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Writing in Oil Price, Simon Watkins says $100 oil has prompted the Iraqi government to fast-track development of more technically challenging oil fields.
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The post $100 Oil: Iraq to Fast-Track Development at Oil Fields first appeared on Iraq Business News.
Writing in Oil Price, Simon Watkins says that, given the negative history of dealing with China over the Nassiriyah project and the fact that Russia is occupied elsewhere in the country and the region, the United States might be in an unusually positive position to take a significant role in either the Nassiriyah field development alone or in the broader Nassiriyah Integrated Project (NIP).
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The post Chevron’s Oil Deal with Iraq “is One to Watch” first appeared on Iraq Business News.
The Iraqi Cabinet held its regular weekly meeting in Baghdad on Tuesday under the chairmanship of Prime Minister Adil Abd Al-Mahdi.
The Prime Minister told the Cabinet that the current government will continue to discharge its duties until the formation of the next Iraqi government.
The Prime Minister then outlined some of the key achievements of this government which will be detailed in a comprehensive report to be published soon.
The Cabinet discussed several policies and approved administrative measures to support projects in the health sector, including building general hospitals in Iraqi provinces with a capacity of 400 beds each.
The Cabinet approved recommendations submitted by the Ministerial Council for Energy to allow Dhi Qar Oil Company (DQOC) to borrow 265,000,000 US dollars from the Trade Bank of Iraq (TBI) for the purpose of implementing a project to expand the production at Al-Nasiriyah oil field by an additional 100,000 barrels per day.
(Source: Govt of Iraq)
By John Lee.
Oil Minister Jabar Ali al-Luaibi [Allibi, Luiebi] has ordered the state-run Dhi Qar Oil Company (DQOC) and Iraq Drilling Company (IDC) to develop the Nasiriyah oil field in Dhi Qar province.
He said the Ministry has budgeted $140 million to raise production from the current 90,000 barrels per day (bpd) to 200,000 bpd within a year.
The field has estimated reserves of 4.4 billion barrels of oil.
It was originally offered as part of a larger project, known as the Nasiriyah Integrated Project (NIP), which would include the contruction of a 300,000 bpd refinery.
In January 2018, Iraq dropped the NIP, saying it will rely on a newly formed state oil company to develop the Nassiriya oil field, and leaving only the nearby refinery project for investors.
(Source: Ministry of Oil)
By John Lee.
France’s Total is said to be interested in bidding to build the greenfield 150,000-bpd Nassirya oil refinery.
The Director General of the Dhi Qar Oil Company (DQOC), Ali Warid Hammood, told Reuters at the CWC Iraq Petroleum Conference in Berlin that bids are still open for the project, and that international oil companies interested in the project would be bidding as refiners only.
The project was initially offered as part of the Nassiriya Integrated Project (NIP), tying it to oilfield development. In January 2018, Iraq dropped the NIP, saying it will rely on a newly formed state oil company to develop the Nassiriya oil field, and leaving only the nearby refinery project for investors.
Hammood confirmed to Reuters that DQOC will develop the field by itself.
It is currently producing 80,000-100,000 barrels of oil per day, with plans to double capacity within three years.
(Source: Reuters)
Iraq will rely on a newly formed state oil company to develop the Nassiriya oil field, leaving only the nearby refinery project for investors, ending more than six years of pitching the two as a combined mega-project, according to Iraq Oil Report.
Most recently, Iraq had been in direct negotiations with PetroChina and the China National Offshore Oil Corp. (CNOOC) to build a 150,000 barrel per day (bpd) refinery and develop the 4.4 billion barrel Nassiriya oil field – the two components of the Nassiriya Integrated Project.
The international engineering and construction firm Foster Wheeler completed a Front End Engineering and Design (FEED) study for the refinery.
Read the full report from Iraq Oil Report here (subscription required).
(Source: Iraq Oil Report)
UK-based Petrofac has been awarded a Front End Engineering Design (FEED) modification contract for the KOGAS AKKAS B.V. Nasiriya Gas Treatment Plant (GTP) in southern Iraq.
Petrofac’s scope of work includes the modification and application of an existing field design to meet the needs of the Nasiriya GTP, and an estimation for the engineering, procurement and construction (EPC) costs in line with the revised design requirements.
Steve Webber, Senior Vice President, Engineering & Production Services East, said:
“This award is testament to our engineering design capabilities, as well as our deep understanding of the market and supply chain in Iraq. KOGAS is a new client for us in a core market and we look forward to further developing our relationship through the successful delivery of this scope.
“Throughout the project, we will provide a robust FEED package for the execution of the Nasiriya GTP in alignment with KOGAS’ expectations, to ensure that it can maximise the total value of the field.”
(Source: Petrofac)