The latest Rumaila business news – BP, CNPC, the Rumaila Oil Contract and more – brought to you by Iraq Business News
Reuters reported on Sunday that output at Iraq's Rumaila South oilfield has been restored to 460,000 barrels per day after pipeline bombings last week. The report said two production stations were restarted on Sunday morning to start pumping 460,000 bpd to Zubair storage, and two more stations would be operating by the afternoon. Output from […]
Reuteres reports that a senior Iraqi oil ministry official said on Friday that two bombs hit pipeline networks transporting crude from Iraq's giant Rumaila oilfield. The impact on production from Rumaila was not immediately clear, but firefighters were working to put out blazes caused by the blasts. (Source: Reuters) (Picture: an oil pipeline at Rumaila)
Reuters reports that a fire has broken out at a state-run gas compression unit at Iraq's Rumaila oilfield on Tuesday, killing one person and hitting oil production. "We have stopped exporting gas that would have been exported into this compressor and this will have an impact on our production from Rumaila," BP spokesman David Nicholas […]
The 2009 contract between BP and the Iraqi government for oil production at the Rumaila oil field has been quietly rewritten in favour of the oil giant, according to Aknews. the Iraqi government will now continue to pay BP when production is affected by civil disruption, disruption in oil transportation, political decisions or OPEC cuts. […]
Shell and Mitsubishi signed a final draft agreement with Iraq on Tuesday for a deal worth between $12 billion and $17 billion to capture flared gas at the southern oilfields. The long-awaited deal still needs the approval of Iraq's cabinet, Oil Minister Abdul-Kareem Luaibi [Elaibi] said in a statement. The Iraqi government will hold 51 […]
Update, RBC Capital Markets opinion: albeit the size of the contract is not material compared to Petrofac's backlog, we believe that any positive developments from Iraq should be seen as a positive step for Petrofac. This region becomes increasingly strategic, especially for the newly created Integrated Energy Services (IES). This contract award follows the EPC […]
China National Petroleum Corp (CNPC) has started to get paid for developing Iraq's Rumaila oilfield, according to reports from the China Petroleum Daily. The company received its first cargo of oil as payment for helping to develop the oilfield on 28th May, two weeks after partner BP loaded its first shipment. A crude oil carrier […]
BP lifted its first cargo of Basra light crude from Rumaila this week, according to a report in the Telegraph. The cargo is worth about $200m [240 billion Iraq dinars]. The company is working with China National Petroleum Corporation (CNPC) on the field and the two companies are due $1bn for boosting production, drilling new […]
Iraqi state oil workers have tried to stop foreign workers entering the country's biggest oil field amid a country-wide dispute about pay, according to Iraq Oil Report. State workers have been protesting for some time about receiving lower pay than their colleagues at fields run by the international oil companies. In addition to the action […]
Iraq's state-run South Oil Company is holding talks with international oil companies to build three pipelines worth up to $500 million [600 billion Iraqi dinars], according to a report from Dow Jones Newswires. SOC's director-general said on Monday that the intention was to link key oil fields to the export system in southern Iraq. "We […]
By Ahmed Mousa Jiyad, Norway, 7th March 2011. Recent data on Rumaila production for the period 26 December 2010 to 27 February 2011 indicates that after achieving the 10% threshold over the baseline production, daily production dropped sharply to the extent that in few days, production levels were lower even than the baseline production. The […]
BP and its partner China National Petroleum Corporation (CNPC) will be the first companies to be paid back by the Iraqi government for developing Iraq's supergiant Rumaila oil field, a senior Iraqi oil official told Dow Jones Newswires. "The first company that we are going to pay back costs and remuneration fees to will be […]
