Cursor International executes projects and collaboration activities across several industries.
Staff at BP and the Rumaila Operating Organization (ROO) have raised $17,200 for the Iraqi Children Foundation (ICF).
According to Julian O’Connell, Rumaila Deputy General Manager and BP Iraq General Manager, this is by far the largest amount they have ever raised with their annual charity fun run.
ICF Director Cindy Fogelman expressed the charity’s huge gratitude to all who took part.
By John Lee.
The Kurdish Regional Government (KRG) has reportedly suspended oil exports to Iran.
According to Anadolu Agency, the KRG’s Ministry of Finance and Economy did not specify a reason for the move, and “it remains unclear whether the suspension is linked to U.S. sanctions on Iran.”
(Source: Anadolu Agency)
(Source: Tasnim, under Creative Commons licence)
By John Lee.
Shell has reportedly announced that the Basrah Gas Company (BGC) has taken a “final investment decision (FID)” on its growth programme, which will increase BGC’s capacity by 40 percent.
According to Oil and Gas Middle East, the decision was taken with the support of all BGC’s shareholders: South Gas Company (SOC), Shell and Mitsubishi.
BGC captures flared gas from the Rumaila, West Qurna 1 and Zubair oilfields, converting it into dry gas for power generation and liquids for the domestic market and for exports.
At the heart of the new development is the Basrah Natural Gas Liquids (Basrah NGL) project; a 400 million standard cubic feet per day greenfield gas processing plant at Ar Ratawi.
(Source: Oil and Gas Middle East)
Genel Energy has announced that McDaniel and Associates (‘McDaniel’) has completed the competent person’s report (‘CPR’) relating to the oil reserves at Taq Taq as at 31 December 2018.
Field performance in 2018, and notably the success of the TT-29w well drilled on the northern flank of the field, has led to an upwards technical revision of reserves, resulting in a 62% reserves replacement at the 1P level.
This revision does not take into account the recent positive results from the TT-32 well, which completed in 2019 and is currently adding over 3,000 bopd to field production.
Drilling in 2019 is targeting opportunities on the flanks of the field, with the TT-20z well nearing completion and three others then to follow. Should the wells match the performance of TT-29w and TT-32, Taq Taq could deliver a significant year-on-year production increase, with room for further growth in 2020.
The Company expects to announce CPR reports for other assets in the portfolio prior to the announcement of full-year results on 20 March 2019.
(Source: Genel Energy)
Shares in DNO ASA, the Norwegian oil and gas operator, were trading up five percent on Monday afternoon following the company’s announcemnt that it has replaced 2018 production through additions to reserves, marking the second consecutive year in which the Company’s replacement of proven reserves reached or exceeded 100 percent of production.
“DNO’s stellar record of reserves replacement through the drill bit is a result of stepped up spending on our portfolio of quality assets coupled with rapid-fire execution,” said Bijan Mossavar-Rahmani, DNO’s Executive Chairman. “And the barrels we continue to add are among the lowest cost in the industry, anywhere,” he expounded.
Yearend 2018 Company Working Interest (CWI) proven (1P) reserves stood at 240 million barrels of oil (MMbbls), unchanged from yearend 2017 after adjusting for production and technical revisions. On a CWI proven and probable (2P) reserves basis, DNO replaced 98 percent of its 2018 production, exiting the year with CWI 2P reserves of 376 MMbbls (384 MMbbls in 2017).
At 2018 production rates, DNO’s 1P reserves life is 8.2 years and its 2P reserves life is 12.9 years.
Significantly, the Company’s 1P reserves replacement ratio (RRR) has reached or exceeded 100 percent in eight of the past ten years.
On a gross basis, at the Tawke license in the Kurdistan region of Iraq containing the Tawke and Peshkabir fields, yearend 2018 1P reserves stood at 348 MMbbls, unchanged from 2017 after adjusting for production of 41 MMbbls and upward technical revisions of 41 MMbbls. Tawke license 2P reserves stood at 502 MMbbls (513 MMbbls in 2017) and proven, probable and possible (3P) reserves at 697 MMbbls (880 MMbbls in 2017).
