The latest China – Iraq Business News – Chinese Electricity Company, CNPC, CNOOC, PetroChina & more – brought to you by Iraq Business News
Iraq’s Ministry of Water Resources has taken delivery of seven 55-tonne GT-550E-2 truck cranes from the Japanese company Tadano, via its distributor, United Iraqi Trading Equipment (UITECO). Manufactured by Tadano's Beijing manufacturing joint venture BQ-Tadano, the four axle GT-550 features a five section 42 metre boom plus a 8.8 to 15.2 metres bi-fold swingaway that […]
By John Lee. Gazprom Neft, operator of the Badra oilfield, has reported the successful completion of well-testing at its BD4 appraisal well at the end of December, 2013. Potential production capacity was tested through the sequential testing of six drilled strata, followed by final testing of all pay horizons concurrently. A daily natural flow rate […]
By John Lee. China's Caixin has reported that the Missan Oil Company (MOC) has suspended all activities of a company called Hermic, an oilfield service company controlled by former executives of the China National Petroleum Corp. (CNPC). Hermic is said to have won at least 12 engineering outsourcing contracts worth US$75 million from CNPC at the […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. China and CNPC are Consolidating Further their Positions in Iraq Petroleum Sector Four years after the first bid round took place, some international oil companes (IOCs) are consolidating their positions. while others […]
By John Lee. ExxonMobil signed agreements on Thursday with PetroChina for a 25 percent participating interest in the West Qurna I project in Iraq, and with Indonesia's Pertamina for a 10 percent participating interest in West Qurna I. ExxonMobil retains 25 percent interest and remains lead contractor. The transfer has been approved by the South Oil […]
By John Lee. Russia's Gazprom Neft has picked a contractor to drill six production wells in the Badra field in Iraq which it operates. China’s Zhongman Petroleum and Natural Gas Group Co., Ltd (ZPEC) has won the tender. The contract includes engineering, procurement and drilling of wells. Two rigs will start drilling in March 2014. […]
By John Lee. Reuters reports that China's state-owned Sinochem Corp plans to use Iraqi crude oil for 40 percent of the capacity of its new refinery, in what the article describes as "the latest example of Iraq beating Middle Eastern rivals in the competition for new markets in Asia". The deal wold replacing a preliminary […]
By Adnan Abu Zeed for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Abu Ahmad blows puffs of smoke from his cigarette into the air while standing in front of a pile of used clothes he has spread out on the ground in Bab […]
By John Lee. Iraq's Deputy Premier for Energy Affairs, Hussein al-Shahristani, has said that China is to buy 850.000 barrels per day of Iraqi oil in 2014. Aswat Al Iraq reports that China will buy 586.000 bpd of Iraqi oil this year, an increase on the 525.000 bpd achieved in 2012. (Source: Aswat Al Iraq)
By John Lee. China is attempting to increase purchases of its crude by more than two-thirds next year, according to a report from Reuters. "Iraq is in a lucky position because we always get more requests than we can actually supply," deputy prime minister for energy Hussain Al-Shahristani said on Wednesday at the World Energy […]
By John Lee. China Petrochemical Corporation, also known as Sinopec, is still unable to participate in projects in central and southern Iraq four years after it acquired a project in northern Kurdistan, reports the Wall Street Journal. The company held talks with Russia's Lukoil about jointly developing the West Qurna-2 oil field, but Lukoil's chief […]
By John Lee. Iraq has awarded oil drilling deals with a combined value of $348 million. Associated Press reports that Weatherford picked up two drilling contracts, one for nearly $95 million and another for $82.4 million. Another contract worth $96.7 million went to China's Bohai, while COSL, a division of the China National Offshore Oil […]
