Cursor International executes projects and collaboration activities across several industries.
By John Lee.
ExxonMobil Iraq Limited has awarded Schlumberger a 42-month IDS contract for 30 wells in the West Qurna Field.
The contract includes the provision of drilling rigs and multiple technologies and services, and the first well was spud in July.
The announcement was made in the company’s Third-Quarter 2018 Results on Friday.
(Source: Schlumberger)
By John Lee.
Russia’s Lukoil will start production at Block 10 in 2021, according to a report from Platts.
The Chinese company Bohai has started to drill the 4th well at the block in southern Iraq.
In February 2017 Lukoil announced Iraq’s largest discovery of oil for twenty years at the Eridu field in Block 10, with recoverable reserves in excess of 2.5 billion barrels of crude.
(Source: Platts)
(Picture: Seismic Survey at Block 10)
By John Lee.
ADES International Holding Ltd., a London-listed company providing offshore and onshore oil and gas drilling and production services in the Middle East and Africa, is to expand into Southern Iraq.
The company will acquire two idle land rigs in Iraq from Weatherford, as part of a $287.5-million deal to buy 31 rigs from the Swiss-based company.
Commenting on the transaction, Dr. Mohamed Farouk, Chief Executive Officer of ADES International Holding, said:
“We are truly delighted to have signed this agreement with Weatherford … [which] significantly expands ADES’ total fleet and more than doubles its operational fleet”
(Sources: ADES International Holding Ltd., Weatherford)
By John Lee.
China’s Zhongman Petroleum and Natural Gas Group (ZPEC) and BP Iraq have signed an integrated drilling service contract for 15 wells at Iraq’s Rumaila oilfield
The contract amount is worth approximately $60 million.
It is understood that the project was publicly tendered in November 2017. According to a statement from the company, several well-known oil service companies, including the four major oil service companies, participated in the bidding.
(Source: ZPEC)
Gazprom Neft subsidiary Gazprom Neft Middle East B.V. has commissioned a second well — the Sarqala-2 — at its Sarqala field (within the Garmian block), located in the Kurdistan Region of Iraq (KRI).
The new well is currently producing 11,000 barrels per day (bpd), with potential to increase this to 15,000. Total daily production at the field has now increased more than two-fold, exceeding 21,000 bpd.
Sergei Petrov, General Director, Gazprom Neft Middle East B.V. commented:
“The Sarqala-2 well is operating under high reservoir pressure and temperature. But by using exceptional technical solutions in well construction we have been able to make significant reductions in operating costs, as well as bringing the project in on time.”
Denis Sugaipov, Director of Major Projects Upstream at Gazprom Neft, added:
“Thanks to the commissioning of this new well we have been able to confirm our geological prognoses and obtain updated information on strata composition at the Sarqala field. The geology of the KRI is, generally, under-researched, so this new well is of major importance in terms of gaining knowledge and experience of the field.”
First oil from the Garmian block was obtained in 2011, with commercial crude shipments from the field commencing as early as 2015. As at 15.04.2018 total cumulative production at the field stood at seven million barrels of oil.
The first phase of expanding gathering and treatment capacity to 25,000 bpd is now complete, with work continuing on expanding infrastructure to accommodate 35,000 bpd. Drilling of the Sarqala-3 well is planned for Q3 2018, completing Phase I of field development.
(Source: Gazprom Neft)
By John Lee.
Chevron has reportedly announced that it had resumed drilling operations at the Sarta-3 well in Iraqi Kurdistan.
The US company temporarily suspended operations in October following the controversial independence referendum, which increased tensions between Baghdad and Erbil.
According to Kurdistan 24, it currently operates and holds an 80-percent contractor interest in two production-sharing contracts covering the Sarta and Qara Dagh blocks.
(Sources: Reuters, Kurdistan 24)
The National Iranian Drilling Company (NIDC) is planning to participate in neighboring Iraq‘s drilling tenders.
Speaking to reported on the sidelines of an oil show in Kish Island, on Tuesday, Sepehr Sepehri, NIDC managing director, said the company’s approach is to secure itself a toehold in global markets, adding NIDC is planning to participate in international drilling tenders in Iraq.
“We have plans to join drilling projects in neighboring countries and we have started correspondences with Iraq in this regard,” the official said.
Sepehri said the two country’s access to Arvand Free Zone, favorable crude oil production capacity in Iraq’s Basra and the good terms the two neighbors are on are among the advantages of working in Iraq.
He further said that NIDC will take part in three drilling tenders that Italy’s ENI is planning to hold in Iraq.
The NIDC official added that Oman is another market the company is seeing to gain a foothold in.
“We have indicated readiness to offer services to Oman, too, and will consider the matter in more depth during a visit by an Omani delegation to Iran within the next few weeks.”
Besides drilling operations, NIDC enjoys massive potentialities in offering drilling services, the CEO added.
“After Iraq and Oman, we are targeting operations in Qatar,” Sepehri added.
(Source: Shana)
By John Lee.
US-based Chevron plans to resume drilling at the Sarta 3 block in Iraqi Kurdistan.
According to a report from Bloomberg, the company had temporarily halted exploration work in October after the Kurds voted in favour of independence.
Chevron acquired Reliance Exploration & Production DMCC‘s 80 percent interest and operatorship of the production sharing contracts (PSCs) covering the Rovi and Sarta blocks in 2012; Austria’s OMV holds of the other 20 percent interest.
The blocks are located north of Erbil and cover a combined area of approximately 490 square miles (1,124 square kilometers).
(Sources: Bloomberg, Reuters)
By John Lee.
UK-based drilling and engineering contractor KCA Deutag has announced that it has been awarded a one year contract for two rigs to carry out land drilling operations in Southern Iraq.
Its T-210 rig (pictured) will move from Oman to work along with the T-601, bringing the company’s total number of rigs in Southern Iraq up to three.
This new contract, along with deals for another three rigs in other territories, have a combined contract value of $48 million.
Commenting on these awards, Simon Drew President of Land said:
“These contract wins, which come in a tough environment in the wider oil industry, are very important to the Land Business Unit and KCA Deutag as a whole. They have been won against intense competition and I would congratulate all our staff on delivering these contract successes. We look forward to delivering value to our clients through exceptional well construction performance.”
(Source: KCA Deutag)
By John Lee.
Kuwait Energy has said that by focusing on its Iraqi operations, it is protected against oil price fluctuations, allowing it to sustain growth and a strong balance sheet even under volatile market conditions.
In its Financial Statement for 1st Half 2017, the company says:
“Our finances reflect the continued growth in the Company’s operations, and although global oil prices fell by around 20% in the second quarter of the year we remained profitable, a testimony to our naturally hedged Iraqi production, which continues to increase, reflected in the 47% increase in revenues – in comparison to the same period last year – and a healthy cash balance in excess of US$67.0 million …
“In Iraq, we are paid regularly in the form of assigned crude shipments. The increase in our Iraqi production is now enabling us to take larger crude liftings than before. With the additional wells coming on stream over the coming months, these shipments will be more frequent adding to our cashflow growth. We are currently loading our largest Iraqi crude shipment and expect to receive the payment before the end of October 2017.“
The company has interests in Mansuriya, Siba, and Block 9.
(Source: Kuwait Energy)
(Picture: Sara Akbar, CEO, Kuwait Energy)