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West Qurna-2 Lukoil 230419

Russia may Triple Investment in Iraqi Oil

By John Lee.

Investment by Russian oil and gas companies in Iraq may increase three-fold, according to a report by Tass.

It quotes Russian politician Yury Fedorov [Nikolay Vasilyevich Fyodorov] as telling the Iraqi Ambassador to Russia, Abdul-Rahman Al-Husseini, that the total investment in Iraq by companies such as Lukoil, Bashneft and Gazprom Neft has exceeded $10 billion, and that this could triple.

"Our companies such as Zarubezhneft, Tatneft and Rosneftegaz also show a high degree of interest," he added.

(Source: Tass)

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Ministry of Oil

New Firms Qualified for next Oil Licensing Round

By John Lee.

Iraq's Petroleum Contracts and Licensing Directorate (PCLD) has announced the five additional companies have been approved to bid for Iraq's "borderline onshore & offshore exploration blocks & fields."

The companies are listed as:

  • Dana Gas (UAE)
  • Dragon Oil (UAE)
  • Geo-Jade Petroleum (China)
  • Schlumberger (USA)
  • Zarubezhneft (Russia)

Eight companies had applied for approval.

The five successful companies will be eligible to compete along with the following companies which are qualified from previous licensing rounds:

The areas to be offered include the onshore exploration blocks of Khudher Al-Mai, Jebel Sanam (Jabal Sanam) and Umm-Qasr on the Kuwaiti border; the Sindbad, Huwaiza, Shihabi, Zurbatia and Naft Khana blocks on the Iranian border; and the offshore exploration blocks in the Iraqi regional waters of the Arab gulf.

The bidding process should commence in May, according to the following schedule:

(Source: Oil Ministry)

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Lukoil to Discuss Expansion in Iraq

By John Lee.

Lukoil president Vagit Alekperov (pictured) is to meet Iraq's Minister for Oil, Adel Abdul-Mahdi [Adil Abd al-Mahdi], to discuss the expansion of the company's operations in the country.

The head of the Russian oil company told journalists:

"I will be in Baghdad on October 13 to meet the oil minister. I hope, we will continue our talks on the expansion of our operations in Iraq."

Lukoil currently has a 75 percent stake in Iraq's giant West Qurna-2 oil field in Iraq, and has the right to further develop and explore Block 10, which lies 120 kilometers to the west of Basra.

The company is also believed to be considering a joint venture with Russian state-owned exploration and production company Zarubezhneft to develop the Nassiriya oil field and help build an associated refinery.

(Source: RIA Novosti)

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LUKoil, Zarubezhneft consider Iraq Oil JV

By John Lee.

Russia's Lukoil is considering joining a joint venture with Russian state-owned exploration and production company Zarubezhneft to develop the Nassiriya oil field and help build an associated refinery.

The next round of talks on the project with the Iraqi government is expected this summer, LUKoil CEO Vagit Alekperov (pictured) stated earlier, according to Itar-Tass.

The company recently commenced production at the West-Qurna 2 project in southern Iraq.

(Source: UPI, Itar-Tass)

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Iraq Shortlists 7 for Nasiriya Integrated Project

By John Lee.

Iraq's Petroleum Contracts and Licensing Directorate (PCLD) has announced that seven international oil companies (IOCs) have been selected to bid for the development of its Nasiriya oilfield and refinery:

  1. Zarubezhneft, from Russia (Up and Downstream);
  2. CNPC, from China (Downstream);
  3. Brown Energy, from US (Downstream);
  4. Reliance Industries, from India (Up & Downstream);
  5. Lukoil, from Russia (Downstream);
  6. Total, from France (Downstream);
  7. JGC and Tonen General,  from Japan (Up & Downstream).

Fourteen companies submitted their qualifications for the Nasiriya Integrated Project between 1st November 2012 and 28th February 2013, and they were judged on four criteria -- Technical, Financial, Legal, and HSE.

The eventual winner will develop the giant Nasiriya oilfield and build a new 300,000 bpd refinery.

Reuters reports that the Ministry of Oil plans to hold a roadshow to discuss the contract model on 8th and 9th April in Amman, Jordan.

(Sources: Ministry of Oil, Reuters)

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