The latest West Qurna Oilfield News – Baker Hughes, contract, Shell, Lukoil, Russia, new oil wells and more – brought to you by Iraq Business News.
The Middle East Economic Survey (MEES) reports that Norwegian producer Statoil ASA is trying to sell its stake in the West Qurna-2 oilfield. According to the report, the company may use the negotiations to improve the terms of the West Qurna-2 contract and decide against pulling out. If a sale happened, it would be the […]
Piling Tech, a subsidiary of the UAE-based business conglomerate Tech Group, said that it has won its first oil sector contract in Iraq, valued at $10 million. Under the terms of the agreement, Piling Tech will be involved in the installation of piles, foundations and wells for the West Qurna-2 oil field in southern Iraq. […]
Nouri al-Maliki has said that the iraqi Government has no intention to cancel the contract with ExxonMobil to develop the West Qurna 1 oil field. "We haven't cancelled its contract in the south," said Mr. Maliki in an interview with The Wall Street Journal. "We are looking for a way for [ExxonMobil's] other contracts in […]
Russian news agency RBC Daily reports that Lukoil, Russia’s second-largest oil producer, is looking to expand its business in Iraq through buying part of ExxonMobil's 60% stake in the West Qurna 1 field. If the deal goes ahead Lukoil would hold 37.5% of the business. It is already in partnership with Norway's Statoil in the […]
Shell, Mitsubishi and the Iraqi government have finally signed the $17.2 billion deal on Sunday to capture flared gas at Iraq's southern oilfields. The 25-year project is intended to boost production of badly needed electricity and reduce the environmental damage caused by flaring, as well as opening up the possibility of gas exports. It will harness […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The news of ExxonMobil’s venture by signing 6-blocks PSCs with KRG could have very serious ramifications as the move is rather puzzling, it occurred and became known at critical time, and consequently […]
An adviser to the Resources Minister of the Kurdistan Regional Government (KRG) confirmed on Friday that ExxonMobil has signed agreements to explore for oil and gas in six blocks in Iraqi Kurdistan, according to Dow Jones. This is big news, as the Baghdad government has previously excluded companies operating in the Kurdish region from oil contracts […]
Russia's RIA Novosti reports that the country's largest private oil firm, LUKoil, has started exploration drilling on the giant West Qurna-2 oilfield in Iraq. Company head Vagit Alekperov said on Tuesday, "we have launched drilling, well borers are already there". In 2009, a consortium comsisting of LUKoil and Norway's Statoil won a tender to develop […]
Dow Jones reports that Lukoil and its partners are about to award a feast of contracts to international engineering and construction companies as it moves full speed ahead with development of its supergiant West-Qurna Phase 2 in southern Iraq. The company is in the final stages of evaluating commercial and technical bids for contracts competing […]
Dow Jones reports that Iraq has agreed with oil majors to build a multi-billion-dollar oil field water injection plant in the south of the country, after disagreement over costs that suspended the project for months. The water injection project aims to provide water to maintain reservoir pressure to fields such as Rumaila, West Qurna Phase […]
Baker Hughes will drill 23 new wells in Iraq’s largest oil field, West Qurna 2, after signing a contract with Russia’s second largest oil company, Lukoil. Baker Hughes will use five rigs using advanced technology to drill the wells to a depth exceeding 4,000 meters, the statement said. "Drilling will begin in the fourth quarter of […]
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 […]
