The latest news BP Iraq – Oil, oilfields, contracts, production and more – brought to you by Iraq Business News
Iraq’s Deputy Prime Minister, Dr Bahaa Al Araji (pictured), told a high level international conference in Baghdad on Wednesday that his country recognised the vital importance of foreign investment and Iraq was full of opportunity. Dr Bahaa said the Government was ready to extend all facilities and offer incentives for businesses to come to Iraq. […]
By John Lee. The President of BP Iraq, Michael Townshend, has said that the company has extended an agreement with the Ministry of Oil to boost production at the Kirkuk oilfield. Reuters quotes him as saying "We had a letter of intent, which was for a year, and we extended that until the end of this […]
By John Lee. The President of BP Iraq has said that the company has been lifting more crude oil cargoes in the past couple of months, as payment for its work in the Rumaila oil field (pictured). Michael Townshend told reporters that current production at Rumaila is about 1.4 million bpd and is expected to remain […]
By John Lee. The coming year will see BP expand drilling work and upgrades to equipment at the vast Rumaila oil field in southern Iraq, of which the company have a 50% stake. BP operate the field with PetroChina, Iraq's South Oil Company and SOMO. This work is carried out under the umbrella of the […]
By John Lee. Prime Minister Dr. Haider Al-Abadi met the CEO of BP, Bob Dudley, in his office on Sunday. During the meeting, they discussed the production and development of oil fields in Iraq, and in particular the oil fields operated by BP in Rumaila and Kirkuk. Dr. Haider al-Abadi expressed Iraq’s interest in increasing […]
Iraqi and British politicians will be joining senior business leaders from both countries at the Iraq Britain Business Council’s (IBBC) eighth London conference in early November. Entitled “Iraq – Accentuating the Positive”, the event is being held at the spectacular Institution for Civil Engineers building, One Great George Street, on November 5th and 6th. In light […]
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 […]
