Cursor International executes projects and collaboration activities across several industries.
By John Lee.
Erbil and Baghdad have reportedly reached an agreement on Erbil’s contribution to the 2020 federal budget.
According to Reuters, the state news agency INA says the deal includes a transfer of 250,000 barrels per day (bpd) from the oil-producing region to Iraq’s national budget.
Iraq’s 2020 federal budget is currently under discussion in parliament.
(Source: Reuters)
By John Lee.
Iraq’s Ministry of Oil has announced final oil exports for January of 102,485,497 barrels, giving an average for the month of 3.306 million barrels per day (bpd), down from the 3.428 million bpd exported in December.
These exports from the oilfields in central and southern Iraq amounted to 101,062,366 barrels, while exports from Kirkuk amounted to 1,114,035 barrels. Exports to Jordan were 309,096 barrels.
Revenues for the month were $6.195 billion at an average price of $60.452 per barrel.
December export figures can be found here.
(Source: Ministry of Oil)
By John Lee.
UK-based heavy lifting company ALE has been acquired by Dutch company Mammoet BV.
ALE has worked on several major projects in Iraq, including Kerbala Refinery, and the oil fields at Majnoon, West Qurna 1 and 2, and Zubair.
ING acted as financial advisor to Mammoet.
(Sources: ALE, Mammoet)
The Iraq Britain Business Council (IBCC) held its Council Meeting, Dinner & Reception for IBBC Members and distinguished guests on 28 January. The Council Meeting, hosted by Baroness Nicholson of Winterbourne, President of IBBC and the Prime Minister’s Trade Envoy to Iraq, Azerbaijan, Turkmenistan and Kazakhstan took place in the House of Lords.
Ms Jwan Khioka, Minister Plenipotentiary from the Embassy of the Republic of Iraq greets IBBC Members and distinguished guests
The Council Meeting was followed by a Reception & Dinner hosted by Brigadier James Ellery CBE at the Cavalry & Guards Club, where Ms Jwan Khioka, Minister Plenipotentiary from the Embassy of the Republic of Iraq greeted more than 40 guests.
After dinner, Dr Heike Harmgart, Managing Director for the Southern and Eastern Mediterranean (SEMED) region at the European Bank for Reconstruction and Development (EBRD) elaborated EBRD’s strategy and business plan for the SEMED region, especially highlighting the business opportunities in the Republic of Iraq.
Dr Heike Harmgart, Managing Director for the Southern and Eastern Mediterranean region at the European Bank for Reconstruction and Development (EBRD), after dinner speaker
The Education, Training and Heritage Sector Table Meeting hosted by IBBC in its London offices on 28th January was attended by representatives from the UK Embassy of the Republic of Iraq, Bath Spa University, the University of Northampton, Stirling Education, UB Holdings, Unihouse Global, the British Council and the IBBC.
The meeting agreed its over-riding objective is to improve education across Iraq, build in-country capacity and facilitate cooperation between Iraq and international, especially UK, universities. The BC confirmed it is continuing to function in Iraq, albeit at a lower activity level with some restrictions to personnel movement. The proposal for senior representatives of UK universities to visit Iraq was well supported, subject to acceptable security, all parties agreed that involvement of relevant ministries in Iraq is essential to A number of initiatives to encourage Iraq’ entrepreneurs in were presented, including establishing a Tech Hub in Baghdad, run seminars to assist students aiming to study outside Iraq and setting up an alumni network for Iraqi graduates who has studied in UK. It was agreed that the Chevening Programme had been successful and should continue.
A highlight of the meeting was the detailed presentation of Dr Amir Saadati, Strategic Advisor, City & Guilds MENA (Projects) (https://www.cityandguilds.com/) who gave a detailed presentation on the organisations plan to roll out a number of essential training programmes across Iraq in conjunction with IBBC Member Stirling Education.
IBBC Education, Training and Heritage Sector Table Meeting
The Construction and Infrastructure Sector Table met earlier in the day with Jones Lindgren of Perkins and Will in the chair. The main discussion was about current work and opportunities in the water and environment sectors with Brad Moxham of Pell Frischmann and Steve Rowan of Eame, both active in Iraq, leading the discussion.
