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INOC to Negotiate with Chevron to Develop Dhi Qar Oil Fields

By John Lee.

The Iraqi Cabinet has authorised the Iraqi National Oil Company (INOC) to negotiate directly with US oil company Chevron to develop four oil fields in Dhi Qar Governorate.

According to a statement from the Ministry of Oil, the fields constitute the Nasiriyah block, which has a target output of 600,000 barrels of crude oil per day (bpd) over a seven-year period.

The announcement follows last month’s approval by Iraq’s Ministerial Energy Council for discussions to go ahead.

Chevron currently has interests in the Sarta and Qara Dagh blocks in Iraqi Kurdistan.

(Source: Ministry of Oil)

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IBBC Dubai Autumn Conference fields Top Speakers in All Sectors

As a measure of confidence in the global and Iraqi economy, the Iraq Britain Business Council (IBBC) is seeing a marked upswing in quality and quantity of speakers at the Autumn Conference at the Address hotel, Dubai 22nd November.

The topic, in line with COP26 and the new energy horizon, is one of sustainability. Not only is this a key question for the oil and gas sector in Iraq, but also for the diversification of the economy and sustainable finances and industrial sectors within the country. With the hope of formation of a new government and stronger oil prices and government revenues, this could be described as a critical juncture in the evolution of Iraq.

Will the Government make the bold reform steps its people require? Can the economy diversify and enable the private sector to flourish? How will Iraq reform its energy sector and inflect towards renewable power, and develop its agricultural intentions at a time of water scarcity? How best to train and employ the many young people in the short term and how can the digital transformation of Iraq be delivered.

The Oil Minister H.E Ihsan Abdul Jabbar Ismaael intends to attend, along with Dr Salem Chalabi President of TBI, the Iraqi Ambassador to UAE, the British Ambassador to Iraq, and HM Consul General to Middle East. There is a very strong showing among IBBC members, leading IOC’s including BP, TotalEnergies, and Basra Gas Company, and major suppliers to the Energy Sector such as Hydro-C and Oilserv and the ability to meet their CEO’s at the event.

Professor Frank Gunter will give his insightful analysis of the economic outlook for Iraq and the steps to reform it must take to create a sustainable economy.

Finance too is fielding heavyweight speakers from IFC, Standard Chartered, Sardar Group (Principal Sponsors), Emirates credit insurance and a representative Director General of the Finance Ministry. Of particular interest are companies dedicated to supporting reform in Iraq, notably City and Guilds via GEMs and Stirling Education who are setting up international level qualifications for Iraqi companies for the first time, to raise standards and opportunities for Iraqi companies and youth, and SAP who are dedicated to the digital transformation of Iraq and will be outlining their vision and practical steps to achieve this. Both skills and digital applications are key drivers of a sustainable economy and take centre stage in this respect.

On the Industry Panel we see Dahlia Energy, Sardar Group, Al Busttan and Khudairi discussing the diversification of the economy and how they can help sustain momentum into the future, with their forward-looking businesses.

In parallel the online Tech conference is addressing data and its benefit to Government, business and the citizen. Sponsored by SAP, who will lead on the benefits of data in digital transformation, complimented by UK’s GDS, Mastercard on smart cities, UK’s Agri-epicentre and British Water and Serco; all leaders in their fields and passionate about the benefits of technology and data in delivering sustainable future economies.

For companies looking to meet the main business leaders in Iraq, this really is a conference to attend. Not only to meet Government officials and ministers, but also the leading supply chain organisations and IOC’s and to learn about the future opportunities and likely evolution of Iraq’s economy. To this end there is a pre-conference reception the night before at the Iraqi pavilion Dubai Expo 2020, and many opportunities to interact with delegates during lunch and coffee breaks, as well as the ability to sign up to view the conference online.

For more information and the latest speaker line up- please go to: IBBC Autumn Conference – IBBC (iraqbritainbusiness.org)

About the sponsors:

Saradar Group: Principal sponsors

With more than 30 years of rich experience in the automotive sector, Sardar Group became the leading group in the Automotive Sector in Iraq. Their intimate knowledge of the Iraqi market helped import, stock and sell the right brands, types, and models, while their excellent reputation, track record and credibility have helped grow the business times many over since 2003.

