By John Lee. The South Gas Company (SGC) has launched an accelerated project to increase gas processing and supply in Basra, aiming to boost national energy output and support electricity generation. The project, implemented in cooperation with the State Company for Oil Projects (SCOP), will add 600 tonnes per day of liquefied gas to national production […]
By John Lee. US-based KBR has been awarded a major contract by Basra Oil Company (BOC) to provide Integrated Field Management Services (IFMS) for the Majnoon oil field in southern Iraq. Majnoon is one of the world's largest oil fields, with estimated reserves of more than 38 billion barrels. Under the IFMS contract, KBR will deliver: […]
By John Lee. Russia's Lukoil has signed an agreement with US investment company Carlyle for the sale of LUKOIL International GmbH, a wholly owned subsidiary that holds the its international assets. The agreement is non-exclusive and subject to regulatory approval, including permission from the US Department of the Treasury's Office of Foreign Assets Control (OFAC). Lukoil […]
By John Lee. The Iraqi Embassy in Moscow has issued a clarification regarding reports that Iraq plans to nationalise the West Qurna-2 oil field, operated by Russia's Lukoil. The embassy confirmed that the field is fully state-owned. Under the 2008 licensing round agreement, Lukoil managed and developed the field and produced oil under a service […]
By John Lee. State-owned Basra Oil Company (BOC) has been approved by the Council of Ministers to assume responsibility for managing petroleum operations at the West Qurna 2 oilfield, in line with the provisions of the field's service and development contract. According to a statement from the Prime Minister's Office, the Cabinet decision also authorises the […]
By John Lee. The Iraqi Drilling Company (IDC) has completed drilling the Majnoon-170 appraisal well at the Majnoon oilfield in Basra to a depth of 4,280 metres. The well was drilled using the IDC-57 rig, the largest drilling unit in Iraq, with a capacity of 3,000 horsepower. The work was carried out for the Basra Oil […]
From Amwaj Media. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Will return of US oil giant herald western re-engagement with Iraq's energy sector? ExxonMobil has signed a preliminary agreement with Baghdad to develop the supergiant Majnoon oil field. The move signals the company's […]
By John Lee. If anyone doubts the importance of last week's agreement for US oil major ExxonMobil to return to Iraq, may we suggest reading the following article from Simon Watkins in OilPrice: What ExxonMobil's Comeback in Iraq Really Means. The author describes it as "perhaps the most significant of the recent deals between firms […]
By John Lee. US energy major ExxonMobil has signed a Heads of Agreement (HOA) with Iraq's Ministry of Oil. A statement today (Wednesday) from the Prime Minister's Office gave few details, but the agreement is thought to involve the Iraq's giant Majnoon field. During a meeting with ExxonMobil Vice President Peter Larden and the accompanying […]
By John Lee. KBR has announced the renewal of its engineering, procurement, and construction management (EPCM) contract with Basra Oil Company (BOC) for the Majnoon oil field in Iraq, extending the agreement for another two years. Under the contract, KBR will continue delivering EPCM services to support production targets, enhance operational efficiency, improve safety, and […]
By John Lee. China Petroleum Engineering Corporation (CPEC) has announced that its wholly owned subsidiary, China Petroleum Pipeline Engineering has received a letter of award from France's TotalEnergies for a major gas infrastructure project in Iraq. The Artawi [Ratawi] GMP EPSCC Project, commissioned by TotalEnergies, involves the construction of midstream gas pipeline facilities linking the […]
By John Lee. The Iraqi Cabinet has approved a recommendation allowing the Ministry of Oil, through the Basra Oil Company (BOC), to allocate part of the 2025 budget for the Majnoon Oil Field to fund a new infrastructure project. The initiative involves the expansion and development of core sample storage facilities at Nahr Bin Omar […]
