Cursor International executes projects and collaboration activities across several industries.
By John Lee.
A report from Bellingcat claims to have identified the source of a mysterious black sludge in Mosul Lake.
Analysis of open source satellite images suggest a combination of oil waste water, caused by either oil dumping or flooding of polluted rivers by the winter rains.
Click here to read the full report.
(Source: Bellingcat)
By John Lee.
At the Third Brussels Conference on “Supporting the Future of Syria and the Region” on Thursday, the United States announced more than $397 million in additional humanitarian assistance for the people of Syria as part of the Regional Refugee and Resilience Plan for 2019-2020.
According to a State Department announcement, more than $18 million of this will be used to support efforts in Iraq, bringing the US’s total contribution to Iraq to nearly $376 million since the start of the crisis.
The Kurdistan Regional Government hosts 97 percent of Syrian refugees in Iraq. U.S. funding supports the repair and upgrade of shelters, improvements to water and sanitation systems in refugee and host communities, and the management and maintenance of camps.
Funding also supports psychosocial care and the expansion and rehabilitation of schools, along with teacher training and the provision of school supplies.
(Source: US State Dept)
By Ali Mamouri for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.
Iraqi officials stress need to boost Arab ties while balancing relations with Iran
The Iraqi city of Sulaimaniyah hosted the sixth-annual Sulaimaniyah Forum on March 6-7, where discussions focused on Iraq’s strategic significance in the region. During the forum, Iraqi officials and their Arab counterparts called for Iraq to re-embrace strong ties with its Arab neighbors and strike a balance in its ties with Iran.
This year’s forum was held under the motto “Iraq and Its Neighbors: Toward a New Regional Order.”
Iraqi President Barham Salih (pictured) said on the first day of the forum that Iraq is striving to bring together different viewpoints in the region based on its depth of ties with Arabic and Gulf states, assuring that this will bring major economic developments to the country and help solve the security crisis. Iraq is capable of being an “arena for consensus and reconciliation among the countries of the region,” he noted.
From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News.
How will US sanctions affect Iran-Iraq economic relations?
The Trump administration is giving Iraq a few more months to continue buying oil and electricity from neighbouring Iran before the United States enforces sanctions against Tehran.
After years of conflict, Baghdad now relies heavily on Iran for goods and services.
And Iranian President Hassan Rouhani is visiting Iraq to solidify ties between the neighbours, trying to convince them to defy the US president.
Al Jazeera‘s Natasha Ghoneim reports from Baghdad:
Shares in Gulf Keystone Petroleum (GKP) were trading up 3 percent on Monday after the company provided an operational and corporate update on its operations in Iraqi Kurdistan.
Analyst Peel Hunt has reportedly re-issued its “Buy” rating during the morning.
Operational
Corporate
Outlook
Despite Q1 production having been affected by SH-1 being offline for the workover, and the export system being shut-down for maintenance for a week earlier this month, the Company maintains its 2019 gross average production guidance in the range of 32,000 – 38,000 bopd
(Sources: GKP, Yahoo!, Financial Headlines)
Pearl Petroleum Company Limited, the consortium led by Crescent Petroleum and Dana Gas of the UAE, has signed a new 20-year Gas Sales Agreement (GSA) with the Kurdistan Regional Government (KRG) to enable production and sales of an additional 250 MMscf/day that the consortium aims to produce by 2021 as part of their expansion plans in the Kurdistan Region of Iraq (KRI) in order to boost much needed local domestic electricity generation.
Pursuant to the Settlement Agreement reached between the parties in August 2017, this new gas sales agreement was signed on 19th February 2019 by Dr. Ashti Hawrami, Minister of Natural Resources on behalf of the Kurdistan Regional Government, and Mr. Majid Jafar, CEO of Crescent Petroleum and Board Managing Director of Dana Gas, on behalf of Pearl Petroleum.
All approvals for the agreement, including by the the Kurdistan Region Council for Oil & Gas Affairs and the Board of Pearl Petroleum, have since been granted, with project work now under implementation.
The Kurdistan Gas Project was established in 2007 as Dana Gas and Crescent Petroleum entered into agreement with the Kurdistan Regional Government (KRG) for certain exclusive rights to appraise, develop, produce, market, and sell petroleum from the Khor Mor and Chemchemal fields in the Kurdistan Region of Iraq (KRI).
Production from the newly built plant in Khor Mor began just 15 months later, in October 2008. In 2009, Pearl Petroleum was formed as a consortium with Dana Gas and Crescent Petroleum as shareholders, and with OMV, MOL, and RWE joining the consortium subsequently with a 10% share each.
The $700 million expansion underway at the Khor Mor plant will include the addition of two new production trains at the Khor Mor plant, as well as drilling of new wells with plans to raise production from the current 400 MMscf/day to reach 650 MMscf/day by 2021 based on this latest GSA, and then to 900 MMscf/day beyond that by 2022.
This follows the 30% production increase from debottlenecking throughput at the Khor Mor plant, which brought current total production to 106,000 barrels of oil equivalent per day (boepd), making it the largest regional private sector upstream gas operation in Iraq today.
Gas sales commenced late in 2018 under a gas sales agreement signed in January of that year, and all payments have been received in a timely manner in full, which gives confidence for the investment and expansion plans currently underway by the Consortium. The Kurdistan Gas Project, which recently commemorated 10 years of continuous production, supplies natural gas from the Khor Mor field by pipeline to power plants in Bazian, Chemchemal and Erbil, as well as LPG and condensate, which are sold in the local markets.