Since 2005 with a desire to move from Automobile Trading to providing its customers with all-round Automotive Solutions, Sardar Group started utilizing the synergies of its existing operations to diversify its automotive business activities to include Trading, Leasing of Vehicles, Equipment & Machinery and most importantly Aftersales Service Support.

Today, Sardar Group represents world-renowned automotive brands and heavy construction equipment & machinery exemplified in the following brands:

  • Toyota & Hino (in partnership with Sumitomo Corporation)
  • Jaguar
  • Land Rover
  • Polaris
  • Doosan
  • TOTO

Hydro-C : Gold Sponsors

Hydro-C is catalysing the transition of fossil fuel-based energy to renewables by means of introducing sustainable green solutions into the industry to decarbonise operations and projects, and maintain profitable output. The company plan to focus on Solar, Wind and Hydro powers as a source of energy to achieve net Zero with energy providers and IOCs by 2050 in Iraq. By trading the UK innovative solutions and replicating successful projects which can cut on emissions and support sustainable growth. The company focus is on investing in the young generation, education, new technologies and innovations to support this transition.

SAP: Gold Sponsors

SAP is one of the world’s leading producers of software for the management of business processes, developing solutions that facilitate effective data processing and information flow across organizations. SAP helps companies and organizations of all sizes and industries run their businesses profitably, adapt continuously, and grow sustainably. With a global network of customers, partners, employees, and thought leaders, SAP helps the world run better and improves people’s lives. SAP is the market leader in enterprise application software, helping companies of all sizes and in all industries run at their best: 77% of the world’s transaction revenue touches an SAP system. SAP’s machine learning, Internet of Things (IoT), and advanced analytics technologies help turn customers’ businesses into intelligent enterprises. Their end-to-end suite of applications and services enables its customers to operate profitably, adapt continuously, and make a different

City&Guilds/ GEMS: Gold Sponsors

City and Guilds was Founded in 1878 and Granted a Royal Charter by Queen Victoria in 1900.

Global leader in skills development. 4 million people each year use City and Guilds to develop skills that help them into a job, develop on that job and prepare for their next job. Global Benchmark operating in Bahrain, Egypt, Jordan, Kuwait, Lebanon, Oman, Palestine, Qatar, Saudi Arabia, Turkey and UAE

Vocational Education / City and Guilds Models in Iraq:

  • To Partner with Training Institutions for delivery of City and Guilds qualifications – pathway to work programmes with curricula developed by employers.
  • Accredit employers’ own training so employees can obtain internationally recognised qualifications.
  • Partner with Iraqi investors to set up Private Technical and Vocational Institutions that deliver City and Guild qualifications.

Operational in Baghdad, Basra, Erbil and exploring a project in Najaf.

Serco: Silver Sponsors

Serco is managing Air Traffic control systems in Iraq and internationally. In the Middle East, Serco employs more than 4,500 people across four countries including the United Arab Emirates, the Kingdom of Saudi Arabia, Qatar and Iraq

Basra Gateway Terminal: Bronze Sponsors

Basra Gateway Terminal (BGT) is Iraq’s premier container and multi-purpose cargo handling facility. It is situated in Umm Qasr, 50 km from Basra and 500 km from Baghdad.

Operated by International Container Terminal Services Inc. (ICTSI), BGT’s team of high-performing Iraqi and International port professionals deliver customer-focused, high productivity and congestion-free port services to Iraq’s economy.

Bell Finance LLC: Bronze Sponsors

Bell Finance Limited Liability Company was created in the US State of Delaware in July 2019 to build upon the Iraq Middle Market Development Foundation’s lending and educational activities in Iraq since 2005 (www.immdf.org). Bell will continue IMMDF’s lending activities by co-financing with Iraqi banks qualifying private sector projects that generate employment and economic growth in Iraq, incorporating Iraqi private sector companies as equity partners. Bell will also continue and expand IMMDF’s educational activities in Iraq.

(Source: IBBC)

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Iraq Cuts its Basra Light Crude Oil Blend

By Gerald Jansen, for Oil Price. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News.

