Tag Archives | Repsol

WesternZagros Announces Results

By John Lee. WesternZagros Resources has announced its operating and financial results for the second quarter ended June 30, 2016. Commenting on the second quarter results and subsequent events, WesternZagros’s Chief Executive Officer Simon Hatfield said: “A significant key milestone was reached with the approval of the Garmian Field Development Plan confirming the commercial potential […]

WesternZagros gets Approval for Garmian Field Development

WesternZagros Receives Approval for Garmian Field Development Plan and Submits Kurdamir Field Development Plan WesternZagros Resources has announced the approval of the Garmian Block Field Development Plan (“FDP”) from the Kurdistan Regional Government (“KRG”) and the submission of the Kurdamir Block FDP. Garmian Block Field Development Plan Approval WesternZagros and its co-venturer, Gazprom Neft Middle […]

Gazprom takes over as Operator of Garmian Block

WesternZagros Resources has announced that the transition of operatorship of the Garmian Block in the Kurdistan Region of Iraq (“KRI”) from WesternZagros to Gazprom Neft Middle East B.V. was completed effective February 29, 2016. The agreement does not involve any change of working interest in the production license. This transition was made pursuant to the […]

WesternZagros Updates on Kurdistan Ops

WesternZagros Resources has announced its production of light oil in the Kurdistan Region of Iraq averaged approximately 5,000 barrels per day in the third quarter. As previously disclosed, operatorship of the Garmian Block was to transition from WesternZagros to Gazprom Neft Middle East B.V at the end of the exploration period for the block pursuant […]

WesternZagros Updates on Garmian, Kurdamir

WesternZagros Resources has issued an update in advance of the company’s standard second quarter results which are scheduled for release on 13th August, 2015: Garmian Block Second quarter production from the Sarqala-1 well averaged 5,427 barrels of oil per day (“bbl/d). WesternZagros continues, in accordance with the KRG, to supply this production to the domestic […]

Ceyhan Tanker Cancellations Increase

By John Lee. Oil firms expecting to load Kirkuk crude at the Turkish port of Ceyhan have had to cancel tankers, as the Kurdistan Regional Government ramps up independent oil sales at the expense of sales through the State Oil Marketing Organization (SOMO). According to a report from Reuters, tanker cancellations included Eni’s Seanostrum, Socar’s […]

Talisman Books Loss on Kurdistan Block

By John Lee. Talisman Energy, the Canadian producer being acquired by Spain’s Repsol, has fully impaired its investment in Block K44 in the Kurdistan region of Iraq by $234 million, after determining that future investment in a capital constrained environment was unlikely. The company has an interest in two blocks, Kurdamir and Topkhana, covering in […]

Maersk Announces Deal for 2 Exploration Blocks

The Kurdistan Regional Government has approved Maersk Oil’s acquisition of a 40% non-operating interest in the Piramagrun and Qala Dze Production Sharing Contracts from Repsol Oriente Medio S.A. Repsol will continue to operate exploration activities and also hold a 40% interest. The Kurdistan Regional Government will hold the remaining 20% share of each block. The […]

China Consolidates Position in Iraqi Petroleum Sector

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 […]

Iraq Still Hopes to Award Joint Nassiriya Oilfield, Refinery Deal

Iraq’s deputy oil minister, Ahmed al-Shamma, said that Iraq still hopes to award a contract for the development of the 4.4 billion barrel Nassiriya oil field and the construction of a dedicated 300,000 bpd export refinery as one package. Iraq excluded Nassiriya from its three previous bidding rounds for oil and gas licences. According to […]

Possible Mini-Auction for Nassiriyah Oilfield

Reuters reports that four international oil companies(IOCs)  have shown an interest in developing the Nassiriyah oilfield in Iraq. A senior oil official said on Sunday that Iraq may hold a mini-auction for the largely undeveloped field, following a number of unsucessful attempts to reach agreement with foreign firms. Talks with a Japanese group led by […]