Cursor International executes projects and collaboration activities across several industries.
By John Lee.
Iraq’s Ministry of Oil has announced the start of seismic survey work at the Sasan-Talafar exploration project in Nineveh.
The Director General of the Iraq Oil Exploration Company said that the eighth seismic division has started two- and three-dimensional geological survey work at the site, “within the framework of the oil exploration plan for the year 2021.“
(Source: Ministry of Oil)
The post Seismic Survey begins at Sasan-Talafar first appeared on Iraq Business News.
Dear ICF friends,
FIVE DAYS TO GO!
Our annual “In Their Shoes” 5K race weekend in Washington DC draws dignitaries, diplomats, veterans and business-people, families, and the media. This year we are going GLOBAL!
Run or walk from anywhere in the world, this September 18th. Create a team or set a personal challenge, and help us raise urgently-needed funds for Iraq’s vulnerable children. You’ll receive a limited edition ICF running gaiter (buff) and a digital certificate. So far, we have participants in 38 cities – will you help us make it 50??
Get ready. Join Us! Sign up now or forward this email to friends and family:
How it works:
Share the registration list: https://runsignup.com/Race/DC/WashingtonDC/2021GLOBALINTHEIRSHOES5K
The symbolism of the ICF design is very special: sunshine symbolizing hope, growth reflected in the date palm leaf and fruit of Iraq, and water marking the Euphrates and Tigris rivers which represent the historic position of Iraq as the seat of civilization. Collect this year’s limited edition orange gaiter!
The post Make a Difference for Iraqi Kids Today! first appeared on Iraq Business News.
By John Lee.
Iraq has reportedly re-started the supply of crude oil to Jordan by road.
Shipments ended in November 2020 following the expiration of the previous agreement.
The latest agreement sees a total of 3.7 million barrels being exported from Baiji refinery to the Jordanian refinery at Zarqa, at a rate of 10,000 barrels per day.
According to Basra Voice, this represents 10 percent of Jordan’s requirements; a previous statement from the Jordan government put the figure at 7 percent.
The oil is being sold at a discount of $16 to the price of Brent crude.
The Jordanian Ministry of Energy and Mineral Resources announced in July that Burj Al Hayat Transport and Trading Company was awarded the tender to transport the oil.
(Sources: Basra Voice, Petra)
The post Iraq Re-Starts Oil Exports to Jordan first appeared on Iraq Business News.
By John Lee.
The recently-created Iraqi National Oil Company (INOC) has held its first meeting in Baghdad.
Among the items discussed were the five-year plan for the oil exploration sector, and what were described as “interim and future production and export plans”, in coordination with the State Oil Marketing Organization (SOMO).
(Source: Ministry of Oil)
The post Iraqi National Oil Company (INOC) holds First Meeting first appeared on Iraq Business News.
TotalEnergies, the Iraqi Ministries for oil and electricity, and the country’s National Investment Commission (NIC) have signed, in the presence of the Prime Minister of Iraq, major agreements covering several projects in the Basra region, designed to enhance the development of Iraq’s natural resources to improve the country’s electricity supply.
Iraq, a country rich in natural resources, is indeed experiencing electricity shortages while it faces a sharp increase in demand from the population.
TotalEnergies, with the support of the Iraqi authorities, on the one hand will invest in installations to recover gas that is being flared on three oil fields and as such supply gas to 1,5 GW of power generation capacity in a first phase growing to 3 GW in a second phase, and, on the other hand, will also develop 1 GWac of solar electricity generation capacity to supply the Basra regional grid.
These agreements include:
These projects represent a total investment of approximately $10 billion (100% share).
Patrick Pouyanné, TotalEnergies’ Chairman and CEO, said:
“These agreements signal our return through the front door to Iraq, the country where our Company was born in 1924. Our ambition is to assist Iraq in building a more sustainable future by developing access to electricity for its people through a more sustainable use of the country’s natural resources such as: reduction of gas flaring that generates air pollution and greenhouse gas emissions, water resource management and development of solar energy.
“This project perfectly illustrates the new sustainable development model of TotalEnergies, a multi-energy Company which supports producing countries in their energy transition by combining the production of natural gas and solar energy to meet the growing demand for electricity. It also demonstrates how TotalEnergies can leverage its unique position in the Middle East, a region where the lowest-cost hydrocarbons are produced, to gain access to large-scale renewable projects.“
(Sources: TotalEnergies, Ministry of Oil)
The post TotalEnergies signs $10bn New Deals in Iraq first appeared on Iraq Business News.
