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…
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
Iraqi Oil Minister Jabar al-Luaibi said on Monday (December 25, 2017) he was optimistic there would be a balance between supply and demand by the first quarter of 2018, leading to a boost in oil prices. The new contact will allow Zhenhua to receive a $3.5 fee for each barrel of crude produced from the oilfield, Ameedi said, and will serve as a model for all upcoming contracts with international companies. Jalal also said his company has plans to upgrade production from the Neft Khana oilfield near the Iranian border to 8,000 barrels per day from the current 2,000.read more
Iraqi Vice President Nouri al-Maliki told Rudaw during an interview in Baghdad on Thursday that the federal government has to help the Kurdistan Region to solve the problems it is facing including the ongoing financial crisis before “it is too late.” He called the events in Khurmatu since October 16 “ethnic cleansing” and one that they are following with great concern. Maliki served as Prime Minister of Iraq for two terms from 2006-2014. Under his tenure the central government cut the Kurdish share of budget in early-2014 over the KRG’s plans to export oil independent of Baghdad. He deployed the Iraqi security forces to the borders of the Kurdistan Region at least twice when he was the PM, and became the first senior Iraqi politician to threaten Kurdistan with the use of force against the Iraqi-opposed Kurdish vote on independence. In a wide-ranging interview, he told Rudaw presenter Ranj Sangawi that he wants both Iraq and the Kurdistan Region to get over what happened in the past, including the disagreement over the Kurdish vote.read more
Analysts have blamed Egypt’s autocracy for a recent attack that killed hundreds. But that’s not what’s motivating the violence. A few weeks ago, terrorists laid siege to a mosque in the small town of Bir al-Abd that lies just off the east-west road spanning the northern Sinai Peninsula. They killed 305 people and wounded many others. The photos from the scene were macabre—the stuff of Baghdad or Karachi, not Egypt. Until the attack on the al-Rawdah Mosque on November 24, the deadliest terror incident in Egypt occurred in 1997, when a group called al-Gamaa al-Islamiyya killed 57 people—most of them Japanese and British tourists—at the Temple of Hatshepsut near Luxor. The recent bloodletting in the Sinai is believed to be the work of Wilayat Sina, the Sinai branch of the self-styled Islamic State, though no one has claimed responsibility.read more
Capital failure. Blame poor leaders, distracted neighbours and a stalled peace process. Even by the standards of the peace process, this may be a new low. President Donald Trump’s advisers have spent the past year shuttling between Israelis and Palestinians. The administration is close to unveiling a peace plan, but its work has already lapsed into what the White House calls a “cooling-off period”. When Mike Pence, America’s vice-president, visits the Middle East in January, he is unlikely to be received by a Palestinian leader. The latest round of talks may be over before it begins.read more