By John Lee. Talks between ExxonMobil and Iraq on the multi-billion-dollar Common Seawater Supply Project (CSSP) have reportedly broken down. According to Reuters, the director general of the Basra Oil Company (BOC) told reporters that the BOC will award the contract through a tender process, which it expects to complete at the end of July. […]
By John Lee. According to a report from Platts, Iraq has reached "key preliminary terms" with ExxonMobil and PetroChina on the South Integrated Project. The project involves the development of the Nahr Bin Umar and Ratawi oil fields in southern Iraq, with gas plants at the two fields, a multi-field water injection project, storage, pipelines […]
By John Lee. Iraq's Ministy of Oil has awarded all four development projects, and two of the seven exploration blocks, that it offered in its fifth auction of oil licences. Only nine of the 26 companies originally pre-qualified took part in the auction, with majors such as Lukoil (Russia), ExxonMobil (US) and Total (France) not bidding. Development […]
DNO ASA, the Norwegian oil and gas operator, today announced expansion and acceleration of operations in the Kurdistan region of Iraq while building up its North Sea exposure. First quarter revenues, the highest in nearly four years, stood at USD 142 million and net profit at USD 18 million. The Company exited the quarter with […]
By John Lee. Talks between ExxonMobil and Iraq on the multi-billion-dollar Common Seawater Supply Project (CSSP) have reportedly reached an impasse. According to Reuters, two sides differ on contract terms and costs. Ian Thom, principal analyst at consultancy Wood Mackenzie, told the news agency: “The CSSP would be expensive and challenging but there’s opportunity here […]
By John Lee. The Basra Oil Company (BOC) is reportedly preparing to tender for a water injection project in Iraq if talks with ExxonMobil and PetroChina fail. Reuters quotes the head of the Oil Ministry's Petroleum Contracts and Licensing Directorate (PCLD), Abdul Mahdi al-Ameedi, as telling reporters at the CWC Iraq Petroleum Conference in Berlin, […]
By John Lee. Japan’s Itochu has reportedly bought Shell's 20 percent stake in the West Qurna 1 oilfield. Ihsan Abdul Jabbar, the head of state-run Basra Oil Company (BOC), told Reuters that the oil ministry discussed the required financial investments and operations at the field with Itochu, and approved the deal. West Qurna 1, operated by […]
By John Lee. Oil giant Shell is trying to sell its stake in the Majnoon oilfield (pictured) in southern Iraq, following a failure to reach agreement with Iraq's Ministry of Oil. A Shell spokesman told UAE-based newspaper The National: “Following extensive discussions with the Ministry of Oil, the oil minister of Iraq formally endorsed a […]
DNO ASA, the Norwegian oil and gas operator, today announced an agreement with ExxonMobil to join the Baeshiqa [Bashiqa, Bashika] license in the Kurdistan region of Iraq. DNO will assume operatorship of the license with a 40 percent paying (32 percent net) interest, acquiring one-half of ExxonMobil's position. ExxonMobil retains a 40 percent paying (32 […]
By John Lee. Energy services company Wood Group has said that the "pace of activity" on its contract with Exxon in Iraq is "slower than anticipated." Exxon operates the West Qurna I field in southern Iraq. In its Annual General Meeting Statement on this morning, the Scottish-based company added that management’s expectations of full year […]
By Dilshad Abdullah for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. International oil companies pull out of Kurdistan Exxon Mobil has pulled out of three of the six exploration blocks it operated in the Kurdistan Region. The American oil giant withdrew […]
More than 180 expert speakers and delegates from the UK, Iraq, UAE and abroad gathered in Dubai at The Address Dubai Marina on Sunday 18 December for the Iraq Britain Business Council’s (IBBC) Autumn Conference. Usually held in London, the well-attended conference marked the first time the IBBC has held an event in the UAE, […]
