Korea Gas Corp (Kogas) said on Tuesday that it will receive 500,000 barrels of crude oil on 15th December as "remuneration fees" and as a return on investment for helping develop Iraq's Zubair oil field. Kogas plans to sell the crude in the international market, according to a report from MarketWatch. Its project partner, Occidental […]
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 […]
International oilfield services company Expro has secured a contract win in the Middle East with Eni Iraq BV, lead contractor of the Zubair Consortium. The contract, providing chemical analysis laboratory work, for the Zubair field in Southern Iraq, represents Expro’s first direct contract in Iraq and is recognition of Expro’s expertise in the provision of […]
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 […]
Levels of violence fell slightly in Iraq over the past week, with incidents concentrated in Baghdad, Mosul, and an arc stretching from Taji in Salah ad-Din province to Ba’qubah in Diyala province. Ta’mim province also saw a scattering of incidents while there was at least one successful attack and one prevented in Basrah province. The […]
Italian energy company ENI, operator of Iraq's giant Zubair oil field, said it was interested in more operations in the country after talks with Baghdad leaders. ENI's Chief Executive Officer, Paolo Scaroni, accompanied by the company's E&P COO, Claudio Descalzi, met with Iraqi Prime Minister Nouri al-Maliki in Baghdad to discuss the redevelopment of Zubair […]
According to a document obtained by Reuters from Iraq's oil ministry, Iraq's Zubair oilfield will reach its peak output target of 1.2 million barrels per day (bpd) by the start of 2017. The Zubair consortium plans to invest around $18 billion to upgrade the southern Iraqi field, spending $2.8 billion in 2011, $4.9 billion in […]
There was a reduction in overall levels of violence in Iraq last week, making it the quietest week in the country since February. Baghdad actually had the quietest week so far in 2011, which is promising, except that the authorities have warned that the lull is likely to be temporary. It may be the case […]
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 […]
Iraq’s insurgents are targeting the country’s oil industry, according to a report by Joel Wing for AKnews. In June there were five attacks on oil-related infrastructure and personnel: June 5: Zubair oil field in Basra was attacked. Reports differ as to whether it was hit by bombs or rockets, but its oil storage facility was […]
The Italian oil company Eni, and its Saipem subsidiary, said in a statement Wednesday that they are the injured parties in an investigation into alleged bribes related to contracts in Kuwait and Iraq. BusinessWeek says Milan prosecutors are investigating whether executives took bribes from Italian engineering and construction firms for subcontracts in Iraq's Zubair oil […]
Levels of violence rose in Iraq last week, although conditions were not as bad as a fortnight ago. Most incidents were concentrated in Baghdad, Anbar and Salah ad-Din provinces, with an overall decline in militant activity in the north of the country and a rise in attacks in the south. There has also been a […]