Iraq Cuts Its Once-Popular Basrah Light Crude Oil Blend

When Iraq introduced Basrah Medium into its portfolio of crude grades, it was believed that a stricter delineation of qualities could finally put an end to Baghdad’s perennial challenge of maintaining quality parameters.

As it seems, however, that optimism has fizzled out completely by now.

Click here to read the full story.

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Iraq Ratifies Paris Agreement on Climate Change

By John Lee.

Iraq has officially ratified the Paris Agreement on Climate Change.

The Agreement will enter into force for Iraq on 1st December 2021.

The Paris Agreement is an international treaty on climate change, adopted in 2015. It aims to keep the rise in mean global temperature to well below 2 degrees Celcius above pre-industrial levels, and preferably limit the increase to 1.5 degrees Celcius.

The official notification from the UN can be read here.

(Source: UN)

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UK SFO reclaims £100,000 from Unaoil Executive

Following a successful investigation and conviction of four individuals for corruption at Unaoil, the UK’s Serious Fraud Office (SFO) has recovered criminal gains of almost £100,000 from a former senior executive.

The full amount must now be paid into the public purse within 28 days.

Earlier this year, the SFO was praised by HM Crown Prosecution Service Inspectorate (HMCPSI) for its work to recover the proceeds of crime, with cases “handled proactively and efficiently by dedicated and skilled staff.”

This latest recovery means the SFO’s confiscation of illicit gains since 2017 stands at well over £1.2 billion. Other notable successes include the £1.2 million secured from the luxury West London property of corrupt Brazilian agent Julio Faerman and the £2 million recouped from the sale of two properties and a cache of jewellery linked to suspected Birmingham fraudster Nisar Afzal.

Commenting on today’s court order, Emma Luxton, Head of Proceeds of Crime and International Assistance at the SFO, said: “The SFO relentlessly pursues those who line their own pockets with illicit gains and we have a proud record of recovering funds for victims and for the UK taxpayer.”

Stephen Whiteley, a former territory manager for Unaoil, was found guilty in July 2020 of paying over $500,000 in bribes to win a $55 million contract for Unaoil to supply oil infrastructure in Iraq. The SFO secured the convictions against Whiteley and three other senior oil executives in an investigation which uncovered schemes to pay a total of $17 million in bribes to win $1.7 billion in contracts for Unaoil in Iraq.

In October 2021, the SFO announced that Petrofac Limited had been ordered to pay £77 million after it admitted failing to prevent senior executives at Petrofac from systematically paying £32 million in bribes to win over £2.6 billion in oil and gas contracts in the Middle East. It was the third set of convictions in the case after David Lufkin, former Head of Sales at Petrofac, pleaded guilty to 11 counts of bribery in 2019 and 3 counts of bribery in 2021. The SFO’s Petrofac investigation originated from its investigation into Unaoil.

The SFO’s Proceeds of Crime Division continues to investigate the criminal gains of the convicted Unaoil executives.

(Source: UK SFO)

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Korea Supports Vulnerable Families in Iraq

The Republic of Korea supports vulnerable families in Iraq to put food on the table

The United Nations World Food Programme (WFP) has received a US$1 million contribution from the Republic of Korea to support WFP’s food assistance for up to 327,000 internally displaced people (IDPs) and Syrian refugees until the end of the year, who are living in camps.

“Through the persistent pandemic and given that many families are still unable to return home, or are suffering in displacement for the second time or more, the Republic of Korea contribution will help us ensure these families are not left behind,” said WFP Representative in Iraq Ally-Raza Qureshi. “Our sincere thanks to the people and government of Korea for this generous support. The Republic of Korea is WFP’s long-standing partner in Iraq, helping families through this critical time.”

The COVID-19 pandemic continues to disrupt the lives of families, alongside rises in food prices, which makes this contribution even more timely.

“With more than 2.4. million people, including IDPs, refugees, returnees and host communities, still being in acute need of humanitarian assistance in Iraq, the Republic of Korea is making continued efforts to support its partners in addressing these requirements,” said Jang Kyung-Wook (pictured), Ambassador of the Republic of Korea to Iraq.

