Cursor International executes projects and collaboration activities across several industries.
By John Lee.
The United States has reportedly granted Iraq a 60-day extension to a sanctions waiver allowing it to import Iranian gas.
According to the report from AFP, Iraq relies on gas and electricity imports Iran to supply about a third of its electricity sector.
(Source: AFP)
The post US Grants Iraq New 60-day Waiver to Import Iranian Gas first appeared on Iraq Business News.
By John Lee.
In its financial results for the six months ended 30th June 2020, Petrel Resources made the following statement on its interests in Iraq:
“Petrel is active once more in Iraq after a hiatus since 2010 due to political and financial instability. We negotiated a large exploration block, Block 6, in the Western Desert in 2005. Nothing has happened there in the recent past. In discussions in early 2020, before the Covid-19 pandemic, with Ministry officials we renewed our Block 6 interest and re-presented the technical slides done by the Company on the Merjan-Kefl-West Kifl oil discoveries which remain undeveloped. We did extensive work under a Technical Co-operation Agreement on possible ways to develop these discoveries.
“With appropriate terms and pipeline access, the Merjan oil-field seems poised for early development: it was discovered, as an oil reservoir, by Mobil in 1982, but work did not proceed, mainly for political reasons. Petrel’s work on Merjan did not suggest that the area was gas-prone. The discovery well – Me-1- was located using 2D seismic on a Jurassic reef. No reef or oil was found in the Jurassic, but the well discovered oil in the Upper Cretaceous Hartha Formation. Recent analysis of 3D data focusses on the Jurassic seismic feature, and does not discuss the nature of any hydrocarbons in the well or the area. The Hartha reservoir in the well tested oil and water, without a significant flow of gas.
“Given the scope to reduce emissions through gas development, we should also bear Iraq’s gas potential in mind: a staggering 16 billion cm (0.6 tcf) of gas are flared yearly (including valuable liquids), which is about half Iraq’s gas output. We proposed gas and condensate recovery on Subba & Luhais, at various times, from 2004 through 2010, but the necessary legal framework was not then in place. With appropriate terms and infrastructure, gas economics are also attractive.
“As lowest cost oil producer Iraq is well poised to benefit from the development of the oil market. Their output can easily double in size.“
(Source: Petrel Resources)
The post Petrel Resources updates on Iraq Interests first appeared on Iraq Business News.
By John Lee.
Iraq’s Higher Committee for Health and National Safety has decided to “ban the entry into Iraq of visitors from all countries“. The move is an attempt to combat the coronavirus (Covid-19).
This will create problems for religious pilgrims hoping to attend the Shi’ite Muslim gathering of Arbaeen, held in early October, which would normally bring millions of people to the holy city of Kerbala.
According to Iran’s Tasnim news agency, Iraq’s Ambassador to Iran, Nasir Abdul Muhsin, confirmed that no foreign pilgrim will be permitted to visit Iraq for this year’s mourning rituals marking Arbaeen.
(Sources: Govt of Iraq, Tasnim)
The post Iraq Bans Foreign Arbaeen Pilgrims over COVID-19 Fears first appeared on Iraq Business News.
By John Lee.
DNO, the Norwegian oil and gas operator with significant operations in Iraqi Kurdistan, has released its 2019 Social Corporate Responsibility Report.
Please click here to download.
(Source: DNO)
The post DNO publishes Corporate Social Responsibility (CSR) Report first appeared on Iraq Business News.
Iraqi Government and Oil and Gas Industry Thought Leaders to Speak at Iraq Petroleum Virtual Event
CWC and Global Future Energy’s Iraq Petroleum Virtual Conference will include 6 content-rich panel sessions, enabling the oil and gas industry stakeholders to connect and engage with each other virtually to address current issues and facilitate practical solutions to advance the industry in these challenging times.
The Iraq Petroleum Virtual Conference constitutes of Ministerial Panel, Leader’s Session, a Spotlight Session on Kurdistan Iraq Economic Relations and executive panels delivered by thought industry experts. The conference will provide exclusive information, maps and updates on unrivalled opportunities and upcoming projects.
