The latest Rumaila business news – BP, CNPC, the Rumaila Oil Contract and more – brought to you by Iraq Business News
By John Lee. Iraq has announced the award of two contracts totalling nearly a billion dollars to Britain's Petrofac and China's CPECC, Reuters reports. The deals, for services at the super-giant Rumaila field near Basra, were worth $535.8 million for Petrofac and $425 million for China Petroleum Engineering & Construction Corporation. Rumaila is a field of key strategic […]
By John Lee. The Iraqi government has allocated $4.7 billion to build power plants and finance existing electricity projects this year. Electricity ministry spokesperson Masaab Al-Mudarris told Zawya: "As part of its 2014 plan, the Ministry of Electricity requested a budget of $12 billion to complete existing projects and to sign new contracts to compensate for […]
By John Lee. Iraqi oil minister Abdul Kareem al-Luaibi (pictured) has moved to reassure major IOCs in the wake of growing disgruntlement over bureaucracy. He remarked to reporters that his ministry " is keen to provide all kinds of support and cooperation for all international companies operating in Iraq, including contracting with companies within the oil […]
Baker Hughes is preparing to resume operations in Iraq after protests in Basra prompted the company to issue force majeure notices to its customers. Reuters reports that Derek Mathieson, Baker Hughes' vice president, told an investor conference: "We have initiated the resumption of operations ... Within the coming weeks, we will be working toward becoming […]
From Jewish News One. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Disturbing video footage has appeared of dozens of angry Shi'ite Muslim workers storming a Schlumberger Ltd camp at the Rumaila oilfield and beating a British security adviser they accused of insulting their […]
By John Lee. Oil officials confirmed on Monday that a leaking pipeline in the south of the country had been repaired, but planned work at the al-Basra Oil Terminal (ABOT) was continuing to restrict exports. The leaking pipeline had caused a drop in output from the Rumaila oilfield. Reuters reports that Iraq had restored normal […]
By John Lee. BP and China National Petroleum Corporation (CNPC) have received a total of $4.5 billion until the end of 2012 for their investments in the Rumaila oil field, according to a report from the Wall Street Journal. A senior Iraqi oil official told the newspaper that Baghdad has paid a total of $8.5 […]
By John Lee. Japan has offered a loans of about 120 billion yen ($1.24 billion) to Iraq to build a new refinery and rebuild a port. Nikkei reports that Japan will initially lend 82.7 billion yen to build a refinery to extract natural gas liquids at the Rumaila oil field, while a second loan of […]
By John Lee. The head of the joint management committee at the giant Rumaila oilfield has told Reuters that BP will issue tenders for the drilling of 150 new oil wells in the second half of this year. Salah Mohammad said there would be three tenders of 50 wells each, and added that 300 wells […]
By John Lee. BP has reportedly allocated $2.85 billion to develop the Rumaila oilfield in 2013, up from $2.2 billion last year, of which only $1.9 billion was used. Salah Mohammad, head of the joint management committee for the project, also told Reuters that output at Rumaila would rise to 1.450 million bpd by the […]
South Gas Company, Shell and Mitsubishi today officially announced the commencement of operations of Basrah Gas Company, which will be the largest gas project in Iraq’s history and the world’s largest flares reduction project. Basrah Gas Company is a 25-year incorporated Joint Venture between Iraq’s South Gas Company holding 51% of its shares, Shell 44% […]
Iraqi press sources claim that the Ministry of Electricity has ceased dealings with the German company Siemens and all its subsidiaries, due to the company not fulfilling its contracts. The spokesperson of the Ministry of Electricity, Musab al-Mudaris, reportedly said that Minister Kareem Aftan gave the instruction during a meeting with the South Korean company Hyundai […]
