The latest news BP Iraq – Oil, oilfields, contracts, production and more – brought to you by Iraq Business News
By John Lee. Petrofac has also been awarded a major contract in Iraq to provide general construction management services to BP Iraq NV (BP) on the Rumaila field near Basra. Petrofac will provide management and personnel to manage brownfield modifications to assist BP – and its partners in the Rumaila Operations Organisation (ROO), China National […]
By John Lee. Reuters reports that a revised contract signed last week by BP and China's CNPC for the Rumaila oilfield has raised both companies' stakes in the project. Thamer Ghadhban (pictured), energy adviser to former Prime Minister Nuri al-Maliki, told the news agency that BP's share has been increased from 38 percent to 47.6 […]
By John Lee. BP has reportedly finalised its revised contract for Iraq's giant Rumaila oilfield, cutting the final production target from 2.85 million barrels per day (bpd) to 2.1 million bpd. According to Reuters, officials from BP and Iraq's oil ministry signed the amendment to the existing contract in a closed-door meeting at Rumaila on […]
After months of remaining out of public knowledge, the buyer of Kurdish oil in America has been revealed. The chemical firm LyondellBasell purchased two tankers worth of Kurdish oil in May. The shipments totaled nearly 533,000 barrels of oil and at the time did not result in any legal action. Data retrieved from the U.S. […]
By John Cookson. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Traders will tell you the price of oil is a speculative market based on expectations. Most of Iraq's oil production is from the mega fields in the south, far from any fighting. But […]
By John Lee. Iraqi oil minister Abdul Kareem al-Luaibi (pictured) has moved to reassure major IOCs in the wake of growing disgruntlement over bureaucracy. He remarked to reporters that his ministry " is keen to provide all kinds of support and cooperation for all international companies operating in Iraq, including contracting with companies within the oil […]
By John Lee. Intensive competition to supply China's oil demand has combined with slowing demand for oil globally, and this is putting downward pressure on oil prices in 2014, Reuters reports. Iraq and Russia have positioned themselves to be long term suppliers of the Asian giant, squeezing out African and Latin American producers trying to improve […]
By John Lee. The British Consul General in Erbil, Hugh Evans, has told Rudaw that businesses should use Kurdistan as a gateway for the rest of Iraq. He added: "We realize there are political problems in the energy industry (with Baghdad threatening oil companies working in the south that they cannot work in Kurdistan too), […]
By John Lee. Reuters reports that Iraqi Oil Minister Abdul Kareem Luaibi [Elaibi] and BP CEO Bob Dudley (pictured) paid a visit to Kirkuk on Wednesday to win over the local government before the company starts work on this controversial northern oilfield that straddles the border with autonomous Kurdistan. Baghdad signed a deal in early […]
By John Lee. BP and China National Petroleum Corporation (CNPC) have received a total of $4.5 billion until the end of 2012 for their investments in the Rumaila oil field, according to a report from the Wall Street Journal. A senior Iraqi oil official told the newspaper that Baghdad has paid a total of $8.5 […]
By John Lee. Oil minister Abdul Kareem Luaibi [Elaibi] (pictured) told Reuters on Wednesday that Baghdad signed a deal with BP "about 10 days ago" to revive the northern Kirkuk oilfield. The agreement allows BP to negotiate access to significant reserves in the north in return for helping Baghdad arrest a huge decline in output […]
By John Lee. Oil minister Abdul Kareem Luaibi [Elaibi] has confirmed that BP is interested in getting involved in the redevelopment of the giant Kirkuk oil field, which is suffering from falling output. According to a report from the Wall Street Journal, production at the field has declined to 260,000 barrels a day from 900,000 […]