Broken down by field, Tawke field gross 1P reserves stood at 294 MMbbls (335 MMbbls in 2017), 2P reserves at 376 MMbbls (438 MMbbls in 2017) and 3P reserves at 477 MMbbls (588 MMbbls in 2017). Peshkabir field gross 1P reserves stood 54 MMbbls (13 MMbbls in 2017), 2P reserves at 126 MMbbls (75 MMbbls in 2017) and 3P reserves at 220 MMbbls (292 MMbbls in 2017).
International petroleum consultants DeGolyer and MacNaughton carried out the annual independent assessment of the Tawke license. The Company internally assessed the remaining licenses in its portfolio.
The 2018 Annual Statement of Reserves and Resources, prepared and published in accordance with Oslo Stock Exchange listing and disclosure requirements (Circular No. 1/2013), is attached and is also available on the Company’s website at www.dno.no.
(Sources: DNO, Yahoo!)
Shares in DNO ASA, the Norwegian oil and gas operator, were trading up five percent on Monday afternoon following the company’s announcemnt that it has replaced 2018 production through additions to reserves, marking the second consecutive year in which the Company’s replacement of proven reserves reached or exceeded 100 percent of production.
“DNO’s stellar record of reserves replacement through the drill bit is a result of stepped up spending on our portfolio of quality assets coupled with rapid-fire execution,” said Bijan Mossavar-Rahmani, DNO’s Executive Chairman. “And the barrels we continue to add are among the lowest cost in the industry, anywhere,” he expounded.
Yearend 2018 Company Working Interest (CWI) proven (1P) reserves stood at 240 million barrels of oil (MMbbls), unchanged from yearend 2017 after adjusting for production and technical revisions. On a CWI proven and probable (2P) reserves basis, DNO replaced 98 percent of its 2018 production, exiting the year with CWI 2P reserves of 376 MMbbls (384 MMbbls in 2017).
At 2018 production rates, DNO’s 1P reserves life is 8.2 years and its 2P reserves life is 12.9 years.
Significantly, the Company’s 1P reserves replacement ratio (RRR) has reached or exceeded 100 percent in eight of the past ten years.
On a gross basis, at the Tawke license in the Kurdistan region of Iraq containing the Tawke and Peshkabir fields, yearend 2018 1P reserves stood at 348 MMbbls, unchanged from 2017 after adjusting for production of 41 MMbbls and upward technical revisions of 41 MMbbls. Tawke license 2P reserves stood at 502 MMbbls (513 MMbbls in 2017) and proven, probable and possible (3P) reserves at 697 MMbbls (880 MMbbls in 2017).
Broken down by field, Tawke field gross 1P reserves stood at 294 MMbbls (335 MMbbls in 2017), 2P reserves at 376 MMbbls (438 MMbbls in 2017) and 3P reserves at 477 MMbbls (588 MMbbls in 2017). Peshkabir field gross 1P reserves stood 54 MMbbls (13 MMbbls in 2017), 2P reserves at 126 MMbbls (75 MMbbls in 2017) and 3P reserves at 220 MMbbls (292 MMbbls in 2017).
International petroleum consultants DeGolyer and MacNaughton carried out the annual independent assessment of the Tawke license. The Company internally assessed the remaining licenses in its portfolio.
The 2018 Annual Statement of Reserves and Resources, prepared and published in accordance with Oslo Stock Exchange listing and disclosure requirements (Circular No. 1/2013), is attached and is also available on the Company’s website at www.dno.no.
(Sources: DNO, Yahoo!)
Russian oil company Lukoil has commenced drilling of new production wells at West Qurna-2 field as part of the second development phase.
The company has so far concluded contracts to drill 57 production wells, including 54 wells at Mishrif formation and 3 wells at Yamama formation.
The drilling campaign will ramp up production at West Qurna-2 from the current level of 400 thousand barrels per day to 480 thousand barrels per day in 2020.
To deliver the project Lukoil uses an approach to cluster drilling which envisages erection of two drilling rigs at one well pad.
This approach is new for Iraq and will provide for significant field development speed up and production growth within the shortest time.
Over five hundred Iraqis, residing in proximity to West Qurna-2 field, will be employed for the drilling campaign.
(Source: Lukoil)
By Adnan Abu Zeed for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.
Accusations are flying about oil smuggling in Iraq’s Ninevah province, and many accusers say government officials, armed factions and other powerful parties are involved.
Representatives of the province, including parliament member Ahmed al-Jubouri, have said recently that oil is being smuggled from the Ninevah wells.
