Tag Archives | West Qurna Oilfield News

The latest West Qurna Oilfield News – Baker Hughes, contract, Shell, Lukoil, Russia, new oil wells and more – brought to you by Iraq Business News.

Lukoil eyes further Investment in Iraq

By John Lee. The Chief Executive of Russia’s Lukoil has said he expects further investment in Iraq, now that the country “actively repaying” the international oil companies for their investment in the country. Vagit Alekperov (pictured) told Reuters: “Iraq is very actively repaying the operators. The situation has changed dramatically. “We know about the IMF […]

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 […]

Pertamina looks to India to Process Iraqi Crude

By John Lee. According to a report from Reuters, Indonesia’s state-owned energy company Pertamina hopes to seal a deal this year with an un-named Indian refiner to process around 1 million barrels of Iraqi crude oil each month. Chief Executive┬áDwi Soetjipto (pictured) told reporters: “It is better if we purchase the crude and then utilize […]

Iraq Shaping New Oil Production Plans

By Simon Kent. Iraq is developing a new strategy for its southern oil fields in relation to the ongoing Common Sea Water Supply Facility project, which opened bidding for completion last year. ExxonMobil and PetroChina were approached to invest in the critical strategic water injection project, which has been long delayed. In a statement to┬áReuters, […]

Kentz Awarded Contract at West Qurna 1

Canada’s SNC-Lavalin has announced the award of a contract to Kentz, a member of the SNC-Lavalin Group, by ExxonMobil, for a new oil processing facility to increase production at its West Qurna 1 oil field in Iraq. Kentz, with its regional partner, is providing the front-end engineering design (FEED), detailed design engineering, procurement, fabrication, construction, […]

G4S Win $187 Million Basra Contract

By Simon Kent. G4S Risk Management has announced that it has won a new contract to provide security services to Basra Gas Company (BGC) for three years commencing January 2016 with a total contract value of $187 million. The exercise of a two-year extension option would bring the total value to $270 million. BGC operates […]

LukOil gets $1.5bn from West Qurna in 1H

By John Lee. In its latest Half Yearly Report, Russia’s Lukoil reports that in the first half of 2015, the Group accrued revenue from the West Qurna-2 project in the total amount of $1,535 million, consisting of cost recovery of $1,475 million and remuneration fee of $60 million, compared to the revenue of $1,179 million […]

PM Reassures Lukoil amid Protests

By John Lee. During a visit to the West Qurna II oilfield in Basra, Prime Minister Haider al-Abadi reiterated his government’s commitment to ensuring the security of the southern oilfields and their workers. He met with senior management of the Russian operator Lukoil, following protests by locals demanding jobs. A Lukoil official told Reuters that […]

New Oil Grade boosts West Qurna II Output

By John Lee. Reuters reports that oil production at the West Qurna II oilfield is currently running at around 402,000 barrels per day. The news agency quotes Lukoil Overseas senior vice president, Gati Al-Jebouri (pictured), as telling at a conference in London that output is expected to rise to 420,000 bpd by the end of […]

Cabinet Approves 23 new Oil Wells

By John Lee. The Iraqi Council of Ministers has approved the expenditure needed to drill 23 oil wells in the West Qurna area. The drilling had been recommended by the Economic Ministerial Committe, and is to be carried out by the South Oil Company (SOC) and the Russian company Lukoil. (Source: AIN) (Oil drilling image […]

Lukoil “was asked to Reduce Iraq Output”

By John Lee. Russian oil company Lukoil was asked to “sharply reduce” output at West Qurna-2 this year, reports Reuters. Ravil Maganov (pictured), head of the company’s upstream division, told reporters: “We’ve got the letter to curb our enthusiasm … We were restricted to 250,000 barrels per day (bpd) due to weather and level of […]