Cursor International executes projects and collaboration activities across several industries.
By John Lee.
UAE-based Crescent Petroleum has signed the initial contracts to develop the oil fields of Gilabat-Qumar (in Diyala), Khashim Ahmer-Injana (in Diyala), and Khudher Al-Mai [Khider al-Mai] (in Basra and Muthana).
Mr. Abd Allah Al-Kadhi, the head of exploration and production in the company, said that production will start after three years.
The contracts will now be sent to the Cabinet to be ratified for final signature.
(Source: Ministry of Oil)
By John Lee.
Iraq’s Ministry of Oil has announced final oil exports for May of 108,194,920 barrels, giving an average for the month of 3.490 million barrels per day (bpd), an increase from the 3.340bpd exported in April.
These exports were entirely from the southern terminals, with no exports registered from Kirkuk via Ceyhan.
Revenues for the month were $7.566 billion at an average price of $69.932 per barrel.
April export figures can be found here.
(Source: Ministry of Oil)
By John Lee.
Oil Minister Jabar Ali al-Luaibi [Allibi, Luiebi] (pictured) has announced that the re-construction and rehabilitation of the first unit of the Al-Kask refinery in Ninawa is complete.
The facility can process 10,000 barrels of oil per day (bpd).
Work is continuing to finish the second unit, which also has a capacity of 10,000 bpd.
(Source: Ministry of Oil)
By John Lee.
Iraq’s Ministry of Oil has announced final oil exports for April of 100,197,197 barrels, giving an average for the month of 3.340 million barrels per day (bpd), a slight increase from the 3.453 bpd exported in March.
These exports were entirely from the southern terminals, with no exports registered from Kirkuk via Ceyhan.
Revenues for the month were $6.501 billion at an average price of $64.899 per barrel.
March export figures can be found here.
(Source: Ministry of Oil)
Genel Energy notes the announcement from DNO ASA, as operator of the Tawke PSC, that the Tawke partners have received $47.23 million from the Kurdistan Regional Government (‘KRG’) as payment for February 2018 crude oil deliveries to the export market from the Tawke licence. Genel’s net share of the payment is $11.81 million.
The Taq Taq partners have received a gross payment of $6.80 million from the KRG for oil sales during February 2018. Genel’s net share of the payment is $3.74 million.
The Company has also received an override payment of $6.85 million from the KRG, representing 4.5% of Tawke gross licence revenues for the month of February 2018, as per the terms of the Receivable Settlement Agreement.
Gross production from the Tawke licence stood at 111,618 bopd during February, of which only 102,999 bopd was exported due to a planned pipeline outage; the balance was placed into interim storage at Fishkhabur and exported the following month.
In total, Genel’s net share of payments relating to February 2018 exports totals $22.40 million.
(Source: Genel Energy)
As part of the XXII St. Petersburg International Economic Forum, Rosneft and the Kurdistan Regional Government of Iraq signed an agreement securing the intention of the Parties to make a detailed analysis of potential gas cooperation options.
The Parties ensure stepwise implementation of the arrangements following the Investment Agreement signed at the XXI St. Petersburg International Economic Forum.
Rosneft will focus its analysis on how to participate in the integrated gas business value chain in the region in order to extract maximum efficiency from investments and operations in such areas as exploration and production, transportation and trading with especial attention given to partnership and project (third party) financing options.
Under the Agreement the Parties will elaborate an integral plan to progress the gas business within the Kurdish Region of Iraq. One step in this plan is the conduct of a pre-FEED of Iraqi Kurdistan’s gas pipeline construction and operation.
This is a key project to the monetization of the exploration and production opportunities Rosneft has been evaluating since signing a Gas Cooperation Agreement with the Kurdistan Regional Government of Iraq at the 10th Eurasian Economic Forum in Verona on 19 October 2017.
Following the outcomes of the integral development plan in terms of the attractiveness and efficiency of the options, Rosneft will decide on how to participate in the regional gas business.
(Source: Rosneft)
By John Lee.
China’s ZhenHua Oil [Jinhua] has signed a service contract to develop the southern part of the East Baghdad oil field.
Oil Minister Jabar Ali al-Luaibi [Allibi, Luiebi] said that the signature of the contract was significance for Baghdad because it is the first project in the capital.
The development of the field will raise the production of the Midland Oil Company.
As part of the deal, the project will also provide social services, and see the construction of a housing complex with 2000 residential units.
(Source: Ministry of Oil)
By John Lee.
Bashneft, a subsidiary of Russia’s Rosneft, has found oil at its Salman-1 exploratory well at Block 12 in Iraq.
In a statement, the company said that an exploration well was successfully drilled to depth 4,277 metres; oil was found, “which gives grounds for expecting the discovery of industrial reserves“.
Rosneft said it views this discovery as an important milestone in the development of exploration and production projects abroad.
China-based company Zhongman Petroleum and Natural Gas Group (ZPEC) was previously announced as the general drilling contractor.
(Source: Rosneft)
The UK’s Serious Fraud Office (SFO) has brought further charges against two individuals facing trial in relation to the Unaoil investigation.
Basil Al Jarah and Ziad Akle have both been charged with conspiracy to give corrupt payments to secure the award of a contract worth US$733 million to Leighton Contractors Singapore PTE Ltd for a project to build two oil pipelines in southern Iraq.
Basil Al Jarah and Ziad Akle will appear before Westminster Magistrates’ Court on 23 May 2018.
The SFO would like to thank the Australian Federal Police for the assistance it provided in connection with our investigation.
The investigation is ongoing.
(Source: SFO)
By John Lee.
Gulf Keystone Petroleum (GKP) has confirmed that a gross payment of $18.8 million ($14.7 million net to GKP) has been received from the Kurdistan Regional Government for Shaikan crude oil sales during February 2018.
(Source: GKP)