Murray said he had been pushing for a longer-term solution.

(Source: Reuters)

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Exxon in Talks Govt on Oil Payments

By John Lee.

The Iraqi government has reportedly requested talks with Exxon Mobil to restructure oil agreements to help Iraq meet its near-term cash requirements.

CEO Rex Tillerson (pictured) is quoted by Reuters as saying that “by and large we are current in our payments,” adding that any change would have to be beneficial to Exxon.

Exxon is the lead contractor on the West Qurna I oilfield development.

(Source: Reuters)

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ISIS Targets ExxonMobil Site

By John Lee.

Islamic State (IS, ISIS, ISIL) militants have attacked Peshmerga forces on the Khazir frontline, north of Mosul, with the aim of seizing equipment and machinery belonging to US oil company ExxonMobil.

A Peshmerga commander told BasNews that the extremist group was forced back from the area, including the key villages of Wardik and Zradik.

Peshmerga forces have been guarding Exxon’s equipment since the company pulled its team from the area in June.

(Source: BasNews)

(Terrorism image via Shutterstock)

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Iraq Approves $278m Halliburton Deal

By John Lee.

The Iraqi cabinet has approved a drilling deal with Halliburton value at $278.5 million (324 billion Iraqi dinars).

Reuters reports that under the 30-month contract, Halliburton will drill 30 oil wells in the 8.7-billion-barrel West Qurna-I field, operated by U.S. major ExxonMobil.

Production at the field is currently running at around 360,000 bpd due to problems with low levels of water injection.

(Source: Reuters)

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Oryx and Others Remove Staff from Iraq

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.

(Source: Reuters)

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Mystery Buyer of Kurdish Oil Revealed

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.

(Source: Reuters)

(Picture: LyondellBasell)

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Oil Price Surges amid Iraq Turmoil

By John Cookson. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.

Traders will tell you the price of oil is a speculative market based on expectations. Most of Iraq’s oil production is from the mega fields in the south, far from any fighting. But in the world’s skittish bourses just a threat to exports is enough to cause market jitters.

Iraq was expected to contribute to 60 percent of OPEC’s crude production in the next 10 years so its output had become important for the long-term global energy market.

Small wonder, as country slides towards possible civil war, some analysts predict the price of a barrel of oil could soar by US$30.

The jihadists lightning assault in the north of Iraq last week caused Brent crude to spike to US$113, and the price could rise still further today with the news ISIS seized another town,Tal Afar, in the north west and still had their sights on Baghdad.

The US Embassy in Baghdad has relocated some staff to its consulates in Erbil and Basrah and to Jordan. The oil industry has reacted too with majors like BP at Rumaila and ExxonMobil in West Qurna evacuating all but vital expatriate staff.

The oil companies are playing down any sense of panic. ExxonMobil is not commenting on the crisis and BP said simply the violence in Iraq “has no impact,” on production at Rumaila. Royal Dutch Shell at Al Majnoon put a statement out saying safety and security of staff was: “an absolute priority.”

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