Cursor International executes projects and collaboration activities across several industries.
By John Lee.
Fleet Line Shipping (FLS) has won a contract to transport 11,000 tons oil and gas equipment and pipes from the United Arab Emirates (UAE) to Iraq.
The first batch of pipe laying machines, each weighing 45 tons, was loaded on a ro-ro ship from Jebel Ali to the port of Umm Qasr in Iraq.
Delivery will be 450 kms from port.
(Source: X2 Elite)
By Adnan Abu Zeed for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.
The Iraqi Cabinet announced Aug. 12 that it has approved a regulation by the Ministry of Labor requiring that 50% of foreign oil company employees working in the country be Iraqis.
The move followed mass demonstrations in Basra calling for better public services, including clean water and working and reliable electricity, and job opportunities for the unemployed in the city. Iraq’s largest oil reserves lie beneath Basra province.
Basra Governor Assaad al-Eidani had on July 31 announced that an agreement had been concluded with the foreign oil companies to secure job opportunities for Basra residents. Days earlier, the Associated Press reported Deputy Governor Dhirgham al-Ajwadi saying that the unemployment rate in Basra, population 4 million, had risen sharply to at least 30%.
On July 13, demonstrators had stormed the headquarters of the Russian oil company LUKOIL at Basra’s West Qurna 2 field, one of the largest, leading workers to pack their belongings. A number of them were evacuated by helicopter.
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(Picture Credit: Ahmed Mahmoud)
By John Lee.
Talks are reportedly continuing to complete the electricity linkage between Iraq and Kuwait.
KUNA quotes Kuwait’s Oil Minister and Minister of Electricity and Water Engineer, Bakheet Al-Rashidi (pictured), as saying:
“We expect that these negotiations will ultimately lead to linking Iraq’s electricity grid with the Gulf network and then link with Turkey and Europe on the long-term.
“We are always ready to help our brothers in Iraq, according to the instructions of the political leadership.”
(Source: KUNA)
His Royal Highness, The Prince of Wales, has agreed to continue his Patronage of the AMAR International Charitable Foundation.
Prince Charles has been AMAR’s Patron for the past 13 years, and during that time has attended a number of AMAR’s milestone events.
Last year he helped to bring our Silver Anniversary to a spectacular close at a special event on December 13th with staff, supporters, donors and trustees at London’s Lancaster House, where he was also part of a panel on AMAR’s campaign for world recognition of the Yazidi faith.
Speaking at that event, His Royal Highness told the guests that he was “extremely proud” of his tenure as AMAR’s Patron, and emphasised the value he saw in AMAR’s work:
“I am sure you will all agree that the scale of AMAR’s reach is profoundly impressive but, if I may say so, it is the ethos at the core of AMAR’s work which is the most impressive thing of all – even in the most desperate and heart-breaking situations, where conflict has shattered lives and persecution has wrenched societies apart.”
HRH has also cited AMAR’s “exceptional model”, which seeks to bring about sustainable change, combines both healthcare and education provision, and is cost-effective, as another reason why he is proud to be our Patron.
AMAR’s Chairman, Baroness Nicholson, said:
“We are incredibly honoured that His Royal Highness has agreed to extend his Patronage. His support has been invaluable to AMAR’s work over the past 13 years, and I am delighted that he will continue to play a leading role into the future.”
(Source: AMAR)
By John Lee.
Weir Oil & Gas Dubai has announced the signing of multi-year contracts in Iraq with two international oil companies totaling more than $50 million USD.
According to a press release from the company, the contracts secure the provision of Weir Oil & Gas workshop services and engineering support for an oil field and valve repair and maintenance services for another giant oil field, respectively.
Ronan Le Gloahec (pictured), EMEARC Managing Director for Weir Oil & Gas, said:
“We are pleased to support our clients through providing services, repairs and important upgrades while assisting them with engineer-driven change management protocols and production facility turnarounds.”
(Source: Weir)
By John Lee.
Weir Oil & Gas Dubai has announced the signing of multi-year contracts in Iraq with two international oil companies totaling more than $50 million USD.
According to a press release from the company, the contracts secure the provision of Weir Oil & Gas workshop services and engineering support for an oil field and valve repair and maintenance services for another giant oil field, respectively.
Ronan Le Gloahec (pictured), EMEARC Managing Director for Weir Oil & Gas, said:
“We are pleased to support our clients through providing services, repairs and important upgrades while assisting them with engineer-driven change management protocols and production facility turnarounds.”
(Source: Weir)
By John Lee.
DNO ASA, the Norwegian oil and gas operator, has reported receipt of USD 69.03 million as payment for May 2018 crude oil deliveries to the export market from the Tawke license in the Kurdistan region of Iraq.