Iraq Petroleum attendees will gain all necessary tools to swiftly adapt their businesses to the post-lockdown environment. In light of the unprecedented circumstances and arising opportunities, the decision-makers and influencers from across the industry will get together to unlock new business opportunities on all levels of the energy industry at Iraq’s most-established and longest-running energy event, the Iraq Petroleum Conference, and discuss:
Over the past decade, the CWC Iraq Portfolio has hosted over 100+ Ministers and Senior Officials at various events. Now in its 14th year, Iraq Petroleum will again provide the only platform for oil and gas stakeholders in Iraq to convene. These high-calibre events are held with the support and participation of the new Federal Iraqi Government, the Federal Ministry of Oil, Federal Ministry of Electricity, the Iraqi Federal Parliament, REFAATO as well as considerable sponsors including Lukoil, Mitsubishi and ILF.
Speakers will include:
For further information, visit https://www.cwciraqpetroleum.com/
To access the full programme, please click here.
The post Key Speakers to address Iraq Petroleum Virtual Event first appeared on Iraq Business News.
By John Lee.
Iraq’s Oil Minister, Ihsan Ismaael [Ahsan Abdul-Jabbar Ismail], will reportedly become the head of a recently-revived Iraq National Oil Company (INOC).
Mr Ismael was previously the director general of the state-run Basra Oil Company (BOC); he joined the cabinet of Prime Minister Mustafa Al Kadhimi in June.
(Source: The National)
The post Iraqi Oil Minister to head INOC first appeared on Iraq Business News.
Genel Energy has published its first comprehensive Sustainability Report, prepared in accordance with the Global Reporting Initiative (‘GRI’) Standards core option.
Bill Higgs, Chief Executive of Genel, said:
“Genel has had a longstanding commitment to positively impact the communities in which we operate. This has focused on three core areas – economic development, education, and health, and I am delighted to detail our activities in these areas in our first comprehensive Sustainability Report. Having a positive impact on the local community is just one part of our responsibility however, and we continue our journey to meet head on the challenges associated with the energy transition. Stepping up to these challenges is vital to our business, and this is reflected in ESG metrics being incorporated into our corporate key performance indicators and remuneration evaluations. The publication of today’s Sustainability Report is a further indication of our commitment to this area.
“We are aware that we have a long way to go in a rapidly changing landscape. Nevertheless, we have the talent, skill sets, and commitment at the highest levels of the Company to meet the challenges ahead. In my view, Genel has the right low-cost and low-carbon assets, in the right locations, and with the right footprint, to thrive in a future of fewer and better natural resources projects.”
“The Sustainability Report is a complement to our Annual Report, and will be issued annually, publicly detailing our ESG activities as we strive to be a socially responsible contributor to the global energy mix.
“Genel has a low-cost and low-carbon asset portfolio, with the recent commissioning of the enhanced oil recovery project at the Tawke PSC having materially reduced flaring, reducing the carbon intensity of our portfolio to 7kg CO2e/bbl of scope 1 and 2 emissions.
“It has been a long-stated aim of Genel to have a positive impact both by contributing to economic development and directly supporting local communities through improved infrastructure and the provision of opportunities for improved health, development and employment.
“Since 2006, Genel has invested almost $60 million in social projects. 245 social investment and community projects have been funded and successfully delivered, and each year up to 550 local community patients receive free treatment from the TTOPCO medical team. Supporting the development of the local economy is also crucial, and Genel has spent over $36 million on contracts with local companies. Currently, almost 250 local people are employed at TTOPCO, and 23 local community-centred companies are providing services to Genel’s operations across the KRI, with our operations indirectly supporting a further 350 local people through such contracts.
“As well as looking to have a wider societal benefit, our commitment to having a beneficial impact begins with operational excellence and the taking care of our workforce. For the last four years, Genel has achieved zero lost time injuries with more than 12 million working hours since the last incident. This has been achieved through the promotion of a strong HSE culture and extensive workforce training and engagement at all levels.
“Our focus on sustainability has not been lessened by the ongoing COVID-19 pandemic, and the Report illustrates the key values that drive our decision making and support the delivery of our strategic goals.“
Click here to download the full report.
(Source: Genel Energy)
The post Genel Energy Publishes Sustainability Report first appeared on Iraq Business News.
