Cursor International executes projects and collaboration activities across several industries.
By John Lee.
Shell has reportedly evacuated its foreign staff who had been working at the Basra Gas Company (BGC).
BGC executives told Reuters that around 60 staff were flown out on Wednesday after workers who had been laid off staged a protest.
Shell has a 44-percent stake in the $17-billion, 25-year BGC project, with Iraq’s South Gas Company (SGC) having 51 percent, and Japan’s Mitsubishi 5 percent.
(Source: Reuters)
By John Lee.
Petrel Resources has announced that it is interested in the ‘fresh opportunities’ in Iraq thrown up by the turbulent oil price and political events of recent months.
In a statement, the company said that its Iraqi Director, Riadh Ani, is coordinating discussions with the Ministry of Oil in Baghdad to take advantage of the situation.
(Source: Petrel)
By John Lee.
Iraq’s oil ministry has denied a report from Bloomberg that it plans to shut down the al-Ahdab oil field in Wasit due to protests.
In a statement the Ministry said the protests near the field are not related to the oil industry, but to the administration of the province.
(Source: Ministry of Oil)
Iraq’s economy is on the precipice – reforming the energy sector is a key part of the solution
The publication of the following commentary follows a conversation between the IEA‘s Executive Director, Dr Fatih Birol (pictured), and Prime Minister Mustafa Al-Kadhimi of Iraq, who recently took office.
It examines one of the key topics of their conversation: the major impediments to the development of Iraq’s energy sector and, by extension, its economy.
(Source: IEA)
From Middle East Monitor, under a Creative Commons licence. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News.
The Russian Ambassador to Iraq, Maxim Maksimov [Maximov] (pictured), said that Russia is seeking to invest heavily in Al-Mansouriya gas field, in the Diyala governorate.
Maksimov said in a press statement yesterday that “Russian companies are willing to mobilise significant funds and have submitted an investment tender for Al-Mansouriya gas field in Diyala.“
He added that “three Russian companies in Iraq produce about 600,000 barrels of oil per day, including Gazprom, which operates in the Badra oil field in Wasit Governorate with a production capacity of 100,000 barrels of oil per day, in addition to 400,000 barrels in the [West Qurna 2] field.“
The Russian ambassador stated that his country is paying special attention to the Russian-Iraqi Commission.
Moscow has assigned its deputy prime minister to head the Russian delegation, in preparation for a very important meeting between the two sides, which was postponed due to the coronavirus crisis.
Prime Minister Barzani chairs cabinet meeting, calls for constitutional solution to problems with Baghdad
Prime Minister Masrour Barzani chaired a cabinet meeting in Erbil on Wednesday to discuss economic conditions in the Kurdistan Region and outstanding problems with the federal government.
In the meeting, which was also attended by Deputy Prime Minister Qubad Talabani, the Prime Minister wished success to the new Iraqi cabinet, and stressed the need for a constitutional solution to ongoing issues between Erbil and Baghdad.
The cabinet discussed proposed draft bills covering the selling and renting of public properties, investment, and patients’ rights. Relevant departments in the Kurdistan Regional Government (KRG) were assigned to prepare final drafts for parliament.
Prime Minister Barzani said the Kurdistan Region is going through difficult economic times due to falling oil prices and the impact of the coronavirus pandemic, and must make adjustments due to limited financial resources.
He called for a review of the economy in light of the regional financial downturn, and underlined the importance of continuing to implement the Reform Law (2020).
The Prime Minister said the KRG will do its best to pay public sector salaries, and reiterated his commitment to continue providing public services and strengthening the region’s infrastructure.
During the meeting, Deputy Prime Minister Talabani provided an update on recent discussions with federal authorities on budgetary issues and oil exports. He said dialogue with Baghdad will continue to reach a deal on outstanding problems.
(Source: KRG)
Genel Energy has issued the following trading and operations update ahead of the Company’s Annual General Meeting (‘AGM’), which is being held today.
The information contained herein has not been audited and may be subject to further review.
Bill Higgs (pictured), Chief Executive of Genel, said:
“Despite the impact of COVID-19 creating a challenging environment for our industry, Genel’s resilient business model and robust financial position, with over $100 million in net cash and an asset cashflow breakeven of $30/bbl, leaves us well placed to withstand the consequences of the pandemic as we continue to deliver our strategy.
“We have cut our cloth appropriately against this backdrop and halved our capital expenditure for 2020, protecting our balance sheet while still progressing Sarta, and positioning us to take advantage of growth opportunities as the landscape improves.“
FINANCIAL PERFORMANCE
OPERATING PERFORMANCE
| (bopd) | Gross production
Q1 2020 |
Net production
Q1 2020 |
| Tawke | 61,490 | 15,370 |
| Peshkabir | 53,710 | 13,430 |
| Taq Taq | 12,200 | 5,370 |
| Total | 127,400 | 34,170 |
PRODUCTION ASSETS
PRE-PRODUCTION ASSETS
ESG
OUTLOOK
(Source: Genel Energy)
By John Lee.
Iraq is reportedly cutting its oil output by around 700,000 barrels per day (bpd), a third less than required under an OPEC+ supply pact.
Iraqi oil officials told Reuters that the government failed to persuade the international oil companies (IOCs) to agree to bigger reductions.
(Source: Reuters)
From Middle East Monitor, under a Creative Commons licence. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News.
Iraq has incurred around $11 billion in losses in four months due to the global drop in oil prices, the State Organisation for Marketing of Oil (SOMO) announced yesterday.
“Over the first four months of 2020, Iraq sold approximately 409,096,972 barrels of crude oil at an average price of nearly $38 per barrel, achieving around $15.4 million in revenue,” SOMO said in a statement.
The state-run organisation added that the country sold 423,284,489 barrels during the same period of 2019 at an average price of $62 per barrel. “Iraq achieved a total of $26.2 million in oil revenues in the first four months of 2019,” the organisation added.
Reuters recently reported that oil prices had fallen yesterday as investors were worried about a second wave of coronavirus infections. But it added that the new output cuts from Saudi Arabia had tempered worries about oversupply and limited price losses.
Global oil demand has slumped by about 30 per cent as the coronavirus pandemic has curtailed movement across the world, leading to growing inventories globally.
While crude futures have fallen more than 55 per cent this year because of the virus, prices have risen over the past two weeks, supported by a modest rebound in demand as some travel restrictions – which were imposed by governments to curb the spread of the virus – were eased.
By John Lee.
US Secretary of State Mike Pompeo (pictured) has welcomed the formation of a new government in Iraq following months of instability.
In a phone call with the new Prime Minister, Mustafa Kadhemi, he said that the US would not enforce sanctions on Iraq buying electricity from Iran for 120 days “as a display of our desire to help provide the right conditions for success”.
The full statement via Spokesperson Morgan Ortagus said:
“Secretary of State Michael R. Pompeo spoke today with Iraqi Prime Minister Mustafa al-Kadhimi. Secretary Pompeo welcomed Prime Minister Kadhimi’s new government, which was confirmed by the Council of Representatives.
“They discussed the urgent hard work ahead for the Iraqi government, implementing reforms, addressing COVID-19, and fighting corruption. In support of the new government the United States will move forward with a 120-day electricity waiver as a display of our desire to help provide the right conditions for success.
“The Secretary and the Prime Minister also discussed the upcoming U.S.-Iraq strategic dialogue and how they look forward to working together to provide the Iraqi people the prosperity and security they deserve.“
(Source: US State Dept)