That news coincided with Osama al-Nujaifi, head of the Iraqi Decision Coalition, telling the media Feb. 1, “Security forces sent out military vehicles to halt the smuggling operations, but armed parties controlling the wells stood in the way.”
The governor of the Central Bank of Iran unveiled plans for using non-dollar accounts for oil and gas trade with Iraq.
Abdolnaser Hemmati on Wednesday held a meeting with presidents of Iraqi banks, members of Iraq’s chamber of commerce and the Arab country’s business people during a trip to Baghdad.
In the gathering, the top Iranian banker unveiled a new mechanism to continue Iran’s trade with Iraqi businesses, saying the CBI is going to open euro and dinar-based accounts to process transactions for trade in oil and gas.
Describing Iraq as Iran’s major partner, Hemmati said the two countries have agreed to make the banking ties much stronger.
“According to the agreements, Iranian exporters should be able to continue activities via Iraqi banks, and Iranian banks could also open dinar accounts in Iraqi banks.”
He also stated that Iraqi companies can reciprocally open accounts in Iranian banks and conduct transactions in dinar.
In December 2018, Chairman of Iran-Iraq Chamber of Commerce Yahya Ale-Eshaq said the central banks of Iran and Iraq were finalizing negotiations to begin trade in their own currencies.
Iraq’s Foreign Minister Mohamed Ali Alhakim has made it clear that his country cannot cut off trade ties with Iran under the US sanctions, saying the value of annual trade between Iran and Iraq amounts to $12 billion.
(Source: Tasnim, under Creative Commons licence)
DNO ASA, the Norwegian oil and gas operator, today announced 2018 net profit of USD 354 million on revenues of USD 829 million, the highest annual revenues in the Company’s 47-year history. Cash flow from operations increased 40 percent to USD 472 million in 2018, of which USD 334 million represented free cash flow.
Operated production averaged 117,600 barrels of oil equivalent per day (boepd) including 81,700 boepd on a Company Working Interest (CWI) basis, up from 113,500 boepd and 73,700 boepd, respectively, during 2017. January 2019 operated production averaged 128,000 barrels of oil per day (bopd) or 90,000 bopd on a CWI basis.
The Company stepped up its operational spend in 2018 to nearly USD 300 million to support the fast-track development of the Peshkabir field in the Kurdistan region of Iraq and the ongoing drilling program at the Tawke field within the same license.
Spending levels in 2019 are projected to rise more than 40 percent from 2018 levels to an estimated USD 420 million. DNO’s 2019 drilling program includes up to 20 exploration and production wells in Kurdistan, including up to 14 wells at the Tawke field, four at Peshkabir and two at the Baeshiqa license. Another five wells are planned in Norway on DNO’s licenses.
In Kurdistan, two recently completed wells, Peshkabir-9 and Tawke-52, will be placed on production in February. Testing of the first Baeshiqa exploration well targeting the Cretaceous reservoir has been delayed by extensive rainfall but is also expected to commence this month.
Already the leading international oil company in Kurdistan, with a 75 percent operating interest in fields contributing a third of the region’s total exports, the Company is now firmly establishing itself in Norway as it completes the takeover of Faroe Petroleum plc. With 90 licenses, of which 22 are operated, DNO will leapfrog to the ranks of the top five companies in total licenses held in Norway.
“The Faroe transaction transforms DNO into a more diversified company with a strong, second leg,” said DNO’s Executive Chairman Bijan Mossavar-Rahmani. “This represents not a pivot away from Kurdistan but a pivot to Norway,” he added. “We are now well positioned in two areas in which we have a comparative, even competitive, advantage.”
The combination places DNO among the top three European-listed independent oil and gas companies in production and reserves.
DNO has acquired more than 96 percent of Faroe shares and initiated the compulsory acquisition of the remaining shares. The integration of the Faroe and DNO organizations is well underway; the new combined entity has over 1,100 employees and offices in Oslo, Stavanger, Erbil, Dubai, London, Aberdeen and Great Yarmouth.
The Company will release pro-forma financials and 2019 investment programs and budgets for the combined entity in February and March.
Separately, DNO’s Board of Directors have approved a dividend payment of NOK 0.20 per share to be made on or about 27 March 2019 to all shareholders of record as of 18 March 2019. DNO shares will be traded ex-dividend as of 15 March 2019.
(Source: DNO)