The latest Petronas Business News – Majnoon Iraq Oilfield, contract, Shell Oil, Malaysia, crude oil and more – brought to you by Iraq Business
By John Lee. According to a report from Reuters, the new Basra Heavy crude oil grade has been trading at a widening discount. Malaysia's Petronas reportedly sold 2 million barrels for June loading to Indian refiner Essar Oil at a discount of more than $1 a barrel to its official selling price. bigger than expected […]
By John Lee. The Iraqi Ambassador to Malaysia, Prof. Dr. Basim Hattab Al-Tumma, has said that there are "tremendous opportunities" for Malaysian companies in the field of oil and gas exploration, infrastructure development, commodity trading, halal food and other consumer items. He said Iraq was looking forward to seeing Malaysia, a "brotherly Muslim country", assisting […]
By John Lee. The upstream international vice-president of Malaysia's Petronas, Sharbini Suhaili, has reportedly said that Petronas was the largest international oil company in Iraq, and that the assets returns were promising despite numerous challenges. "There are always challenges. "We can make it work and we are working well with our partners." (Source: AsiaOne) (Picture: Halfaya […]
By John Lee. Russia's Gazprom Neft, the operator of the Badra oil field (pictured) in Iraq, has announced that first oil from the field is now being delivered to Iraq’s main pipeline system for transfer to the export terminal in Basra, on the Persian Gulf. Current deliveries from Badra to the pipeline stand at over […]
By John Lee. Once a scene of bloody fighting during the Iran-Iraq war, Majnoon is now an oil field of vital economic importance for Iraq. Royal Dutch Shell's announcement marks a crucial step in its development since the discovery of the field in 1975. After a lull in development during the sanctions era of the […]
Shell announced today that the Majnoon oilfield it operates in partnership with South Oil Company (SOC), Petronas and Missan Oil in Southern Iraq has successfully exported its first shipment of crude oil to Shell trading, a significant milestone for the oilfield. The achievement comes as production at the Majnoon oilfield has reached a current average […]
Russia's Gazprom Neft has increased its estimated costs for the Badra oil field to about US $3 billion, reports Bloomberg, citing a bond prospectus recently issued by its parent company. The company had previously forecast costs at about $2 billion. The field is being developed by Gazprom as lead partner (30% stake), along with Korea’s […]
By John Lee. The Director of the Majnoon oilfield has told Aswat al-Iraq that production at the field has exceeded 210,000 bpd. Basim Tahir added that production may be increased to 220.000 bpd at the beginning of 2014, with gas supplying Rumaila power station. Shell owns 45 percent of the venture, with Petronas owning 30 percent, […]
By John Lee. Shell has officially inaugurated Iraq's huge Majnoon oil field on Sunday, and said it aims to reach 175,000 barrels a day in the coming weeks. Production from the field's first well started on 20th September, and Hussein al Shahristani, the Iraqi deputy prime minister for energy, said in Dubai that output is […]
By John Lee. Malaysian companies have been urged to look into the vast opportunities in Iraq especially in construction, transportation, infrastructure and energy, according to a report from Bernama. The Iraqi Minister of Transport, Hadi Farhan Al-Amiri [Hadi al-Amari] (pictured), told the news agency that Iraq is seeking to tap Malaysian expertise as it looks […]
By John Lee. The Gharraf [Garraf] oil field in Thi Qar [Dhi Qar] province, 85km north of the City of Nasiriyah, produced its first commercial output of oil on 31st August. Iraq's Ministry of Oil said the flow rate was 35,000 barrels a day, and peak production of 230,000 bpd was expected in 2017. Japan […]
By John Lee. Iraq's Ministry of Oil has announced that the long-awaited start of production at the Gharraf [Garraf] oilfield is now scheduled for the end of August. Initial output is expected to be 35,000 barrels per day (bpd). The company previously had a plan to start operations by September of last year, and were […]
