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 […]
By John Lee. Russia's Lukoil and Japan's Inpex have successfully completed the testing of the first exploratory well, Eridu 1, at Block 10 in Basra governorate. The well recorded a daily flow rate of more than 1,000 cubic meters of sweet oil from Mishrif horizon, confirming geological expectations of a large hydrocarbon field presence within […]
Russia's Rosneft and the Kurdistan Regional Government of Iraq signed a Cooperation Agreement in the fields of upstream, infrastructure, logistics and trading. The document was signed on the sidelines of the IP week conference in London. Pursuant to the Cooperation Agreement the parties signed a pre-financed Crude Oil Purchase and Sale Contract of Kurdistan Region […]
Russia's Rosneft group has started drilling its first exploration well at Block 12 in Iraq. The Salman-1 well will be drilled to the measured depth of 4,245 m through Kurra Chine target horizon to be followed by further testing of five prospective targets. The Company plans to complete drilling in July 2017. Company of Rosneft […]
By John Lee. Russia's Lukoil has said it has no plans to cut oil production in Iraq in 2016-2017. Company President Vagit Alekperov (pictured) told reporters: “No, not yet. So far, we have not received such recommendations from the Government of Iraq.” (Source: Tass)
By John Lee. In its third-quarter and nine-month results announced on Monday, Russia's Lukoil reports that its capital expenditures for the first nine months of 2016 were 19.1 percent lower than in the corresponding period of 2015. This decrease partly attributed to moving to the maintenance oil production stage at the West Qurna-2 project in […]