By John Lee.
An Iranian official has said that Iran’s natural gas (methane) exports to Iraq have been reduced, but not because of arrears owed by Iraq.
Mohammad Reza Julaei , the Dispatching Director of the National Iranian Gas Company (NIGC), told Shana that exports have been reduced by 38 million cubic meters per day; they were believed to be running about 40 to 45 million cubic meters per day previously.
But he said that this was done based on an agreement and with prior notice, and has “nothing to do with [Iraq’s] arrears to Iran.”
He added, however, that the need to settle the debts is still on the agenda.
(Source: Shana)
The post Iran Slashes Natural Gas Exports to Iraq first appeared on Iraq Business News.
By John Lee.
Shares in Gulf Keystone Petroleum (GKP), a leading independent operator and producer in the Kurdistan Region of Iraq, were trading 12 percent higher today after the company announced its results for the half year ended 30 June 2021.
Jon Harris (pictured), Gulf Keystone’s Chief Executive Officer, said:
“I am pleased to report strong operational and financial performance in the first half of 2021, despite the continuing challenges of the COVID-19 pandemic. Our leverage to the recovery in oil prices, combined with safe and reliable production towards the top end of our guidance range and a continued sharp focus on costs, has resulted in significant cash flow generation. With continued strong production performance from the Shaikan Field, we are tightening the 2021 production guidance range to 42,000 – 44,000 bopd.
“We continue to deliver against our commitment to balance investment in growth and returns to shareholders. Today, we are pleased to declare an interim dividend for 2021 of $50 million, bringing total dividends this year to $100 million.
“The early restart of the drilling campaign in June enables us to maintain production growth momentum and to drill an additional well, SH-G, in 2021 after completion of SH-14, the final well in the 55,000 bopd investment programme. SH-14 is expected to come onstream in Q4 2021, while we expect SH-G to come onstream in Q1 2022.
“We continue to work closely with the MNR and our partner on the preparation of the Shaikan FDP and expect to submit the FDP to the MNR in Q4 2021 for approval.“
Highlights to 30 June 2021 and post reporting period
Operational
Financial
Outlook
(Sources: GKP, Yahoo!)
The post GKP Shares Rally on Half-Year Results first appeared on Iraq Business News.
DNO ASA, the Norwegian oil and gas operator, has completed the private placement of USD 400 million of new five-year senior unsecured bonds with a coupon rate of 7.875 percent.
The placement met strong investor demand across international markets and was significantly oversubscribed, leading the Company to upsize the new bond issue from USD 300 million to USD 400 million.
Settlement is expected on or about 9 September 2021, subject to customary conditions precedent, and an application will be made for listing of the new bonds on the Oslo Stock Exchange.
Net proceeds will be used towards refinancing of the DNO02 bonds (ISIN: NO0010823347) and general corporate purposes. In connection with the placement, the Company has agreed to buy back USD 154 million in nominal value of the DNO02 bonds with a call notice for the remaining DNO02 bonds and other details to be announced upon settlement of the new bond.
Pareto Securities AS acted as Global Coordinator and Joint Lead Manager together with Danske Bank and SEB as Joint Lead Managers.
(Source: DNO)
The post DNO Completes $400m Bond Placement first appeared on Iraq Business News.
By John Lee.
Iraq’s Ministry of Oil has announced preliminary 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 $6.533 billion at an average price of $69.017 per barrel.
July’s export figures can be found here.
(Source: Ministry of Oil)
The post Iraq Oil Exports Exceed 3m BPD first appeared on Iraq Business News.
By John Lee.
The Iraqi cabinet has approved a plan to restructure the ownership of the giant Rumaila oilfield.
The field will be taken over by the newly-created Basra Energy Company (BEC), which in turn will be owned by BP and the China National Petroleum Corporation (CNPC).
According to a statement from the Ministry of Oil, it appears that the CNPC interest will be held through the company’s subsidiary, PetroChina.
(Source: Ministry of Oil)
The post Iraqi Cabinet approves BP Plan to spin off Rumaila first appeared on Iraq Business News.