Tag Archives | Russia

Oil Production to Start at Block 10 in 2021

By John Lee. Russia’s Lukoil will start production at Block 10 in 2021, according to a report from Platts. The Chinese company Bohai has started to drill the 4th well at the block in southern Iraq. In February 2017 Lukoil announced Iraq’s largest discovery of oil for twenty years at the Eridu field in Block 10, […]

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Iraqi Airways carries 9,200 Passengers between Iraq, Russia

By John Lee. Iraqi Airways has reportedly carried 9,200 passengers between Iraq and Russia in the first 12 months of operating flights. According to rusaviainsider.com, this consisted of 5,200 inbound to Russia and 4,000 outbound. The majority of those passengers flew between Moscow’s Vnukovo Airport and Baghdad, with the rest flying between Vnukovo and Basra. […]

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SNC-Lavalin awarded West Qurna 2 Contract

Canadian-based SNC-Lavalin (TSX:SNC) has announce that it has been awarded a framework agreement for project support services with LUKOIL Mid-East for the West Qurna phase 2 oil field in Iraq. Christian Brown (pictured), President, Oil & Gas, SNC-Lavalin, said: “We continue to build on our long-term relationship with LUKOIL and to help them realize their […]

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New Tenders for Development of West Qurna-2

By John Lee. Russian oil company Lukoil has published tenders for two projects at its West Qurna-2 oilfield: Decentralised Water Injection Facilities – click here for more information; Gas Turbine Power Plant Expansion – click here for more information. Interested companies have until 23rd July to apply for documents, and bids will be accepted until […]

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Rosneft, KRG sign Gas Development Agreement

As part of the XXII St. Petersburg International Economic Forum, Rosneft and the Kurdistan Regional Government of Iraq signed an agreement securing the intention of the Parties to make a detailed analysis of potential gas cooperation options. The Parties ensure stepwise implementation of the arrangements following the Investment Agreement signed at the XXI St. Petersburg […]

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Rosneft Discovers Oil at Block 12

By John Lee. Bashneft, a subsidiary of Russia’s Rosneft, has found oil at its Salman-1 exploratory well at Block 12 in Iraq. In a statement, the company said that an exploration well was successfully drilled to depth 4,277 metres; oil was found, “which gives grounds for expecting the discovery of industrial reserves“. Rosneft said it […]

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New Development Plan for West Qurna-2

LUKOIL and the Basra Oil Company (BOC) signed a Development Plan for the West Qurna-2 field that provides for an oil production plateau of 800 thousand barrels per day. According to the Plan, the oil production of 480 thousand barrels per day will be reached in 2020 and 800 thousand barrels per day is expected […]

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Moscow’s Iraq Strategy: Make Lots of Friends

By Ruslan Mamedov for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.  Moscow’s interest in the Middle East and the growing Russian presence in the region go beyond Russian involvement in the Syrian civil war. For several years Russia has been building partnerships […]

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Gazprom Neft commissions Second Well at Sarqala

Gazprom Neft subsidiary Gazprom Neft Middle East B.V. has commissioned a second well — the Sarqala-2 — at its Sarqala field (within the Garmian block), located in the Kurdistan Region of Iraq (KRI). The new well is currently producing 11,000 barrels per day (bpd), with potential to increase this to 15,000. Total daily production at […]

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Oil Ministry, Rosneft discuss increasing Cooperation

By John Lee. Oil Minister Jabar Ali al-Luaibi [Allibi, Luiebi] has met with Deder Kasemero, the vice president and the regional manager of Rosneft, to discuss the expansion of cooperation in the Iraqi oil and gas sector. The Minister said he is open for international companies such as Rosneft to participate in investment projects to […]

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Lukoil reports Less Compensation Oil from West Qurna-2

By John Lee. Russian oil company Lukoil has said that lower volumes of compensation crude oil from the West Qurna-2 project in Iraq had “a negative impact on EBITDA dynamics“. In its audited consolidated financial statements for the full year of 2017, it added that net of this project, EBITDA increased in 2017 by 17.8 […]

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