DNO ASA, the Norwegian oil and gas operator, today announced that the USD 110 million Peshkabir Gas Capture and Injection Project in its Tawke license in the Kurdistan region of Iraq is onstream and has reached the one billion cubic feet of gas injection milestone.
The project is expected to reduce annual emissions from the Company’s operated production by over 300,000 tonnes of CO2 equivalent, offsetting the emissions from some 150,000 automobiles.
Engineering and construction were launched in mid-2018 and commissioning completed in mid-2020 in what is the first gas capture and storage project in Kurdistan. Some 20 million cubic feet a day of previously flared gas at the Peshkabir field is gathered, treated and transported 80 kilometers by pipeline to the Tawke field where it is injected for storage and reservoir pressure recharging.
Effective June 2020, the project halves the average carbon intensity of the Company’s operated production from 14 kilograms CO2 equivalent for each barrel of oil equivalent produced (kg CO2e/boe) to an average of 7 kg CO2e/boe. This compares to the target set by a group of 12 of the world’s largest oil companies comprising the Oil and Gas Climate Initiative (OGCI) to reduce the average carbon intensity of their aggregated upstream oil and gas operations to between 20-21 kg CO2e/boe by 2025 from a collective baseline of 23 kg CO2e/boe in 2017.
“Gas injection and the associated carbon capture and storage is proven, practical and potentially profitable,” said Bijan Mossavar-Rahmani, DNO’s Executive Chairman. “Our project was completed on schedule and on budget notwithstanding the challenges of working in what is still a frontier oil and gas operating environment and the obstacles posed in the late stages by the Covid-19 pandemic,” he added.
Gas flaring at the Peshkabir field has been reduced by over 75 percent, with work underway to reduce it further. Any Peshkabir field injected gas produced at the Tawke field will be recovered and recycled into the latter or used as fuel to displace diesel.
Reservoir models suggest gas injection will increase gross Tawke field recoverable volume by 15 to 80 million barrels of oil, of which 23 million barrels are included in the gross proven and probable (2P) Tawke field reserves in the DNO 2019 Annual Statement of Reserves and Resources.
DNO’s greenhouse gas emissions increased following commencement of production from the Peshkabir field in 2017 as the oil contains a relatively high associated gas content. Flaring from the Peshkabir field was the largest single contributor to DNO’s total 2019 greenhouse gas emissions of 639,200 tonnes of CO2e.
Mr. Mossavar-Rahmani announced the launch of a new initiative to more actively measure, monitor and mitigate methane leakages at DNO’s operated sites, noting that while CO2 emissions from oil and gas operations receive the greatest attention, methane emissions are a significant but underreported source of greenhouse gas with an impact 25 times greater than CO2 on a 100-year horizon.
DNO operates the Tawke license containing the Tawke and Peshkabir fields with a 75 percent interest; partner Genel Energy plc holds the remaining 25 percent.
The Company will publish its Corporate Social Responsibility Report, which covers greenhouse gas emissions developments and strategies, next week.
(Source: DNO)
The post DNO Starts Gas Capture in Kurdistan first appeared on Iraq Business News.
By John Lee.
Genel Energy has engaged Pareto Securities to organise a roadshow with international credit investors. The Company may, subject to market conditions and acceptable terms on the new issue, raise a new five-year bond of up to $300 million to replace the Company’s existing bond maturing in December 2022.
Genel had cash in excess of $350 million at 30 August 2020, and net cash of $55 million. Acdording to a company statesment, it “maintains a positive outlook, a strategy of maintaining a robust balance sheet through cycles, and is proactively managing its liquidity runway and debt maturity profile“.
(Source: Genel Energy)
The post Genel Energy considers new Bond Issue first appeared on Iraq Business News.
By John Lee.
Italian oil company ENI is reported to be in talks to build a $4-billion, 300,000-bpd refinery near Iraq’s Zubair oil field.
S&P Global quotes Oil Minister Ihsan Ismaael [Ahsan Abdul-Jabbar Ismail] as saying that that the first phase, with a capacity of 150,000 bpd, would be operational by 2025.
The Minster reportedly added that the Zubair field, in which Eni holds a stake, is expected to produce 700,000 bpd by 2027.
Click here to read the full article.
(Source: S&P Global)
The post Eni to Invest bn in Iraqi Refinery? first appeared on Iraq Business News.