Tag Archives | Oil and Gas

Iraq to IOCs: Low Spending Plans for 2016

By Simon Kent. The director of licensing at Iraq's Ministry of Oil,  Abdul Mahdy Al-Ameedi, has written a letter to IOCs asking them for conservative spending plans for 2016 in light of the ongoing oil price rout. The low oil prices seen since last year have limited Iraq's ability to pay companies to meet production […]

MOL Reduces Akri Bijell Investment

By Simon Kent. Aberdeen based oil and gas company MOL Group have reduced their planned investments at Akri Bijell in the Kurdish region of Iraq, Rigzone reports. The new plans will see one well operational at 2200 bpd, while Bijell 4 and Bijell 6 appraisal wells encountered more geological complexity than envisaged. MOL have struggled in the region […]

Iraqi Kurdistan Pays $75 Million to IOCs

By Simon Kent. The Kurdish Regional Government (KRG) has released a statement saying it has put aside $75 million to pay three IOCs, Genel Energy, DNO and Gulf Keystone. The announcement follows payment disruption to the IOCs from the ongoing Baghdad--Erbil revenues and exports dispute. Additionally, the KRG has pledged regular payments, welcome news to the […]

Sterling Expand HSE Training

By Robert Tollast. Sterling, the international Health, Safety and Environment oil and gas and construction specialists, have expanded their HSE training site in Erbil. Sterling focus on HSE consulting, building capacity to mitigate risks and environmental hazards, as well as preventing and dealing with major incidents in construction and the energy sector. The expanded centre will […]

Gazprom: Badra Production Doubled

By Robert Tollast. Russia's Gazprom Neft has announced that production at the Badra field in Wasit province is close to double last year's production, now reaching 28,000 bpd. Gazprom Neft's commercial production and exports at Badra started in September last year, after the company signed a contract to develop the field in January 2010, as […]

Akkas Pipeline Cancelled

By Robert Tollast. Korean firm STX Heavy Industries has cancelled a proposed 500km pipeline to the Akkas gas field in Western Iraq, which is operated by state Korean gas firm KOGAS. STX Heavy were working on the project with KOGAS Akkas B.V and work was due to be finished in 2017, however the project ran […]

Iraq and Russia Maintain Oil Glut

By John Lee. Iraq and Russia are leading the global surge in oil exports despite a highly competitive market. This has maintained low prices not seen since 2009, with a February settlement for Brent Crude at $56.42 a barrel. Bloomberg reported record export data of 10.6 million barrels a day from Russia and 2.9 million bpd […]

BP Plans to Double Rumaila Production

By John Lee. The coming year will see BP expand drilling work and upgrades to equipment at the vast Rumaila oil field in southern Iraq, of which the company have a 50% stake. BP operate the field with PetroChina, Iraq's South Oil Company and SOMO. This work is carried out under the umbrella of the […]

Abdel Mehdi: Historic Deal in Final Stage

By John Lee. It's a deal that could cement a prosperous shared future for Baghdad and Arbil. But despite the new good will between the two sides, there is huge political opposition from Iraqi Arabs who object to the current terms. In the Kurdish region, many feel that the history has already turned toward their […]

Afren Announces Half Yearly Results

By John Lee. Afren have released their Half-yearly Results for the six months ended 30 June 2014 and an update on its operations year-to-date 2014, in accordance with the reporting requirements of the EU Transparency Directive.  Below is a summary of their Iraq operations and general financial results. Information contained within this release is un-audited […]