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Iraq discusses Oil Cooperation with Azerbaijan

By John Lee.

Iraq’s Oil Minister Ihsan Abdul-Jabbar Ismail has visited Azerbaijan to discuss cooperation between the two countries in the field of oil and gas.

Azerbaijan’s Minister of Energy, Parviz Shahbazov, said it would be possible to supply Iraqi crude oil and oil products to the world market via SOCAR, the state-owned oil and gas company of Azerbaijan, adding:

“We can assess the prospects to expand energy cooperation.”

The Ministers also exchanged opinions on Iraq’s plans for renewable energy, and on the situation in the world energy market.

(Source: Azerbaijan Ministry of Energy)

The post Iraq discusses Oil Cooperation with Azerbaijan first appeared on Iraq Business News.

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Iraq Finalises August Oil Exports

By John Lee.

Iraq’s Ministry of Oil has announced finalised oil exports for August of 94,660,239 barrels, giving an average for the month of 3.054 million barrels per day (bpd), up from the 2.918 million bpd exported in July.

The exports from the oilfields in central and southern Iraq amounted to approximately 91,655,930 barrels, while exports from Kirkuk amounted to 3,004,309 barrels.

Revenues for the month were $6.554 billion at an average price of $69.235 per barrel.

July’s export figures can be found here.

(Source: Ministry of Oil)

The post Iraq Finalises August Oil Exports first appeared on Iraq Business News.

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Petrofac Shares Jump following Iraq Bribery Plea Agreement

By John Lee.

Petrofac shares closed the day up more than 26 percent on Friday, after the company announced that it has reached a plea agreement with the UK Serious Fraud Office (SFO) in relation to bribery in Iraq, Saudi Arabia and the UAE.

The Company indicated guilty pleas to seven counts of failing to prevent former Petrofac group employees from offering or making payments to agents in relation to projects awarded between 2012 and 2015 in Iraq, Kingdom of Saudi Arabia and the UAE, contrary to Section 7 of the UK Bribery Act 2010. These offers or payments were made between 2011 and 2017.

It added that all employees involved in the charges have left the business.

A sentencing hearing is scheduled to take place at Southwark Crown Court commencing on Monday 27 September 2021. The Company will make a further announcement following sentencing or any adjournment.

In a statement to the markets, Group Chief Executive Sami Iskander said:

“With my new management team we are rebuilding the company into a new Petrofac that’s relevant for the future, across both traditional and new energies, built on a foundation of the highest ethical standards.”

(Sources: Petrofac, SFO)

The post Petrofac Shares Jump following Iraq Bribery Plea Agreement first appeared on Iraq Business News.

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Iraq “the Biggest Commercial Opportunity in Petroleum Today”

By John Lee.

Petrel Resources has said that “Iraq remains the biggest commercial opportunity in petroleum today.”

In the company’s Interim Statement to the markets on Wednesday, Chairman David Horgan added:

“The geology is unsurpassed.  The oil market is sharply recovering.  But contracts must be updated for effective exploration and development.”

“The focus is once again Iraq.”

The company claims to have an interest in Iraq’s Block 6 in the Western Desert, subject to ratification.

More here.

(Source: Petrel Resources)

The post Iraq “the Biggest Commercial Opportunity in Petroleum Today” first appeared on Iraq Business News.

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Baker Hughes to help Capture Gas at Iraq’s Southern Oil Fields

By John Lee.

Iraq’s South Gas Company (SGC) has announced a project to capture gas at the Nasiriyah and Garraf [Gharraf] oil fields, in partnership with the American company Baker Hughes.

Instead of flaring, the gas will be used to increase electricity generation, while reducing the environmental impact of oil production.

The project will also help reduce Iraq’s dependence on gas imported from Iran.

(Source:  Ministry of Oil)

The post Baker Hughes to help Capture Gas at Iraq’s Southern Oil Fields first appeared on Iraq Business News.

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Iran “Appoints Special Envoy” on Iraq Petroleum Issues

By John Lee.

Iran’s has reportedly appointed a special representative for petroleum issues involving Iraq.

According to ABNA24, Seyyed Abbas Beheshti will coordinate with the National Iranian Gas Company (NIGC) and the Central Bank of Iran to accelerate payments of arrears.

It adds that Iraq owes Iran nearly $6 billion for imports of natural gas to produce electricity.

(Source: ABNA24)

The post Iran “Appoints Special Envoy” on Iraq Petroleum Issues first appeared on Iraq Business News.

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Al Majal Business Park (AMBP) in Burjessia Celebrates 6th Anniversary

On September 21st, 2015, Al Majal Business Park (AMBP) opened its doors in Burjessia, serving local and international clients. Today AMBP is a recognized, leading life support services provider in Iraq.

Innovation has always been part of our journey. We continue to apply value-driven innovative ideas to deliver world-class services at AMBP. Our team works tirelessly to achieve our primary objective; setting a premium standard for life support services in Iraq to help accelerate the development of Iraq’s oil and gas industry.

Throughout the years, we have expanded our service offerings at AMBP to accommodate all of our clients’ needs. From premium accommodations, office leasing solutions, dining and catering facilities to customized warehousing and workshop solutions and amenities including state of the art recreation and fitness facilities, all of which are offered in a strategically located, highly secured 145,000 sqm property.

6 years at AMBP is a remarkable time of professional activity and exciting projects with notable clients and partners, all of which were accomplished with our valued former and current employees.  Currently, AMBP employs around 100 outstanding and experienced professionals. We are proud of our team, full of creativity and determination to offer only the best to our clients.

On this occasion, Mr. Ali Agha Jaffar, the CEO and President of Al Majal said:

“We have earned the trust and respect of the market for one simple reason: we have great people who are dedicated to setting the standard in the industry.

“I would like to thank all of our clients, principals and friends for choosing Al Majal Business Park (AMBP) as your trusted life support services provider in Iraq. We share the success of the past 6 years with you all and look forward to continue contributing to your achievements.“

Al Majal Business Park

Al Majal Business Park (AMBP) offers full life support services within two highly secure properties in the south of Iraq, located in North Rumaila and Burjessia. Both locations are strategically located within proximity to major oilfields and provide easy access to major ports and transportation networks.

AMBP has set the standard for premium life support services in Iraq including residential accommodations, customizable office leasing solutions, customizable workshop and warehousing solutions, dining and catering services, security provided by international firms, 24/7 medical services (offered through direct subscription), and premium amenities including state of the art recreation and fitness facilities.

(Source: AMBP)

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New Oil Refinery announced for Qayara

By John Lee.

Iraq’s North Oil Company (NOC) has signed a Heads of Agreement (Memorandum of Understanding) with two energy companies to build a 70,000-barrels-per-day oil refinery in Qayara (Qayyarah).

The facility, Nineveh province, is to be built by Sweden’s SEAB and Turkey’s Limak.

No information was given regarding the size of the investment or the proposed schedule.

(Source: Ministry of Oil)

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Ministerial Energy Council urges Progress on Refineries

By John Lee.

At the most recent meeting of Iraq’s Ministerial Energy Council, headed by Oil Minister Ihsan Abdul-Jabbar Ismail, the Council decided that the South Refineries Company (SRC) should “take the necessary steps” to develop the Shuaiba refinery in Basra Governorate.

It also urged the acceleration of work on the 140,000-bpd Karbala oil refinery, and recommended the study of the final steps for the development and expansion of the Al-Diwaniyah Refinery.

(Source: Ministry of Oil)

The post Ministerial Energy Council urges Progress on Refineries first appeared on Iraq Business News.