Cursor International executes projects and collaboration activities across several industries.
Writing in Oil Price, Simon Watkins argues that any hopes held by international oil companies (IOCs) that the Baghdad-based Federal Government was just bluffing about blacklisting IOCs operating in the Iraqi Kurdistan have been dashed.
Click here to read the full article.
The post “Hopes Dashed” for Int’l Oil Companies in Iraqi Kurdistan first appeared on Iraq Business News.
Effective measures are needed to ensure adequate Occupational Safety and Health for workers during extreme heat in Iraq
With temperatures in Iraq soaring up to 50 degrees Celsius [122 degrees Fahrenheit] in recent weeks, the ILO in Iraq is calling on its tripartite partners – the government, employers’ and workers’ organizations – to ensure that appropriate measures are taken to mitigate some of the risks associated with working under extreme heat and ensure that workers are provided with adequate care at their workplace.
The extreme heat is increasing concerns in relation to the Occupational Safety and Health (OSH) conditions of workers, especially those employed in construction and agriculture – a sector which is already considered as one of the most hazardous in the world.
According to the recent Labour Force Survey, one in four workers in Iraq is employed either in construction or agriculture – an extremely significant number.
The ILO released a report in 2019 which stated that the “rise in global temperatures caused by climate change will make the phenomenon of “heat stress” more common,” adding that “the higher heat levels caused by climate change threaten progress towards decent work by leading to a deterioration of working conditions and undermining the security, health and well-being of workers.”
Workers in some parts of the country have been given time off due to the heat. Yet, for workers who cannot afford to miss a day of work, such as those in informal, temporary, seasonal or day labour, measures must be taken to ensure their protection.
On the practical level, this could include ensuring workers are provided with appropriate clothing, access to drinking water and shaded areas; and are encouraged to work during cooler hours with appropriate break times.
It also includes ensuring that legislation related to OSH are being enforced through labour inspections – especially in sectors which face most risks.
Iraq has ratified a number of ILO Conventions which focus on the needs to ensure protection for workers in different sectors, and most recently through the ratification of the Safety and Health in Agriculture Convention, 2001 (No. 184), which re-affirms the country’s commitment to decent work and International Labour Standards.
The ILO is committed to supporting its partners in the development of Occupational Safety and Health and Labour Inspection polices and systems, that will contribute to modernizing those systems and improving conditions for workers and their employers, in line with International Labour Standards.
While these efforts are not specific to heat stress at work, they will nonetheless contribute to ensuring a more and better working environment for all workers in Iraq.
The safety and health of workers is the responsibility of everyone. We all have a role to play – even if small – to ensure that working conditions are decent and safe and that our environment is protected from further degradation.”
(Source: UN)
The post Heatwave in Iraq: Concern for Workers in 50C Heat first appeared on Iraq Business News.
By John Lee.
The First Vice President of the Iraqi National Oil Company (INOC), Hamid Younis, has said that oil production in Iraq can be increased to 5-to-8 million barrels per day (bpd) “during the coming years.“
He is quoted in a statement from the Iraqi Ministry of Oil, following a meeting that he chaired with officials from Iraqi oil companies to discuss plans to maintain and increase oil production and export.
The Director-General of the Iraqi Oil Exploration Company, Ali Jassim, said that the next phase will see remarkable activity in the exploration sector, including operations in the Western Desert and Nineveh Governorate.
(Source: Ministry of Oil)
The post Iraq Planning Increased Oil Production in “Coming Years” first appeared on Iraq Business News.
By John Lee.
Pertamina, the Indonesian state-owned energy company, will reportedly buy an additional 10 percent stake in the West Qurna 1 oilfield from ExxonMobil.
The Deputy Director-General of the Basra Oil Company (BOC), Hassan Muhammad Hassan, told the official Iraqi News Agency (INA) that the agrreement, “is subject to the signing of the settlement agreement with the Basra Oil Company.“
Pertamina previously had a 10 percent holding.
The Iraqi cabinet had previously agreed to allow BOC to take over ExxonMobil‘s holding in the field, at a price of “up to $350 million.”
(Source: INA)
The post Pertamina to Increase Holding in West Qurna 1 first appeared on Iraq Business News.
The effects of years of conflict and instability are still felt in Iraq, more evidently in regions that witnessed fighting between the Islamic State (IS) group and the Iraqi-led coalition. In 2021, Iraq continued to be severely affected by COVID-19, with the country experiencing its second and third COVID-19 waves, each recording a higher number of infections and deaths than the one before it.
The pandemic significantly impacted the ongoing recovery of the health system and people’s ability to access healthcare services. Many healthcare facilities across the country suspended their regular programmes to focus on treating COVID-19 patients.
MSF teams continued to provide a wide range of essential medical services and supported the response to health emergencies and health needs caused by the recent war against IS, the consequent displacement and return of millions of people, people’s under-served healthcare needs and the COVID-19 pandemic.
This annual report provides an overview and the highlights of our activities across Iraq during 2021.
Click here to read the full report.
(Source: MSF)
The post MSF in Iraq annual report 2021 first appeared on Iraq Business News.
By John Lee.
Iraq’s Ministry of Oil has announced preliminary oil exports for July of 102,385,049 barrels, giving an average for the month of 3.303 million barrels per day (bpd), down from the 3.373 million bpd exported in June.
