By Ahmed Mousa Jiyad. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Many of my Kurdish colleagues, members of the Finance and Oil Committees in the Iraqi federal Parliament, asked for my opinion on these deals. In response to that request and due to […]
Russia's Rosneft and the Kurdistan Regional Government (KRG), as part of the XXI St. Petersburg International Economic Forum, signed a series of agreements on widening their cooperation in exploration and production of hydrocarbons, commerce and logistics. The documents were signed ahead of the meeting between the President of the Russian Federation Vladimir Putin and the […]
A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee, and Jabbar al-Luaibi, Minister of Oil of the Republic of Iraq, took place in St. Petersburg today. The parties discussed the Badra project, which is implemented in Iraq by Gazprom Neft. Currently, the Badra field produces as much as 77,000 barrels of oil per day. Gazprom Neft continues to […]
By John Lee. A delegation headed by the KRG's Prime Minister Nechirvan Barzani met the board of Rosneft, including CEO Igor Sechin, in St. Petersburg on Thursday. The meeting is said to have centred around cooperation between the KRG and Rosneft in the Kurdish energy sector. In February, the KRG negotiated a deal with Rosneft […]
By John Lee. KRG Prime Minister Nechirvan Barzani and his accompanying delegation have met with the head of Gazprom Neft, Alexander Dukov, in St Petersburg. Dukov briefed the Prime Minister about the company's work and activites of the region, while Barzani thanked him for his support for the region in difficult times. (Source: KRG)
By John Lee. Reuters reports that following the setting up a new oil trading firm with Lukoil subsidiary Litasco, the State Oil Marketing Organization (SOMO) is considering setting up similar ventures in shipping and oil storage. The news agency quotes the head of SOMO, Falah Alamri, as telling the CWC Iraq Petroleum Conference: “The idea is […]
By John Lee. Iraq's State Oil Marketing Organization (SOMO) and Russia's Litasco — Lukoil‘s international marketing and trading arm — have set up a joint oil trading company in Dubai. A source told Reuters that the new venture, LIMA Energy, is building a team to work at the Dubai Multi Commodities Centre (DMCC) to trade […]
Russia's LUKOIL has reported that it has completed a field 3D seismic survey at West Qurna-2 field. The survey covered an area of about 450 square kilometers. The Company has fulfilled all of its contractual obligations to the Ministry of Oil of Iraq. The high-quality seismic data obtained are required for the updating of the […]
By John Lee. Iraq's State Oil Marketing Organization (SOMO) and Russia's Lukoil have formed a joint venture to market crude oil. In a statement, the Iraqi Oil Ministry said Litasco -- Lukoil‘s international marketing and trading arm -- would help sell Iraqi crude and train Iraqi staff in marketing. (Source: Ministry of Oil)
Gazprom Neft Badra, a subsidiary of Russia's Gazprom Neft, has produced the five-millionth tonne of oil at its Badra oil field. Thanks to the application of cutting-edge production and transportation technologies, this outcome has been achieved in just over two and a half years’ of commercial production. Total cumulative oil production since the start of […]
Gazprom Neft Badra — a subsidiary of Russia's Gazprom Neft — has commissioned three new production wells (BD-2, P-14 and P-10) at the Badra field in Iraq. Total production across all three wells is running at 23,000 barrels per day, with daily production at the field totalling 77,000 barrels. All three wells are operating under […]
By John Lee. Russia's Lukoil is looking at different ways to increase oil production at West Qurna-2 from the current level of 400,000 barrels per day to 1.2 million bpd. The company's vice president in the region, Gati Al Jebouri [Gati Saadi Al-Jebouri] (pictured), told Gulf News: “Going forward, we are in discussions with Iraqi […]
