Iraq's oil minister, Hussain al-Shahristani, said he expected exports from Kurdistan to resume in the near future, but the status of disputed oil deals with foreign companies (including Norway’s DNO) remain unclear. This follows resolution of a disagreement between the semi-autonomous region and central government regarding payment mechanisms. Shares in Gulf Keystone Petroleum and DNO […]
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Tags: Oil
Russia's Lukoil to Invest 30 Bln Dollars in Iraqi Oil Field
Russian state energy monopoly Lukoil will invest 30 billion U.S. dollars with its foreign partners in the development of the West Qurna-2 oil field in Iraq, said the company's CEO Monday. First phase of investment to the oil field, whose annual output is estimated at 95 million metric tons, will reach 4.5 billion dollars, said […]
'Iraq OPEC Quota Not Needed for Few Years'
It will be four to five years before there is a need to recommand Iraqi oil output within OPEC's oil production policy, OPEC Secretary-General Abdullah al-Badri said today. "When they reach the point that they have to be accommodated, maybe it will not be for four to five years from now," Reuters quoted Badri as […]
Exxon Mobil, Shell Take a Calculated Risk
A consortium led by Exxon Mobil and Royal Dutch Shell on 25 January signed a contract with the Iraqi government to redevelop and expand the West Qurna field – one of Iraq’s biggest oil fields. The Exxon team said it would boost production at the field to 2.325 million barrels a day, up from just […]
Iraqi Oil: Why Are the Majors Willing to Take the Plunge?
If the invasion of Iraq was all about exploiting the country's oil, you'd never know it from the structure of the contracts being signed by the likes of ExxonMobil (NYSE: XOM), Total (NYSE: TOT), and BP (NYSE: BP). In an analysis of the West Qurna 1 license awarded to ExxonMobil and Royal Dutch Shell (NYSE: […]
Angola's Sonangol Finalizes Oilfield Deals
Iraq signed final contracts with Angolan state oil company Sonangol on Tuesday to develop the Qayara and Najmah oilfields. Qayara has reserves of some 800 million barrels and Najmah 900 million. Both are in the violent Nineveh province in Iraq's north, where Sunni Islamist insurgents like al Qaeda remain active almost seven years after the […]
Building More Than 40,000 Housing Units and the Largest Oil Refinery in Diyala
Investment Authority in Diyala agreed with a local company to set up the biggest oil refinery in the province at a cost exceeding $ 100 million, and build more than 40 thousand residential units, with an investment of 200 thousand acres of farmland. The official Investment Authority ,engineer Mjul Mahdi said in a statement for […]