“WFP plays a critical humanitarian role in Iraq by providing emergency food assistance to those in need, and it is my sincere hope that Korea’s contribution this year will help WFP continue its life-saving operations to meet the food security needs of IDPs and refugees living in camps.”

In addition, WFP launched in July monthly cash assistance to displaced families who recently left camps, or who are no longer in formal camp settings. WFP assessments found that these families cannot afford the minimum food needs and are resorting to negative coping strategies such as eating less or going into debt and, hence, need continued support outside formal camp settings.

WFP’s out-of-camp response is working to support 18,000 people. In parallel and as part of the UN’s ‘durable solutions’ approach, WFP is expanding livelihoods activities dedicated for 22,000 out-of-camp IDPs and host communities in Anbar, Diyala, Kirkuk, Ninewa and Salah al-Din governorates, over 13 months.

(Source: UN)

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DNO reports Third Quarter 2021 Results

DNO ASA, the Norwegian oil and gas operator, today reported third quarter revenues of USD 253 million, a 38 percent quarter-on-quarter increase driven by higher North Sea sales and strengthening commodity prices.

The Company’s operating profit climbed seven percent to USD 65 million, weighed down by non-cash net impairments of USD 40 million primarily related to revised Ula area cost and production profiles in the North Sea.

Cash flow from operating activities totaled USD 163 million in the third quarter. Net debt was reduced by USD 36 million to USD 360 million, the lowest level since 2018.

“Like much of the rest of our resilient industry, we are recovering rapidly from the early ravaging of the oil and gas markets by the runaway pandemic,” said DNO’s Executive Chairman Bijan Mossavar-Rahmani. “We are back delivering value to our host countries, shareholders and other partners in an efficient and responsible manner,” he added.

Gross operated production at the Company’s flagship Tawke license in Kurdistan averaged 105,200 barrels of oil per day (bopd) in the third quarter, of which the Peshkabir field contributed 59,900 bopd and the Tawke field 45,300 bopd. Of the total, 78,900 bopd were net to DNO. In the North Sea, net production averaged 13,100 barrels of oil equivalent per day (boepd), bringing the Company’s total third quarter net production to 92,000 boepd.

DNO’s USD 110 million Peshkabir-Tawke gas project, which was commissioned in mid-2020, has injected eight billion cubic feet of otherwise flared gas through the end of the third quarter, capturing 480,000 tonnes of CO2 equivalent. In September, the Company initiated a USD 25 million second phase of the gas capture project to reinject and retain gas in the Tawke reservoir and avoid flaring. Having already eliminated routine venting of methane in operations in 2019, DNO recently launched a leak detection and repair initiative to measure, monitor and mitigate fugitive methane emissions.

Elsewhere in Kurdistan, commerciality was declared on the DNO-operated Baeshiqa license and plans submitted for a fast-track development.

DNO’s active North Sea exploration program notched up a success in the third quarter with appraisal drilling on the 2020 Bergknapp discovery (DNO 30 percent) resulting in a 35 percent upgrade of DNO’s recoverable resource estimate. Also during the quarter, DNO made an oil discovery on the Gomez prospect (DNO 65 percent and operator). Due to uncertainty of producibility, no estimate of recoverable volumes has been established pending further analysis. Another third quarter 2021 appraisal well, Black Vulture (DNO 32 percent), was dry. Following the end of the quarter, the Mugnetind exploration well (DNO 30 percent) encountered limited hydrocarbons and is unlikely to be commercial.

The Brasse development (DNO 50 percent and operator) is on track for a 2022 project sanction with DNO recently entering into a strategic framework agreement with Technip FMC covering subsea deliveries (SURF and SPS).

During the third quarter, the Company completed the placement of USD 400 million of new five-year senior unsecured bonds with at a coupon rate of 7.875 percent, lowering DNO’s average interest rate on its debt while extending the maturity profile.

A videoconference call with executive management will follow today at 15:00 (CET). Please visit www.dno.no to access the call.

