By John Lee. France's Total is reported to be in talks to sell its 18-percent stake in the Sarsang block in Iraqi Kurdistan, in a move aimed at reducing the company's debt. Bloomberg says the company is working with Jefferies Financial Group on the deal, adding that the holding could be worth as much as […]
By John Lee. Iraq's Ministy of Oil has awarded all four development projects, and two of the seven exploration blocks, that it offered in its fifth auction of oil licences. Only nine of the 26 companies originally pre-qualified took part in the auction, with majors such as Lukoil (Russia), ExxonMobil (US) and Total (France) not bidding. Development […]
By John Lee. France's Total is said to be interested in bidding to build the greenfield 150,000-bpd Nassirya oil refinery. The Director General of the Dhi Qar Oil Company (DQOC), Ali Warid Hammood, told Reuters at the CWC Iraq Petroleum Conference in Berlin that bids are still open for the project, and that international oil […]
By John Lee. Iraqi Oil Minister Jabar Ali al-Luaibi [Allibi, Luiebi] (pictured) has reportedly said that Chevron and Total have expressed interest in developing the Majnoon oilfield. Oil giant Shell is trying to sell its stake in the field following a failure to reach agreement with Iraq’s Ministry of Oil. Reuters quotes the Minister as […]
By Dilshad Abdullah for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. International oil companies pull out of Kurdistan Exxon Mobil has pulled out of three of the six exploration blocks it operated in the Kurdistan Region. The American oil giant withdrew […]
By John Lee. Reuters reports that Iraq has asked international oil companies to save costs by shutting down their prestige offices in Dubai and running their Iraqi operations from within Iraq. Oil companies with contracts in Iraq have to clear spending with Baghdad, including staffing costs, and are then repaid with income from Iraq's exports […]
By John Lee. Russia’s Lukoil is in talks with Shell and Total regarding their participation in a petrochemical complex in southern Iraq. President Vagit Alekperov (pictured) told TASS: "To create a petrochemical complex - now the negotiations are under way with Shell and with Total. The Iraqi side supports our efforts." He added that Iraq […]
By John Lee. Iran has reportedly signed an agreement with France's Total to develop the South Azadegan oil field, which is shares with Iraq. Iranian Oil Minister Bijan Zangeneh (pictured) is quoted as saying that both parties have agreed to keep the details of agreement confidential, adding that the French firm is now "studying its […]
By John Lee. French oil company Total and Swiss oil-trading company Vitol have been fined for corruption by a French court in relation to Iraq’s oil-for-food program. According to Bloomberg, Total was guilty of corrupting foreign civil servants, and has been fined EUR 750,000, while Vitol has been fined EUR 300,000. Other corruption charges against Total […]
By John Lee. A spokesman for Iraq's Ministry of Industry and Minerals has said that the ministry is about to finalise a partnership contract with French company Total to set up a giant petrochemical project in Basra province. Abdul Wahid al-Shammari made the comments following a visit by the company's representative in Baghdad. He said the […]
By John Lee. Oil Minister Adel Abdel Mahdi [Adil Abd Al-Mahdi] met on Sunday with a delegation from the French oil company Total, lead by Mr. Pascal Carrier. The Minister confirmed that Iraq is keen to foster relations with companies such as Total, and aims to expand cooperation in the field of oil and energy […]
By John Lee. According to a report from the Financial Times, Iraq’s introduction of the new Basra Heavy crude oil grade is causing problems for the international oil companies (IOCs). Since its launch in June, IOCs such as Shell, BP, Total, Lukoil, Petronas and China National Petroleum Corporation (CNPC) have received their remuneration for development […]
