The latest news BP Iraq – Oil, oilfields, contracts, production and more – brought to you by Iraq Business News
Reuters reports that a fire has broken out at a state-run gas compression unit at Iraq's Rumaila oilfield on Tuesday, killing one person and hitting oil production. "We have stopped exporting gas that would have been exported into this compressor and this will have an impact on our production from Rumaila," BP spokesman David Nicholas […]
Dow Jones reports that Iraq and BP have not yet reached agreement on reimbursement of costs to build a multi-billion-dollar oil field water injection scheme in southern Iraq. ExxonMobil was chosen to lead the project on behalf of foreign oil companies rehabilitating Iraqi oil fields. Nihad A. Moosa, head of the State Company for Oil […]
The 2009 contract between BP and the Iraqi government for oil production at the Rumaila oil field has been quietly rewritten in favour of the oil giant, according to Aknews. the Iraqi government will now continue to pay BP when production is affected by civil disruption, disruption in oil transportation, political decisions or OPEC cuts. […]
Update, RBC Capital Markets opinion: albeit the size of the contract is not material compared to Petrofac's backlog, we believe that any positive developments from Iraq should be seen as a positive step for Petrofac. This region becomes increasingly strategic, especially for the newly created Integrated Energy Services (IES). This contract award follows the EPC […]
Hermes Datacommunications Middle East, a key specialist providing Wide Area Network communications to the upstream oil and gas industry has won a contract to continue providing VSAT communications to support BP’s operations in Iraq. Hermes will continue supporting degassing stations, rigs and static life support camps. Included in this contract renewal is additional bandwidth to […]
Jordan's official news agency, Petra, reports that drilling will start at the Risha natural-gas deposit straddling the country’s border with Iraq by the end of the year. Citing Energy Minister Khalid Touqan, the agency says work will start at the first of two wells to be initially drilled at a depth of between 3 kilometers […]
The chief executive of BP, a major foreign player in Iraq's oil industry, said the country's output is likely to be only half the government's official target at the end of this decade, due to infrastructure problems, according to Reuters. "Five to six million barrels per day is maybe a more realistic level," Bob Dudley […]
China National Petroleum Corp (CNPC) has started to get paid for developing Iraq's Rumaila oilfield, according to reports from the China Petroleum Daily. The company received its first cargo of oil as payment for helping to develop the oilfield on 28th May, two weeks after partner BP loaded its first shipment. A crude oil carrier […]
BP lifted its first cargo of Basra light crude from Rumaila this week, according to a report in the Telegraph. The cargo is worth about $200m [240 billion Iraq dinars]. The company is working with China National Petroleum Corporation (CNPC) on the field and the two companies are due $1bn for boosting production, drilling new […]
Iraq's state-run South Oil Company is holding talks with international oil companies to build three pipelines worth up to $500 million [600 billion Iraqi dinars], according to a report from Dow Jones Newswires. SOC's director-general said on Monday that the intention was to link key oil fields to the export system in southern Iraq. "We […]
BP and its partner China National Petroleum Corporation (CNPC) will be the first companies to be paid back by the Iraqi government for developing Iraq's supergiant Rumaila oil field, a senior Iraqi oil official told Dow Jones Newswires. "The first company that we are going to pay back costs and remuneration fees to will be […]
WorleyParsons has been awarded a contract by BP Iraq NV and its partners PetroChina and the State Oil Marketing Organisation (SOMO) of the Republic of Iraq, to provide conceptual design, front end engineering design, minimum work obligations and integrated project management team services to boost production from the super-giant Rumaila Oil Field in Southern Iraq. […]
