Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Three contractor groups were selected for drilling wells, worth a total of around $500 million and 2 two-year contracts, worth a total of around $100 million, have been awarded for the supply and installation of electrical submersible pumps and associated services.
'I think signing this many contracts, in so short a time, at the end of the government's term, leaves any future government stuck with long-term contracts that last for 25 years,' a former Iraqi oil minister said. 'There is a need to review these contracts.'
In Iraq’s fevered political climate, no deal makes everyone happy, and the oil contracts could easily become a casualty as Iyad Allawi, the declared winner in last month’s election, begins the messy process of stitching together a governing coalition.
"The Oil ministry plans to increase the oil production in April to about 59 million barrels in order to increase the revenues to 267 million dollars." The representative of the oil ministry Abdul Karim Al Luaibi told The Independent National News Agency.
The storm brewing on the Organization of Petroleum Exporting Countries (Opec's) horizon over future Iraqi oil output could engulf the producer group sooner than it would like.
Negotiations for renewing the Kirkuk-Ceyhan pipeline agreement, which expires at the end of March, began in 2009 and were sealed this month by Iraqi Deputy Oil Minister Ahamd al-Shamma and Turkish Energy Minister Taner Yildiz.
Chinese firm Daqing and a joint venture between Schlumberger and the state-owned Iraq Drilling Co are each being awarded contracts to drill 21 new wells, while Weatherford International was awarded seven new wells.
Iraq's ambitious plans to boost crude oil production is not likely to be met, IHS Cambridge Energy Research Associates said in a report on Wednesday. These "highly ambitious plans ... are unlikely to be fully realized given political, security, operational and infrastructure challenges".
The Organisation of Petroleum Exporting Countries (Opec) in March saw output fall for the first time in a year as a large drop in Iraqi production outweighed a small increase by quota-bound members, a survey by Dow Jones Newswires showed yesterday. The survey, which is based on input from oil traders, analysts and industry sources, […]
The delay in the renewal of the agreement for the operation of the Kirkuk-Ceyhan oil pipeline has served a timely reminder of the many obstacles that still have to be overcome to fulfill its potential, both as an export route for Iraq and as a source of transit revenue for Turkey.
By Energy Hedge Funds Syndicate The delay in the renewal of the agreement for the operation of the Kirkuk-Ceyhan oil pipeline has served as a reminder of the many obstacles that still have to be overcome if the line is ever to fulfill its potential, both as an export route for Iraq and as a […]
BP and partner CNPC have awarded $500 million drilling contracts to raise production from the Rumaila oil field.
