Cursor International executes projects and collaboration activities across several industries.
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.
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)
The post Al Majal Business Park (AMBP) in Burjessia Celebrates 6th Anniversary first appeared on Iraq Business News.
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)
The post New Oil Refinery announced for Qayara first appeared on Iraq Business News.
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.
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.
By John Lee.
ShaMaran Petroleum has announce that the Atrush block in Iraqi Kurdistan has surpassed the cumulative oil production milestone of 50 million barrels since its first oil in July 2017.
Dr. Adel Chaouch, President and Chief Executive Officer of ShaMaran, commented:
“This significant operational achievement is noteworthy as the production milestone has been achieved notwithstanding 2020’s significantly reduced development program due to the global pandemic and collapse of world crude oil prices.
“This demonstrates that the Atrush joint venture has the ability to successfully navigate through the Kurdistan oil industry’s difficult as well as good times.“
(Source: ShaMaran Petroleum)
The post Atrush Exceeds 50m Barrels Production 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.
Pearl Petroleum, the consortium led by Dana Gas and Crescent Petroleum of the UAE, has signed a $250 million financing agreement with the U.S. International Development Finance Corporation (DFC) to support the gas expansion works currently under way at the Khor Mor gas plant in the Kurdistan Region of Iraq (KRI).
DFC is the development finance arm of the U.S government and proceeds from the 7-year DFC financing will support an increase in gas production capacity by 50% to 690 million standard cubic feet (scf)/day to meet rising demand for clean natural gas for electricity generation and industry in the KRI. The total project cost is $630 million and the remaining financing has already been secured through a regional bank facility and the EPC contractor.
The KM-250 project is the first stage of a two-train expansion project at Khor Mor that aims to boost total production capacity to approach 1 billion scf/day. Work resumed in April 2021 after onsite construction was halted last year due to the COVID pandemic and is currently on track for completion by April 2023.
Total investment by Pearl Petroleum at Khor Mor to date exceeds US$2.1 billion with total cumulative production of over 341 million barrels of oil equivalent (boe) in natural gas and liquids. The uninterrupted supply of gas to power plants in Erbil, Chemchemal and Bazian has resulted in significant fuel cost savings and economic benefits for the Kurdistan Region and Iraq as a whole.
The gas produced to date has enabled emissions savings of 42 million tonnes of CO2 by displacing diesel fuel in power generation in the KRI, thereby making a major contribution to reducing greenhouse gas emissions and local air pollution in the region as well as supporting the transition to better energy sources to tackle global climate change.
Between 2018 and 2021, the Khor Mor Gas Plant also benefitted from a 45% production increase through an optimization of the facility bringing current total production to 106,000 barrels of oil equivalent per day (boepd). The project is today the largest regional private sector upstream gas operation in Iraq.
Mr. Majid Jafar (pictured), CEO of Crescent Petroleum and Board Managing Director of Dana Gas, commented:
“This financing agreement with DFC underscores the importance of developing the natural gas resources in the KRI to support regional economic development and growth. Despite the global challenges presented by the COVID pandemic, we have continued to maintain our record of uninterrupted operations and even managed to grow production. The DFC agreement is a testament to our successful track record and further highlights the potential of these resources and the bright future for the KRI.”
Dr. Patrick Allman-Ward, CEO of Dana Gas, added:
“With our partners in Pearl Petroleum we are proud to be further developing the gas sector of the Kurdistan Region of Iraq, delivering expanded supply of cleaner energy, and supporting local economic development. This agreement underscores our continued confidence in the region and its long-term prospects.”
Mr. Dev Jagadesan, Acting CEO of DFC, said:
“DFC’s investment in the Khor Mor expansion will substantially increase access to energy for people all across the Kurdistan Region of Iraq. This highly developmental project represents the United States’ continuing investment in the KRI.”
In April 2007, Dana Gas and Crescent Petroleum entered into an agreement with the KRG for exclusive rights to appraise, develop, produce, market, and sell petroleum from the Khor Mor and Chemchemal fields in the KRI. Production from a newly built plant at Khor Mor began just 15 months later, in October 2008, an industry record. In 2009, Pearl Petroleum was formed as a consortium with Dana Gas and Crescent Petroleum as the majority shareholders, and with OMV, MOL, and RWE joining the consortium subsequently with a 10% share each.
Full-time staff at the operation number over 500, with over 85% local staff, including many in senior management positions. The companies have implemented a corporate social responsibility program to support local communities with equipment and supplies to deal with the COVID pandemic such as ventilators, sanitizers and protection equipment, in addition to a pledge to donate 100,000 vaccines to be administered in those local communities. This is in addition to ongoing support with local education, health and power supply as well as humanitarian aid for persons displaced from conflict zones as well as orphans. These initiatives assist the local communities in improving their standard of living, health, well-being, security and stability and the development of human capital.
(Source: Dana Gas)
The post Khor Mor gets $250m Financing from DFC 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.