The funds will be shared by DNO and partner Genel Energy plc pro-rata to the companies’ interests in the license.
Separately, a payment of USD 5.99 million has been received net to DNO, representing three percent of gross Tawke license revenues during May, as provided for under the August 2017 receivables settlement agreement with the Kurdistan Regional Government.
DNO operates and has a 75 percent interest in the Tawke license, which contains the Tawke and Peshkabir fields.
Following regularization of export payments for Tawke license production since February 2016, the Company will no longer make monthly receipts announcements. The Company will instead update the market on export volumes and values as part of its quarterly financial reporting.
(Source: DNO)
By John Lee.
Gulf Keystone Petroleum (GKP) has confirmed that a gross payment of $27.0 million ($21.2 million net to GKP) has been received from the Kurdistan Regional Government for Shaikan crude oil sales during May 2018.
(Source: GKP)
By John Lee.
The state-run Basra Oil Company (BOC) has signed a memorandum of understanding with US oil company Chevron to develop oil fields
BOC announced the start of the first phase of work and cooperation with Chevron US to develop some oil fields and the establishment of a company.
The Director-General pointed out that this project will provide employment opportunities and social services for citizens in the province.
(Source: Iraqi Oil Ministry)
DNO ASA, the Norwegian oil and gas operator, today announced plans for its first dividend distribution to shareholders in 13 years following release of strong half-year 2018 results, including revenues of USD 289 million which were up 83 percent from the same period last year. The Company also reported a net profit of USD 61 million and free cash flow of USD 142 million during the first half of the year.
“With growing production and robust and reliable revenues, the dividend announcement underscores confidence in our strong growth prospects,” said DNO’s Executive Chairman Bijan Mossavar-Rahmani (pictured). “Kurdistan is back and so is DNO,” he added.
The Company continues to ramp up activity in the Kurdistan region of Iraq, where fast track development of the Peshkabir field is expected to boost output by another 15,000 barrels of oil per day (bopd) to 50,000 bopd by yearend.
The Company, the most active driller in Kurdistan, has three rigs operating across its licenses with a fourth to be added next month.
Two rigs will be active at the flagship Tawke field to reverse natural field decline through workovers and the drilling of two wells in the main Cretaceous reservoir and two wells in the shallow Jeribe reservoir.
Operations will commence at the Baeshiqa license with another rig to be mobilized to spud the first well in September as part of a back-to-back, three-well exploration program. DNO acquired a 32 percent interest in and operatorship of the Baeshiqa license last year, joining ExxonMobil (32 percent), the Turkish Energy Company (16 percent) and the Kurdistan Regional Government (20 percent).
At Peshkabir, the fourth rig will spud Peshkabir-8 in 10 days followed by Peshkabir-9 in October. Early production and successful appraisal have raised previous field proven (1P) and proven and probable (2P) reserves. Two newly completed wells, Peshkabir-6 and Peshkabir-7, will commence testing by the end of this month before being placed on production. Peshkabir-6 is key to unlocking further Cretaceous and Triassic reserves.
“Peshkabir is proving prolific in production and has generated over USD 300 million in gross revenue since startup last year or three times the investment,” said Mr. Mossavar-Rahmani.
Elsewhere, DNO recently completed the sale of its Tunisia assets and relinquished Block SL18 in Somaliland as part of the Company’s ongoing rationalization of its portfolio through divestment of non-core assets and focus on expanding operations in Kurdistan and Norway.
Offshore Norway, the Company recently added six new exploration licenses for a total of 21 licenses and plans to participate in one exploration well in the fall, followed by at least five wells next year.
DNO retains indirect interests in North Sea assets through its 28.23 percent strategic stake in Faroe Petroleum plc and, given the size of its shareholding, will request seats on the board and has asked for an extraordinary general meeting to be called for this purpose.
DNO exited the second quarter with a cash balance of USD 584 million in addition to USD 288 million in marketable securities and treasury shares. The Company’s outstanding bond debt stands at USD 600 million.
The planned annual dividend distribution of NOK 434 million (USD 50 million equivalent), payable in two tranches, is subject to shareholder approval. To facilitate the distribution of the planned dividend, the DNO Board of Directors will convene an extraordinary general meeting on 13 September 2018 (i) to seek approval for payment of a dividend of NOK 0.2 per share in H2 2018 to be distributed to shareholders of record on 13 September 2018 (as registered in the VPS on 17 September 2018), and (ii) to seek authorization to approve an additional dividend payment of NOK 0.2 per share in H1 2019.
(Source: DNO)