Tag Archive | "Maysan Oil Company"

Chinese Firm Suspected of Fraud

By John Lee.

China’s Caixin has reported that the Missan Oil Company (MOC) has suspended all activities of a company called Hermic, an oilfield service company controlled by former executives of the China National Petroleum Corp. (CNPC).

Hermic is said to have won at least 12 engineering outsourcing contracts worth US$75 million from CNPC at the Halfaya oil field; the total value of contracts outsourced by the CNPC’s Halfaya operation to Hermic and its affiliated companies is estimated to reach US$115 million, a figure that apparently prompted fraud suspicions.

Caixin found that the sole shareholder of Hermic, Li Wei, is also the chairman of Hong Kong-registered DRK Energy, which has a US$20 million contract in Halfaya. Another company related to Li is Hong Kong-registered Power Petroleum Int., a company that has won more than US$20 million in service contracts on the same project. Altogether, the three companies have received about US$115 million worth contracts at Halfaya.

Three of the contracts are valued at between US$ 8 million and US$ 9 million, and are so similar that they have been described as “actually one contract … split into three smaller contracts in order to avoid regulations.

Hermic is alleged to have provided fake documents to secure contracts, and is said to be “a shell company registered in Las Vegas … The registration date is May 2010, about when CNPC entered Halfaya.

(Source: Caixin)

Posted in Oil & Gas, SecurityComments (1)

Eni’s Scaroni Meeting with al-Maliki

By John Lee.

Iraqi Prime Minister Nouri Al-Maliki and Eni’s CEO Paolo Scaroni (pictured) met on Monday in Baghdad to discuss Eni’s activities in the country.

During the meeting, Mr Scaroni along with Claudio Descalzi, COO of Eni E&P, updated the Prime Minister on the development activities at the Zubair oil field and discussed the contractual and operative requirements needed to reach the new production plateau of 850,000 barrels of oil per day (bopd) in 2016 , as agreed in the Amendment to the Technical Service Contract signed on 15 July 2013.

The parties also discussed the potential of the Iraqi hydrocarbon sector and the future opportunities of development of Eni in Iraq.

The Prime Minister al-Maliki expressed his satisfaction with the activities carried out by Eni in the country.

During this visit, Eni’s CEO and COO also met with the Iraqi Deputy Prime Minister, Hussain al-Shahristani, and the Minister of Oil, Abdul-Kareem Luaibi.

Eni is the operator of Zubair, which is located near Basrah and is regarded as one of the largest oil fields of Iraq, with current production of 320,000 bpd.

Eni is the Lead Contractor of a consortium that includes Occidental Petroleum Corporation, Korea Gas Corporation and Missan Oil Company.

(Source: ENI)

Posted in Oil & GasComments (2)

Ribbon Cut on new Bazurgan-Halfaya-Fao Pipeline

By John Lee.

The Director General of Missan Oil Company has cut the ribbon on the 272-km crude oil pipeline from Buzurgan to Halfaya and onward to the tanks reservoir at al-Fao [al-Faw]. It starts from meeting point of the two lines from Buzurgan and Halfaya.

The 42-inch-diameter pipeline was built in cooperation with the South Oil Company (SOC) and local government in Missan and Basra.

The project includes installing of five cathode stations to protect the pipe from corrosion and eight electrical valves, as well as pump station and systems of meters to calculate mounts of exported oils and central control unit in Halfaya field, in addition to sub stations in Buzurgan and Fao.

the project will implement by the Chinese company CBC [CPP?] and Iraq’s State Company for Oil Projects (SCOP).

(Source: Missan Oil Company)

Posted in Oil & GasComments (2)

New Rigs Arrive at Halfaya

By John Lee.

The Missan Oil Company (MOC) has announced that new oil rigs are being installed at the Halfaya oil field to increase the number of new wells in the second stage of developing the field.

The Director General of the company said that two new rigs belonging to PetroChina have already arrived and another two will soon be available, bringing the total to 10 (in addition to two that are under repair).

According to the MOC, the field is estimated to hold about 16 billion barrels of oil and large amounts of gas.

(Source: MOC)

(Picture: PetroChina rig at Halfaya)

Posted in Oil & GasComments Off

Missan Oil Company Builds New Runway

The Missan Oil Company (MOC) has announced that it has finished building a 1,700-metre runway in the Halfaya area.

It will be used to transport employees of companies like CNOOC and Petrochina to and from the international airport at Basra.

Mr. Ali M. Al-Bahadli, the director general of the MOC, said the runway is 30 metres wide, and can cater for airplanes carrying up to 50 passengers.

Production at Maysan is estimated to increase to one million barrels per day by 2017.

(Source: Ministry of Oil)

Posted in Construction & Engineering, Oil & Gas, TransportationComments (1)

More Progess at Halfaya

By John Lee.

The Missan Oil Company has finished drilling one of the new wells at the al Halfaya field.

Director General of the company, Ali Imurig Soadj, said that the BOHI company, contracted by Petrochina, completed the HF-107-K107 well at the al Mushrif reservoir.

Thirty-five wells have been drilled at Halfaya, including 8 old wells which have been repaired.

Production at the field is now about 122,000 barrels per day, of which about 105,000 bpd are exported from Basra.

(Source: Missan Oil Company)

Posted in Oil & GasComments Off

Weatherford Completes New Well at Bazargan

By John Lee.

Missan Oil Company has announced that the US company Weatherford has successfully completed an oil well at the Bazargan field.

It has also rehabilitated another well in the same field, and one at the Faqa oil field.

According to a report from AIN, this brings the number of wells Weatherford completed at Bazargan to 17, from a total of 20 in the contract.

(Source: AIN)

Posted in Oil & GasComments Off

More Details of Missan Oil Find

By John Lee.

The Missan Oil Company (MOC) has announced the completion of the exploratory oil well in the Deema-1 [Dima-1] formation.

Oil Minister Abdul Kareem Luaibi [Elaibi] said that the Deema oil field, which is located in Maysan governorate, was completed 100 percent successfully, and in a record time, without any problems by the MOC and the Iraqi Drilling Company (IDC), using the rig “Oil Well/21″.

The Minister said a giant reserve of light oil (API=31-33) was found in depth of 150 meters.

The MOC paid IDC $13,940,700 for drilling, hardware and operations, in addition to IQD 4,233,618,750 for the oil rig operation. And the project took 210 days to completion, which is considered a record time.

(Source: Ministry of Oil)

Posted in Oil & GasComments Off

IBN Newsletter 'FREE Weekly Subscription'

Advertise with IBN