Tag Archives | Russia

Iraq to drop Russian MiGs for Turkish Drones?

By John Lee. Iraq has reportedly decided to spend $100 million to buy Bayraktar TB2 drones (UAVs), manufactured by the Turkish company Baykar Defence, rather than Russian MiG-29 fighter jets. More here. (Source: Pravda)

Block 10 More Attractive for Lukoil than West Qurna 2

Writing in Oil Price, Simon Watkins points out that the $5.99-per-barrel remuneration that Lukoil will receive under its technical service contract at Block 10 is considerably better than its $1.15/barrel payment at West Qurna 2. Block 10 includes the Eridu field, which has indicated oil reserves of between 7 and 12 billion barrels, and a […]

Chevron's Oil Deal with Iraq "is One to Watch"

Writing in Oil Price, Simon Watkins says that, given the negative history of dealing with China over the Nassiriyah project and the fact that Russia is occupied elsewhere in the country and the region, the United States might be in an unusually positive position to take a significant role in either the Nassiriyah field development […]

LUKoil files Development Plan for Iraq's Eridu Oilfield

By John Lee. Russia's LUKoil and Japan's Inpex Corporation have applied to Iraq's state-owned Dhi-Qar Oil Company (DQOC) for what Lukoil describes as "commerciality of reserves", and filed a preliminary proposal on the development of the Eridu oil field within Block-10. According to Lukoil, geological exploration has proved significant reserves, making Eridu the largest discovery […]

West Qurna-2 produces its One-Billionth Barrel of Oil

By John Lee. Iraq's West Qurna-2 oilfield has just produced its one-billionth barrel of oil. At a ceremony to mark the event, which was attended by Lukoil President Vagit Alekperov, Oil Minister Ihsan Abdul Jabbar said the field started with production of 220,000 bpd, rising to 400,000 bpd, with plans for peak production of 800,000 […]

Iraq tries to persuade Lukoil to stay at West Qurna

By John Lee. Oil Minister Ihsan Abdul Jabbar has reportedly told reporters that Iraq hopes LUKoil will keep its stake in the West Qurna-2 oil field. Russian news agency TASS quotes the Minister as saying that Iraq is "negotiating improvement of conditions" for the project. In¬† July, Lukoil Chief Executive¬†Vagit Alekperov was quoted as saying […]

4,000-year-old City discovered in Iraq

By Adnan Abu Zeed for Al Monitor. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. 4,000-year-old city discovered in Iraq A group of Russian archaeologists made an impressive discovery in Iraq's Dhi Qar governorate, where an ancient settlement about 4,000 years old was […]

China to Snap Up Iraqi Oil Assets?

By John Lee. Both BP and Lukoil are reported to be considering quitting upstream oil operations in Iraq. Reuters quotes Iraq's Oil Minister, Ihssan Abdul-Jabbar Ismail, as making the comments during a parliamentary session last week. Last month, BP was said to be planning to spin off its Iraqi operations in Iraq into a separate […]

LUKoil announces Plans for Iraq's Block 10

By John Lee. The head of Russia's LUKoil has said that the company plans to start production at Iraq's Block 10 at the end of 2022 or in 2023. Vagit Alekperov (pictured) told a Reuters that output will start at 30,000 barrels per day (bpd). The field is being developed by LUKoil (60%) and Inpex […]