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.

Shell Sells West Qurna-1 stake for $406m

Shell EP Middle East Holdings B.V. has agreed to sell the entire share capital of Shell Iraq B.V (SIBV), which holds its 19.6% stake in the West Qurna 1 oil field, for $406 million, to a subsidiary of Japan’s Itochu Corporation. The purchaser will also assume debt of $144 million as part of the transaction. […]

Japanese Firm Buys Shell’s Stake in West Qurna 1

By John Lee. Japan’s Itochu has reportedly bought Shell‘s 20 percent stake in the West Qurna 1 oilfield. Ihsan Abdul Jabbar, the head of state-run Basra Oil Company (BOC), told Reuters that the oil ministry discussed the required financial investments and operations at the field with Itochu, and approved the deal. West Qurna 1, operated by […]

Shell to Exit Iraqi Oil Business

By John Lee. Oil giant Shell is trying to sell its stake in the Majnoon oilfield (pictured) in southern Iraq, following a failure to reach agreement with Iraq’s Ministry of Oil. A Shell spokesman told UAE-based newspaper The National: “Following extensive discussions with the Ministry of Oil, the oil minister of Iraq formally endorsed a […]

Wood Group’s Iraq Progress “Slower than Anticipated”

By John Lee. Energy services company Wood Group has said that the “pace of activity” on its contract with Exxon in Iraq is “slower than anticipated.” Exxon operates the West Qurna I field in southern Iraq. In its Annual General Meeting Statement on this morning, the Scottish-based company added that management’s expectations of full year […]

Shell “Considering Selling” Iraq Oil Assets

By John Lee. Shell is reported to be considering selling its oil fields in Iraq, as part of a global $30-billion asset disposal program. The move follows the company’s $54-billion acquisition of gas company BG Group earlier this year. Industry sources told Reuters that Shell has found only limited financial benefits in recent years from […]

Emerson Expands Support Facility in Iraq

US-based technology and engineering company Emerson has officially opened its expanded facility in Al Majal Business Park in North Rumaila. The company moved from its existing facility in Albradheya, Basrah to the new facility to increase its capabilities and address the needs of its continuously expanding installed base. The Al Majal facility will serve as […]

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 Dwi 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 Reuters, […]

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, […]