The latest news BP Iraq – Oil, oilfields, contracts, production and more – brought to you by Iraq Business News
The Iraq Britain Business Council (IBBC) will be holding its Spring Conference on April 27 at Mansion House and on April 28 at Vintners' Hall in London. In recent weeks considerable political debate has taken place in Iraq following Prime Minister Abadi’s announcement of a technocrat reshuffle of his cabinet. It seems that the motto of the conference - ‘Iraq […]
By John Lee. Shafaaq reports that Iraq will pay foreign oil companies about $2 billion in remaining arrears for 2015 in April. The arrears were accumulated to international oil companies (IOCs) such as BP, Shell , ExxonMobil, Eni and Lukoil, which operate in under service contracts, whereby they are paid a fixed dollar fee for […]
By John Lee. In a results statement this morning Schlumberger reported that its activity in Iraq has continued to decline, adding: "In Iraq, Wireline introduced LIVE PL digital slickline production logging services for the Rumaila Operating Organization in the Rumaila Field. LIVE PL technology provided real-time production logs on wells where memory logging was previously […]
By Simon Kent. Iraq is developing a new strategy for its southern oil fields in relation to the ongoing Common Sea Water Supply Facility project, which opened bidding for completion last year. ExxonMobil and PetroChina were approached to invest in the critical strategic water injection project, which has been long delayed. In a statement to Reuters, […]
By Simon Kent. Iraq and Egypt are working on a plan to export Iraqi oil through Jordan to Egypt, for refining in Egypt and re-sale to the European market, Reuters reports. The three countries have already signed an agreement for this plan, part of Egypt's strategy to regain a degree of self suffiency for domestic energy needs […]
Just a year after it opened, the RSK combined geotechnical–environmental laboratory outside Basra, Iraq, is aiming to expand its services and recruit more young scientists to augment its staff of nearly 20. The RSK Iraq laboratory, which has been operational since May 2014, is the first combined geoenvironmental laboratory in Iraq to achieve this International […]
By John Lee. According to a report from the Financial Times, Iraq’s introduction of the new Basra Heavy crude oil grade is causing problems for the international oil companies (IOCs). Since its launch in June, IOCs such as Shell, BP, Total, Lukoil, Petronas and China National Petroleum Corporation (CNPC) have received their remuneration for development […]
By John Lee. Oil firms expecting to load Kirkuk crude at the Turkish port of Ceyhan have had to cancel tankers, as the Kurdistan Regional Government ramps up independent oil sales at the expense of sales through the State Oil Marketing Organization (SOMO). According to a report from Reuters, tanker cancellations included Eni’s Seanostrum, Socar’s […]
Air Energi has been awarded its first major contract with BP Iraq. The five year agreement will see Air Energi deliver talent acquisition services to support BP Iraq’s operations in the Middle East. The agreement includes the supply of expatriate talent to support Iraq’s giant Rumaila and Kirkuk oil fields. With estimated recoverable reserves of […]
By John Lee. Oil major BP has reportedly agreed with the Iraqi oil ministry to cut this year's expenditure on development work at Rumaila oilfield from $3.5 billion (4.1-billion-Iraqi-dinar) to $2.5 billion. According to The Economic Times, the cut in spending will have no impact on production from the oilfield this year, where output is […]
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 […]
