Source: FInancial Tribune
US companies are eager to strengthen bilateral cooperation with Iraq in all industrial sectors, especially in oil and gas, the Iraqi Ministry of Oil said on Thursday after US Ambassador to Iraq Douglas Silliman met with Iraqi Oil Minister Jabbar Al-Luaibi.
Al-Luaibi invited US companies to take part in tenders called by the Iraqi ministry and said Iraq was preparing more favorable work conditions for foreign companies investing and doing business in Iraq, Oil Price reported. The two US supermajors, ExxonMobil and Chevron, already have operations in parts of Iraq. Exxon signed an agreement in 2010 with Iraq’s South Oil Company to redevelop and rehabilitate the West Qurna I Oilfield in southern Iraq.
In 2013, Exxon signed agreements with PetroChina and Pertamina for participating interest in the West Qurna I project. In October 2011, Exxon signed six production sharing contracts covering more than 848,000 acres in the Kurdistan Region of Iraq.
Chevron, on the other hand, has operations in the Kurdistan Region. Chevron operates and holds an 80% stake in the Sarta production-sharing contract and the Qara Dagh PSC. The two blocks cover a combined area of 279,000 net acres.
Following the Kurdistan region’s independence referendum and Iraq’s federal government backlash against Kurdistan, Chevron temporarily suspended drilling in the region.
In southern Iraq, Chevron is one of the major foreign companies—alongside France’s Total and Petrochina—that could form a consortium to take over the operation of the Majnoon field from Shell, which has said it wants out of the project. Currently, Shell is the operator and holder of 45% at Majnoon, with Malaysia’s Petronas owning 30% and Iraq’s Missan Oil Company holding the remaining 25%.
At the end of December, Iraq said that it had formed a management team to take over operations from Shell after the Anglo-Dutch major exits the field by the end of June.
Iraq wants to raise production at Majnoon from the current 235,000 bpd to around 400,000 bpd in the “coming years.” READ MORE…
ISIS threat ‘is going to morph’ and possibly go underground in Iraq, says Maj.-Gen. Mike Rouleauread more
Government corruption provided Daesh and local militias with the umbrella they needed to seize power in Iraq, officials and lawmakers told Arab News on Thursday. They said Iraq’s security and political stability will remain threatened as long as corrupt officials continue to control the country’s assets. Iraq is high on the list of the most corrupt countries. The Iraqi Parliamentary Committee of Integrity told Arab News that the estimated value of “looted” amounts during the past 12 years has been more than $200 billion.read more
Mr Al Abadi has faced internal pressures to postpone the elections for at least six months but is adamant they will go ahead. Iraqi prime minister Haider Al Abadi has assured the nation that parliamentary and provincial elections will be held in Iraq in May as scheduled. Mr Al Abadi has faced internal pressures from the State of Law Coalition and the Union of Sunni forces in addition to Kurdish parties to postpone the elections for at least six months, Al Hayat, the pan-Arab newspaper reported. But in his weekly press conference, the prime minister dismissed any doubts, saying, “The cabinet today reiterated that provincial and parliamentary elections will be held on 12 May 2018.,” Mr Al Abadi said. “There is no reason for delaying the elections.”read more
As Iraq celebrates the defeat of ISIS, the Sunni Arab community is confronting an identity crisis in the aftermath of the occupation. For some, accommodation with the Shiite-led government offers a new Iraqi nationalism. While unbridled joy has greeted the defeat of the so-called Islamic State across Iraq, the wreckage left behind includes severe trauma to Iraq’s Arab Sunnis – leaving the minority community facing what some say is an existential crisis. One metric by which to assess this is the numbers: Most of the 5 million displaced persons in Iraq are Sunnis. And most of the tens of thousands of Iraqis who were killed, raped, or kidnapped by ISIS jihadists are Sunnis. Nearly every city left in ruins by the fight to expel ISIS – from Fallujah and Ramadi to Mosul – is predominantly Sunni. Another metric is psychological: The community’s failure has been so acute – succumbing to nearly four years of brutal ISIS rule, and even sometimes welcoming ISIS, at first – that Iraq’s Sunnis are reeling like they haven’t for a century.read more
Oil prices surged to 2-1/2-year highs and U.S. crude touched $60 a barrel in light trading volume on Tuesday, boosted by news of an explosion on a Libyan crude pipeline as well as voluntary OPEC-led supply cuts. Iraq’s oil minister said on Monday there would be a balance between supply and demand by the first quarter, leading to a boost in prices. Global oil inventories have decreased to an acceptable level, he added.read more