The IBBC Executive Committee met in the morning of 29th January. The Committee of IBBC Members, reviews IBBCs activities and advises the management of its future planning. After many years of service Alistair Kett of PWC, Hadi Nezir of UB Holding, Hani Akkawi of CCC retired from the committee. The new committee members are John Curtin of EY, Charles Walker of ZHA, Charlie Burbridge of G4S and Sadar Al-Bebany of Sadar Trading Agencies.
IBBC Executive Committee meeting
The Oil & Gas Sector Table Meeting was hosted by IBBC in its London offices On 29th January was attended by representatives from BP, ExxonMobil, SKA, Constellis, Gulftek, Petrofac, Basrah Engineering Group, the UK FCO and the IBBC. There was wide ranging discussion on the current situation in Iraq and its adverse impact on investment in the country, in particular in the oil and gas sector. There was general agreement that more investment is required to maintain current levels of production, and additional investment will be required to increase production and monetise the extensive associated gas reserves currently being flared.
Oil & Gas Sector Table Meeting
By John Lee.
Iraq’s Ministry of Oil has announced final oil exports for November of 106,265,346 barrels, giving an average for the month of 3.428 million barrels per day (bpd), down from the 3.500 million bpd exported in November.
These exports from the oilfields in central and southern Iraq amounted to 103,090,550 barrels, while exports from Kirkuk amounted to 2,827,050 barrels. Exports to Jordan were 347,746 barrels.
Revenues for the month were $6.698 billion at an average price of $63.027 per barrel.
November export figures can be found here.
(Source: Ministry of Oil)
By John Lee.
The Al-Ahdab oil field has reportedly resumed production, having been off-line for about a week due to protests by security guards.
The 70,000-bpd field is developed by China’s CNPC.
(Source: Bloomberg)
By John Lee.
Iraq has reportedly approved contracts in a fifth bidding round for gas exploration contracts.
According to Reuters, the exploration deals relate to the development of fields in the eastern governate of Diyala that are expected to produce more than 750 million cubic feet of natural gas within 3 years.
The contracts have been criticised by IBN Expert Blogger Ahmed Mousa Jiyad – https://www.iraq-businessnews.com/2018/05/16/5th-round-oil-licences-poor-management-dubious-contracts-bad-results/
(Source: Reuters)
By John Lee.
The trial has begun in London of three British businessmen accused of conspiring to pay bribes totalling $6m (£4.6m) to win contracts in Iraq worth $800 million.
According to the UK’s Serious Fraud Office (SFO), Monaco-based Unaoil bribed Iraqi officials to help Dutch-based SBM Offshore [Single Buoy Moorings], and Singapore’s Leighton Offshore, to secure the contracts between 2005 and 2013.
The Guardian reports that Ziad Akle (44), Unaoil’s territory manager for Iraq, Stephen Whiteley (64), who was a vice-president at SBM until 2009 before joining Unaoil as its manager for Iraq, and Paul Bond (67) SBM’s sales manager for the Middle East, have all pleaded not guilty.
The trial is expected to last three months.
(Sources: The Guardian, Bloomberg)
By John Lee.
The Palestinian Authority has reportedly filed a formal request to Israel to allow the import of fuel from Iraq.
Palestinian Prime Minister, Mohammed Shtayyeh, told Israel’s Haaretz newspaper that although the request was made four months ago, Israel has yet to respond.
He said:
“Fuel is our biggest expense … The cheaper fuel from Iraq will reduce the pressure on our budget considerably.”
(Source: Haaretz)
Gulf Keystone Petroleum (GKP) has issued an operational and corporate update in advance of the Company’s full year 2019 results which are scheduled to be released on 26 March 2020.
Operational
Corporate
Outlook
Jon Ferrier, CEO, commented:
“2019 saw GKP continue to realise the benefits of the Company’s recent turn around. In a year in which we returned significant value to shareholders, through both our maiden dividend and share buyback programmes, we also benefited from the increased operational tempo. This resulted in the first steps along the road to a significant production increase from Shaikan, and we are pleased to confirm today that we achieved our original 2019 gross production guidance.
“Looking forward, the pace of the development of Shaikan continues with the drilling and investment in our facilities, in order to deliver our growth trajectory. With a robust balance sheet and confidence in regular payments, we expect to be fully funded for our work programme and continue to return value to shareholders.“
(Source: GKP)