Cursor International executes projects and collaboration activities across several industries.
By John Lee.
UK-based Amarinth has reportedly delivered pumps worth £1.2 million to the West Qurna-2 expansion project.
According to World Pumps, the first order was from Italy’s Cannon Artes, and was for seven super duplex API 610 OH1 pumps.
The second order, from SICIM (also from Italy), was for three super duplex API 610 OH3 vertical in-line pumps for produced water treatment.
(Source: World Pumps)
The post Amarinth delivers Pumps to West Qurna-2 first appeared on Iraq Business News.
Writing in Oil Price, Simon Watkins says Iraq’s West Qurna 2 oilfield, run by Russian oil giant Lukoil, may see a quick increase in production from 400,000 barrels per day (bpd) to well over 600,000 bpd, rising to more than 1 million bpd further out.
Click here to read the full article.
The post Russian-Run Iraqi Oilfield may see Output Boost first appeared on Iraq Business News.
Writing in Oil Price, Simon Watkins points out that the $5.99-per-barrel remuneration that Lukoil will receive under its technical service contract at Block 10 is considerably better than its $1.15/barrel payment at West Qurna 2.
Block 10 includes the Eridu field, which has indicated oil reserves of between 7 and 12 billion barrels, and a proposed peak production rate of 250,000 barrels per day (bpd).
Lukoil has a 60-percent stake in Block 10, with Inpex owning 40 percent.
Click here to read the full article.
The post Block 10 More Attractive for Lukoil than West Qurna 2 first appeared on Iraq Business News.
By John Lee.
Iraq’s West Qurna-2 oilfield has just produced its one-billionth barrel of oil.
At a ceremony to mark the event, which was attended by Lukoil President Vagit Alekperov, Oil Minister Ihsan Abdul Jabbar said the field started with production of 220,000 bpd, rising to 400,000 bpd, with plans for peak production of 800,000 bpd in 2027.
He added that the field had contributed more than 40 billion dollars to the national economy.
(Sources: Ministry of Oil, Lukoil)
The post West Qurna-2 produces its One-Billionth Barrel of Oil first appeared on Iraq Business News.
By John Lee.
Oil Minister Ihsan Abdul Jabbar has reportedly told reporters that Iraq hopes LUKoil will keep its stake in the West Qurna-2 oil field.
Russian news agency TASS quotes the Minister as saying that Iraq is “negotiating improvement of conditions” for the project.
In July, Lukoil Chief Executive Vagit Alekperov was quoted as saying that the company may reduce its stake in the field.
(Source: TASS)
The post Iraq tries to persuade Lukoil to stay at West Qurna first appeared on Iraq Business News.
By John Lee.
The Iraqi cabinet has approved the agreement between the Ministry of Oil and French company TotalEnergies to implement four major energy projects in the country:
The project was originally agreed in March.
(Source: Govt of Iraq)
The post Iraqi Cabinet Approves TotalEnergies’ Projects first appeared on Iraq Business News.
By John Lee.
The Chief Executive of Russia’s LUKoil has reportedly confirmed that the company may reduce its stake in Iraq’s West Qurna-2 oil field.
Reuters cites Vagit Alekperov as making the comment on Thursday during a visit to the company’s facilities in Nizhny Novgorod.
(Source: Reuters)
The post LUKoil Confirms possible Reduction of Stake in West Qurna-2 first appeared on Iraq Business News.
By John Lee.
Both BP and Lukoil are reported to be considering quitting upstream oil operations in Iraq.
Reuters quotes Iraq’s Oil Minister, Ihssan Abdul-Jabbar Ismail, as making the comments during a parliamentary session last week.
Last month, BP was said to be planning to spin off its Iraqi operations in Iraq into a separate company, which would be jointly owned with its partner in the giant Rumaila project, the China National Petroleum Corporation (CNPC).
Meanwhile, the Minister said Russia’s Lukoil is thought to be trying sell its 75-percent stake in the West Qurna-2 oilfield to Chinese firms.
(Sources: Reuters, Oil Price)
The post China to Snap Up Iraqi Oil Assets? first appeared on Iraq Business News.
By John Lee.
Russian oil company Lukoil has published details of its payments made during the financial year ended 31 December 2020 in favor of the government of Iraq:
(Source: Lukoil)
The post Lukoil paid over $60m to Iraqi Govt in 2020 first appeared on Iraq Business News.
By John Lee.
Iraq’s Oil Minister, Ihssan Abdul-Jabbar Ismail, has announced the start of experimental operations at the Yamamah reservoir in the West Qurna 2 oil field, with the aim of increasing output from the reservoir from 10,000 barrels per day (bpd) to 350,000 bpd.
When fully implemented, the development would bring total production at the field to 800,000 bpd.
The Minister praised the work of Russian company Lukoil, which is developing the field.
(Source: Ministry of Oil)
The post Increasing Oil Production at West Qurna 2 first appeared on Iraq Business News.