By John Lee. The Basra Gas Company (BGC) is expected to increase production from its current level of 900 million cubic feet per day (mcf/d) to 1,050 mcf/d by the end of this year. A statement from the Ministry of Oil on Thursday added that the project aims to reach a target of 2,000 mcf/d […]
The oil minister of Iraq, Jabbar Ali Hussein Luaibi, and the Chief Executive Officer of Eni, Claudio Descalzi (pictured) met in Baghdad on Saturday. During the meeting Eni's CEO had the opportunity to outline the Company's current activities in the country in light of the recent achievements of the Zubair field development, where the production […]
By John Lee. The state-owned Korea Gas Corporation (KOGAS) has said that it has recouped its $2.49 billion investment in the Zubair oil field in southern Iraq. According to a report from Yonhap, the company has recovered $2.53 million as of December, which exceeds its initial outlay. The oilfield is currently producing around 360,000 barrels […]
By John Lee. Reuters has reported that both BP and Eni have expressed an interest in developing the giant Majnoon oilfield, which Shell plans to exit next year. Iraqi oil officials told the news agency that Iraq's Ministry of Oil has not yet started negotiations with either company. BP is currently developing the Rumaila field, […]
Weir Oil & Gas Dubai has reportedly been awarded a contract with Eni Iraq BV to provide global maintenance services for gas compressor units and associated equipment located in the three Initial Production Facilities (IPF) plants in the Zubair oil fields in Southern Iraq. The gas compressor units are comprised of gas engines, gas compressors, […]
The eleventh edition of the Iraq Petroleum Conference taking place on 22-23 May 2017 in London is set to gather the Country’s industry experts to discuss the future of Iraq’s hydrocarbons sector. Ahead of the conference, CWC Group Director Nawar Abdulhadi interviews one of the key speakers of this year’s event, Mr Loris Tealdi, Managing […]
By John Lee. Hundreds of people protested in Zubair on Sunday to demand jobs. Asharq al-Aswat reports that the protesters tried to block access to oil fields managed by BP and Eni, saying that the oil is "being stolen by thieves.” Despite its oil wealth, the Basra region suffers from poor services and huge unemployment, […]
Dubai-based Drake & Scull International PJSC (DSI) has announced that it has been awarded a AED 226 million ($61 million) engineering, procurement and construction (EPC) contract for the construction of a water injection network installation project at the Zubair oil field in Basra, Iraq by ENI Iraq B.V. (EIBV) a subsidiary of the Italian oil […]
By John Lee. A senior Iraqi oil official has told Reuters that international oil companies (IOCs) have warned of delays to projects to increase its crude oil output if the Iraqi government insists on drastic spending cuts this year. Investments by IOCs are repaid with crude oil, which has become a problem since oil prices […]
By John Lee. In its First Quarter 2016 Results, oil services company Weatherford said that it has now largely completed its Zubair project in Iraq. Net cash expenditure on the project to date amounts to $47 million. Shares in Weatherford have fallen by almost 30 percent since the results announcement. (Source: Weatherford, Yahoo!)
By John Lee. Shafaaq reports that Iraq will pay foreign oil companies about $2 billion in remaining arrears for 2015 in April. The arrears were accumulated to international oil companies (IOCs) such as BP, Shell , ExxonMobil, Eni and Lukoil, which operate in under service contracts, whereby they are paid a fixed dollar fee for […]
By John Lee. Radioactive material that went missing in Iraq in November has been found, apparently undamaged, on Sunday near a patrol station in Zubair. The chief of the security panel at the Basra Provincial Council told Reuters: "A passer-by found the radioactive device dumped in Zubair and immediately informed security forces which went with […]
