Category: LUKoil

Posted on

Night Bird Construction: A fresh new approach to the Iraqi construction industry

Advertising Feature

Night Bird Construction (NBC) is a fast paced and highly organized Iraqi construction company created through the excellence of its team.

NBC’s Senior Construction Managers, Engineers and team of highly skilled industry professionals have achieved great success in construction projects across the globe; especially in IRAQ!

Some Examples of Prime Construction Projects Completed by the NBC Team

  • First privately invested Fuel Facility (20,000MT) in Iraq at the port of Khor Al Zubair bringing refined oil products back into Iraq for the International Oil Companies and their Subcontractors
  • Shell’s first major infrastructure project on Majnoon oilfield including fuel stations, water treatment plants, incineration facilities, chemical warehousing and many more essential construction works that enabled Shell to uplift the oil production on Majnoon Oilfield
  • Logistics base (100,000sqm), strategically located close to the Safwan border for easy customs, laydown, storage and uplift operations for cargo overland from Kuwait
  • Lukoil brownfield well pads modification projects, West Qurna 2 Oilfield requiring much dialogue with Lukoil & the BOC to ensure project success
  • Gas Turbine Power Plant for General Electric & the MoE at Al-Hartha, Basra, a challenging project but completed on time, to budget and quality; much to our clients satisfaction

Night Bird Construction has offices in Basra, Baghdad, Dubai & London

Contact: info@nbc-iraq.com

https://nightbirdconstruction.com/

The post Night Bird Construction: A fresh new approach to the Iraqi construction industry first appeared on Iraq Business News.

Posted on

Iraqi Oil Minister pushes Development of Eridu Oil Field

By John Lee.

Iraq’s Minister of Oil, Ihsan Abdul Jabbar Ismail, has stressed the importance of developing the Eridu (Arido) oilfield in Block 10, which is in the Muthanna and Dhi Qar provinces.

This came during a meeting with Lukoil‘s Vice President for Central Asia, Middle East, and North African affairs, Stepan Gorgi, and his accompanying delegation.

The Minister said that the ministry is awaiting the approval of the Council of Ministers of the joint development program for the field, commending the technical study of Lukoil.

He added the need to continue the development of West Qurna 2 field, and commended the cooperation between the Ministry and Lukoil to develop oil and energy sector.

The meeting was attended by the Senior Vice President of National Oil Company (INOC), Hamid Younis, the Director General of Petroleum Contracts and Licensing Directorate (PCLD), Ali Maarij. On the Russian side, the meeting was attended by Lukoil General Manager, Alexey Yakovlev, and the 10th block project manager, Edward Tcheloyansh, and vice manager of Iraq branch, manager of Lukoil reprentative office in Baghdad, Resan Sednavi.

(Source: Ministry of Oil)

The post Iraqi Oil Minister pushes Development of Eridu Oil Field first appeared on Iraq Business News.

Posted on

Block 10 More Attractive for Lukoil than West Qurna 2

Writing in Oil Price, Simon Watkins points out that the $5.99-per-barrel remuneration that Lukoil will receive under its technical service contract at Block 10 is considerably better than its $1.15/barrel payment at West Qurna 2.

Block 10 includes the Eridu field, which has indicated oil reserves of between 7 and 12 billion barrels, and a proposed peak production rate of 250,000 barrels per day (bpd).

Lukoil has a 60-percent stake in Block 10, with Inpex owning 40 percent.

Click here to read the full article.

The post Block 10 More Attractive for Lukoil than West Qurna 2 first appeared on Iraq Business News.

Posted on

LUKoil files Development Plan for Iraq’s Eridu Oilfield

By John Lee.

Russia’s LUKoil and Japan’s Inpex Corporation have applied to Iraq’s state-owned Dhi-Qar Oil Company (DQOC) for what Lukoil describes as “commerciality of reserves“, and filed a preliminary proposal on the development of the Eridu oil field within Block-10.

According to Lukoil, geological exploration has proved significant reserves, making Eridu the largest discovery in Iraq in the last twenty years.

Oil Minister Ihsan Abdul Jabbar told the Iraqi News Agency (INA), that “the results of the exploration for the Arido field are good … Lukoil requested an extension of the period to obtain greater reserves.“

The Eridu field was discovered in 2016. Preliminary expectations based on studies presented by the Lukoil indicate oil reserves of between 7 and 12 billion barrels, and a proposed peak production rate of 250,000 barrels per day (bpd).

Lukoil has a 60-percent stake in Block 10, with Inpex owning 40 percent.

(Sources: Lukoil, INA, Ministry of Oil)

The post LUKoil files Development Plan for Iraq’s Eridu Oilfield first appeared on Iraq Business News.

Posted on

West Qurna-2 produces its One-Billionth Barrel of Oil

By John Lee.

Iraq’s West Qurna-2 oilfield has just produced its one-billionth barrel of oil.

At a ceremony to mark the event, which was attended by Lukoil President Vagit Alekperov, Oil Minister Ihsan Abdul Jabbar said the field started with production of 220,000 bpd, rising to 400,000 bpd, with plans for peak production of 800,000 bpd in 2027.

He added that the field had contributed more than 40 billion dollars to the national economy.

(Sources: Ministry of Oil, Lukoil)

The post West Qurna-2 produces its One-Billionth Barrel of Oil first appeared on Iraq Business News.

Posted on

Iraq tries to persuade Lukoil to stay at West Qurna

By John Lee.

Oil Minister Ihsan Abdul Jabbar has reportedly told reporters that Iraq hopes LUKoil will keep its stake in the West Qurna-2 oil field.

Russian news agency TASS quotes the Minister as saying that Iraq is “negotiating improvement of conditions” for the project.

In  July, Lukoil Chief Executive Vagit Alekperov was quoted as saying that the company may reduce its stake in the field.

(Source: TASS)

The post Iraq tries to persuade Lukoil to stay at West Qurna first appeared on Iraq Business News.

Posted on

China to Snap Up Iraqi Oil Assets?

By John Lee.

Both BP and Lukoil are reported to be considering quitting upstream oil operations in Iraq.

Reuters quotes Iraq’s Oil Minister, Ihssan Abdul-Jabbar Ismail, as making the comments during a parliamentary session last week.

Last month, BP was said to be planning to spin off its Iraqi operations in Iraq into a separate company, which would be jointly owned with its partner in the giant Rumaila project, the China National Petroleum Corporation (CNPC).

Meanwhile, the Minister said Russia’s Lukoil is thought to be trying sell its 75-percent stake in the West Qurna-2 oilfield to Chinese firms.

More here and here.

(Sources: Reuters, Oil Price)

The post China to Snap Up Iraqi Oil Assets? first appeared on Iraq Business News.

Posted on

Lukoil paid over $60m to Iraqi Govt in 2020

By John Lee.

Russian oil company Lukoil has published details of its payments made during the financial year ended 31 December 2020 in favor of the government of Iraq:

  • The Dhi Qar Oil Company (DQOC) [Thiqar Oil Company] received 1,963 million Russian Rubles [$26.9 million] in respect of the Block 10 field;
  • The General Commission of Tax received 2,511 million Russian Rubles [$34.4 million] in respect of the West Qurna-2 field (pictured).

(Source: Lukoil)

The post Lukoil paid over $60m to Iraqi Govt in 2020 first appeared on Iraq Business News.