By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Many countries impose capital gain tax on individuals, companies and corporations when a profit realized from the sale of assets. National and state legislation often has a large array of fiscal obligations […]
The Weir Group has announced it has signed a contract with LUKOIL to provide general maintenance services for the West Qurna-2 oilfield in Southern Iraq. The agreement, which is for two years and is estimated to be worth a total ofUS$98m (£59m), will see Weir engineers deliver mechanical, electrical, maintenance and pipeline services for the […]
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. Andrei Kuzyayev [Andrey Kuzyaev] (pictured), head of Lukoil's overseas operations, has said that Lukoil plans to reach commercial levels of oil production at West Qurna-2 in the first quarter of 2014, and is interested in participating in the Kirkuk oilfield in northern Iraq. He told Reuters: "There are no infrastructure risks [in […]
By John Lee. Energy-focused health and safety specialist Cresent has become the largest Control of Work (CoW) provider in Iraq after winning a contract worth $1.7 million with Russian oil company, LUKOIL Mid-East Ltd. The contract will involve Aberdeen-based Cresent delivering an electronic version of its flagship CoW system WorkSafe® across the second phase of […]
LUKOIL Mid-East Ltd (operating company of LUKOIL for development of the West Qurna-2 field) has completed another social project in Basra Province. The company supplied modern medical equipment for the central hospital of Madeina municipality adjacent to the field area. The supplied medical equipment includes a blood analyzer, diagnostic equipment for ultrasonograph and cardiograph and […]
By John Lee. Oil minister Abdul Kareem Luaibi [Elaibi] has confirmed that BP is interested in getting involved in the redevelopment of the giant Kirkuk oil field, which is suffering from falling output. According to a report from the Wall Street Journal, production at the field has declined to 260,000 barrels a day from 900,000 […]
The first group students have completed their studies in the training center of LUKOIL Overseas Mid-East Ltd., LUKOIL's operating company for West Qurna-2 project, in Basra province. 170 Iraqi nationals who have completed a 1.5 year training program were immediately assigned to different facilities of West Qurna-2 field depending on their obtained qualifications, including well […]
By John Lee. Russian oil company LUKoil has announced that its President, Vagit Alekperov (pictured), held talks in Moscow on Sunday with Iraqi Prime Minister, Nouri al-Maliki, and Iraqi Oil Minister, Abdul Karim Luaibi [Elaibi]. The parties discussed the progress of the West Qurna-2 development project, the company’s plans to develop Block-10, and other possible projects […]
Shell is reported to be in “exploratory discussions” with the Iraqi government to lower the target for oil output at the Majnoon field. The Iraqi government agreed in January with Lukoil to cut targeted production at the West Qurna-2 field. It is also in talks with Exxon Mobil to reduce targeted output at West Qurna-1, […]
By John Lee. Lukoil Chief Executive Officer Vagit Alekperov (pictured) has said that the Russian company expects to produce around 150,000 bpd of oil from the West Qurna-2 field by January: "The program of developing the oilfield infrastructure is proceeding according to schedule and work is ongoing at all the sites ... From 1st January […]
By John Lee. Hundreds of locals blocked a main entrance of Iraq's giant southern West Qurna-2 oilfield on Tuesday. According to Iraq Oil Report, local residents have long complained that oil development has caused them to lose agricultural land for which they have not been adequately compensated, while many expected to receive jobs at oil […]