The exports from the oilfields in central and southern Iraq amounted to approximately 99,965,094 barrels, while exports from the Kirkuk fields through the port of Ceyhan amounted to 2,344,536 barrels.
While not explicitly stated by the Ministry, these figures seem to imply that exports by road to Jordan totalled 75,419 barrels for the month.
Revenues for the month were $10.608 billion, at an average price of $103.60 per barrel.
June’s export figures can be found here.
(Source: Ministry of Oil)
The post Iraq Decreases Oil Exports in July first appeared on Iraq Business News.
By John Lee.
Shares in Genel Energy were trading down around 5 percent on Tuesday morning, despite significant increases in revenue and profit announceed in its unaudited results for the six months ended 30 June 2022.
Paul Weir, Interim Chief Executive of Genel, said:
“Our cash generation in the first half of the year has been exceptionally strong – driven by our low-cost, high-margin oil production and disciplined capital allocation. We remain focused on the delivery of our long-established strategy of putting capital to work to grow our production and cash generation, while retaining our resilience and paying a material and progressive dividend.
We generated $129 million in free cash flow and are well on track to generate over a quarter of a billion dollars of free cash flow for the full year. This continues to build our balance sheet strength and optionality, providing us with the funds to add the right assets at the right price. Our cash flow this year benefits from the recovery of receivables and our override payments, and we are focused on replacing these by building a portfolio that supports the resilience, sustainability, and progression of our material dividend.“
Results summary ($ million unless stated)
| H1 2022 | H1 2021 | FY 2021 | |
| Average Brent oil price ($/bbl) | 108 | 65 | 71 |
| Production (bopd, working interest) | 30,420 | 32,760 | 31,710 |
| Revenue | 245.6 | 151.5 | 334.9 |
| EBITDAX1 | 212.3 | 123.1 | 275.1 |
| Depreciation and amortisation | (84.4) | (81.8) | (172.8) |
| Impairment of oil and gas assets | – | – | (403.2) |
| Reversal of impairment of receivables | 12.8 | – | 24.1 |
| Operating profit / (loss) | 140.7 | 41.3 | (276.8) |
| Cash flow from operating activities | 216.3 | 91.1 | 228.1 |
| Capital expenditure | 74.7 | 58.2 | 163.7 |
| Free cash flow2 | 128.7 | 22.2 | 85.9 |
| Cash | 412.1 | 266.4 | 313.7 |
| Total debt | 280.0 | 280.0 | 280.0 |
| Net cash / (debt)3 | 141.3 | (2.2) | 43.9 |
| Basic EPS (¢ per share) | 45.4 | 9.3 | (111.4) |
| Dividends declared for the period (¢ per share) | 6 | 6 | 18 |
Summary
Outlook
(Source: Genel Energy)
The post Genel Energy: Strong Results, but Shares Down first appeared on Iraq Business News.
By John Lee.
Iraq and Saudi Arabia have signed a memorandum of understanding (MoU) regarding the allocation of a grant from the government of Saudi Arabia to finance the renovation of Ibn Al Khatib Hospital in Baghdad.
The Saudi embassy initially announced its support for the hospital last year, following a fire that killed at least 82 people, and left more than 100 injured.
The grant will be provided through the Saudi Fund for Development (SFD).
During the meeting, Iraq’s Ambassador to Saudi Arabia, Dr. Abdul Sattar Hadi Al-Janabi, praised the critical role played by the Kingdom through the SFD in supporting the health sector and the infrastructure in Iraq. He highlighted the importance of the present project in enhancing the livelihood of many Iraqis and their access to essential health services.
According to the official Saudi Press Agency, the Kingdom has allocated $1.5 billion for soft loans through SFD to support development in Iraq.
(Source: Saudi Press Agency)
The post Saudi Arabia allocates Grant for Renovation of Ibn Al Khatib Hospital first appeared on Iraq Business News.
By John Lee.
Iraq’s Ministry of Oil has engaged the Texas-based law firm Vinson and Elkins as a legal advisor in the US.
Partner James Lloyd Loftis will meet with representatives of the Department of State, at their request, regarding a pending arbitration proceeding between Iraq and the Republic of Turkey.
The Ministry will pay Mr Loftus a fee of $900 per hour for his advice in this matter.
During the period beginning 60 days prior to the date of the registrant’s obligation to register under US’s Foreign Agents Registration Act (FARA), the firm received more than $2.1 million from the Ministry for non-registrable legal services.
The firm has advised Baghdad on other matters in the past.
(Source: FARA)
The post Vinson and Elkins to advise Iraq on Arbitration with Turkey first appeared on Iraq Business News.
By John Lee.
Prime Minister Mustafa Al-Kadhimi has laid the foundation stone for a new power station in the Al-Furat district of Anbar Governorate.
According to a statement from the Media Office of the Prime Minister, the total capacity of the plant is 1,642 megawatts, at a cost of one billion dollars, and the project will take 3 years to complete.
The project consists of four GT26 gas turbine units [from GE], with a unit capacity of 273 megawatts, and two steam units with a capacity of 275 megawatts.
(Source: Media Office of the Prime Minister)
The post Construction Starts at 1.6 GW Power Plant in Anbar first appeared on Iraq Business News.