(Source: DNO)

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US provides Additional $3m COVID-19 Assistance to Iraq

The United States, through the United States Agency for International Development (USAID), is pleased to announce an additional $3 million in urgent COVID-19 assistance for Iraq.

USAID’s contribution will help Iraq better detect and diagnose COVID-19 infections, reduce COVID-19 cases and deaths, and broadly increase access to vaccines for Iraqis nationwide.

This assistance, implemented by UNICEF and the World Health Organization (WHO), will add up to 800 new COVID-19 vaccination locations, including in challenging humanitarian areas, such as in camps housing refugees and internally displaced persons.

It will also provide equipment and supplies, as well as technical assistance to Iraqi laboratories, clinics, and hospitals for testing, diagnosing, and treating COVID-19. USAID funding also will help train frontline workers on caring for COVID-19 patients and promote vaccination among the Iraqi public.

“As COVID-19 cases continue to surge in Iraq, this latest contribution from USAID will help our local partners better protect the people of Iraq through increased vaccination centers and enhanced prevention and treatment measures,” said Robert Birkenes, USAID’s Acting Mission Director to Iraq. “This is an example of our ongoing commitment to help save lives and defeat the pandemic together.”

USAID has committed more than $60 million since the start of the pandemic to help Iraq respond to COVID-19. The $3 million in additional COVID-19 assistance funds from the American Rescue Plan Act builds on our August donation, in partnership with the Iraqi Ministry of Health, of more than 500,000 Pfizer vaccine doses through COVAX, the global initiative to equitably distribute safe and effective COVID-19 vaccines worldwide.

The activities implemented with this additional support will contribute to the overall goals of the Government of Iraq’s National Strategic Preparedness and Response Plan and the National Vaccine Deployment Plan.

(Source: USAID)

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ILO workshop on Maternity Protection in Iraq

ILO workshop with tripartite partners sheds light on maternity protection in Iraq

A one day workshop funded by the European Union focusing on maternity protection was organised by the International Labour Organization (ILO) in Baghdad on Tuesday (November 2).

The workshop, which brought together representatives of the Ministry of Labour and Social Affairs, the women’s department in the Ministry of Industry and Minerals, employers’ and workers’ representatives, is part of efforts to support progress towards Iraq’s ratification of ILO Maternity Protection Convention, 2000 (No. 183).

The convention  seeks to ensure that the right to work and rights at work of all employed women are adequately protected during maternity and beyond. It sets standards for health protection, maternity leave, benefits, nursing, employment protection and non-discrimination.

ILO specialists on gender, social security and International Labour Standards held sessions, which focused on the key provisions of ILO Convention No.183; gaps in the legal and regulatory framework for maternity protection; the role of social security in guaranteeing maternity protection; and the broader implications of maternity protection for gender equality and women’s participation in the labour market. The event also shed light on Social Security (Minimum Standards) Convention, 1952 (No. 102) .

With support from the European Union, the ILO, together with the United Nations Children’s Fund (UNICEF), and United Nations World Food Programme (WFP), are implementing a joint programme with the Government of Iraq to reform social protection in the country.

The ILO, through the joint programme, is providing technical support in the development of the draft retirement and social security law. The draft law is intended to replace the current Social Security Law No. 39 of 1971. If passed, the draft law will bring in several changes that would make the Iraqi social security legislation closer to meeting the minimum requirements of International Labour Standards.

“The ongoing efforts for the ratification of Convention No.183 and Convention No.102 will enhance and increase women’s access to decent work in Iraq,” said Maha Kattaa, ILO Country Coordinator in Iraq.

(Source: UN)

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Iraq Oil Exports increase in October

By John Lee.

Iraq’s Ministry of Oil has announced preliminary oil exports for October of 96,708,660 barrels, giving an average for the month of 3.120 million barrels per day (bpd), up slightly from the 3.081 million bpd exported in September.

The exports from the oilfields in central and southern Iraq amounted to approximately 93,386,975 barrels, while exports from Kirkuk amounted to 3,011,917 barrels. Exports to Jordan by truck totaled 309,768 barrels.

Revenues for the month were $7.680 billion at an average price of $79.376 per barrel.

September’s export figures can be found here.

(Source: Ministry of Oil)

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