In August 2017, Pearl Petroleum reached a full and final settlement with the KRG of the arbitration between them, including settlement of past receivables and committing to expand their investment and operations in the region. These expansion plans include the multi-well drilling program currently underway in both the Khor Mor & Chemchemal fields, as well as installation of additional gas processing and liquids extraction facilities. The fields are operated jointly by Crescent Petroleum and Dana Gas on behalf of Pearl Petroleum.
Total investment in the Kurdistan Gas Project to date exceeds $1.6 billion, with total cumulative production of over 260 million barrels of oil equivalent (boe), delivering billions of dollars in fuel cost savings and wider economic benefits for the Kurdistan Region and Iraq as a whole. That impact will continue to grow as production capacity expands in the coming years.
Dr. Ashti Hawrami, Minister of Natural Resources of the Kurdistan Regional Government (KRG) said:
“This agreement is an important step for us as we deliver improved services to the people of the Kurdistan Region of Iraq through enhanced electricity generation from the increase in gas production by the Consortium. The Kurdistan Region holds significant reserves of gas and the KRG is committed to playing a positive role in the growing gas and electricity needs of Iraq and the region.”
Mr. Majid Jafar, CEO of Crescent Petroleum and Board Managing Director of Dana Gas, commented:
“This gas sales agreement opens a new chapter in the expansion of the Kurdistan Gas Project that will see a further investment of over $700 million in coming years to expand production up to 900 MMscf/day, further fueling the Region’s economic growth and development. We look forward to developing the significant resources from these important fields, for the benefit of the Kurdistan Region and all of Iraq.”
Dr. Patrick Allman-Ward, CEO of Dana Gas, added:
“Dana Gas and our partners in Pearl Petroleum are particularly proud to be investing further in the gas sector of the Kurdistan Region of Iraq, delivering a reliable source of cleaner energy, and supporting local economic development. The continuing receipt of payments in a timely manner gives confidence for our continued investment commitment as we enter our second decade of production.”
As part of its work in the KRI, Pearl has implemented a corporate social responsibility program to support local communities, including providing school supplies, drinking water treatment, generators and fuel enabling 24-hour electricity for local villages, mobile medical units, and youth sports facilities, as well as financial support for 1,000 orphans from the Chemchemal area in partnership with a local charity Foundation.
These initiatives are assisting the local communities in improving their standard of living, health, well-being, security and stability and the development of human capital.
(Source: Dana Gas)
By John Lee.
Shell is reported to be still in the process of evaluating the viability of the $11-billion Nebras petrochemical complex in Basra.
The project was designed to produce 1.8 million mt/year of various petrochemicals, using naphtha as a feedstock.
Last year, Reuters reported that Saudi Basic Industries Corp (SABIC) was in talks to join the project, but according to S&P Global Platts there has been no update on the progress of these talks.
(Source: S&P Global Platts)
Intertek, the UK-based assurance, inspection, product testing and certification company, has announced the launch of the first independent crude oil, fuel testing and petroleum products laboratory in Iraq.
The new hydrocarbon laboratory, located in the port of Khor Al Zubair, will support the increased demand for quality assurance solutions in the petroleum industry across Iraq and will soon be offering octane engine fuel testing of gasoline for the first time in the country.
The launch of the 1,300 square feet laboratory allows Intertek to offer its services in this fast-growing market and in this highly strategic location. Khor Al Zubair incorporates industrial areas that are home to several petrochemical and other companies that will benefit from the proximity of the laboratory services to their operations. The nine jetties in the port of Khor Al Zubair are vital for fuel imports and exports in Iraq and enable direct access for crude carriers, refiners, distributors and trade companies.
Based within SKA Energy’s new oil storage terminal, the laboratory represents a significant investment in the Iraq oil and gas industry. Offering a wide range of services for the petroleum and related industries, the laboratory will deliver sample testing, and services for the downstream oil and gas and aviation sectors.
It will also provide detailed crude oil, naphtha and gasoline quality analysis and testing, which helps clients maintain or improve fuel quality to meet commercial and regulatory specifications. The facility will offer 24/7 operations and trouble-shooting support.
Matthew Skinner, Intertek Regional Managing Director Gulf and Pakistan, said:
“As the demand for Assurance services in Iraq grows, we are delighted to have achieved an industry first in opening this laboratory.
“Our new facility in Khor Al Zubair allows us to cater for the needs of numerous parties operating within the oil and gas industry in Iraq, providing our customers with systemic Total Quality Assurance Solutions. Local companies can now obtain lab reports to help them assess their fuels in accordance with industry international standards, at a shorter turnaround time.”
(Source: Intertek)
By John Lee.
Oil Minister Thamer Al-Ghadhban met on Tuesday with Nhat Ozdemir, Chairman of the Board of Directors of Turkish conglomerate Limak.
The minister said he was keen to develop the energy sector through cooperation with international companies, noting the presence of promising opportunities in Iraq.
Mr Ozdemir said his company wants to cooperate with the Ministry of Oil in the development of the energy sector in the country.
(Source: Ministry of Oil)
By , for the AMAR International Charitable Foundation.
Work is a huge part of our lives. It provides security, meaning and a sense of belonging. It’s part of who we are.
Many AMAR staff, like the people they serve, have been displaced by war and violence. Working for AMAR provides structure and a semblance of normality.
But work means many different things to different people. To mark International Women’s Day, we’re asking some of the women of our workforce, “what does working for AMAR mean to you?”
Click here to hear their stories.
(Source: AMAR)