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Energy & Mineral Resource

Iraq will reopen an old crude oil pipeline to Turkey which bypasses one operated by the Kurdistan Regional Government (KRG), the oil ministry said in a statement on Tuesday.
Along with the United Arab Emirates and Kazakhstan, Iraq has declared commitment to a global pact to cut crude oil output at a meeting with industry officials in Abu Dhabi.
Oil import from Iraq has risen to 31.5% for India in July from a month ago, shipping data showed, allowing the country to retain the top supplier spot for the fourth consecutive month amid declines from sellers such as Venezuela and Iran.
A contract has been bagged by Baker Hughes from Iraqi government for developing advanced solutions for flare gas at the Nassiriya and Al Gharraf oilfields using its modular gas processing technology.
On coming 25th September, 2017, the Kurdistan Regional Government will hold a referendum on independence for the region.
On last Tuesday, oil prices rose slightly as Saudi exports fell and solid demand soaked up some of what is seen as an oversupplied market, but Ecuador's decision to opt out of an OPEC-led supply reduction pact complicated the outlook.
In Canada, a court has issued a warrant for the seizure of hundreds of thousands of barrels of oil reportedly originating from the Kurdistan Region in a tanker recently seen off North America's eastern seaboard. A court in Halifax, Canada, has recorded a “warrant for the arrest of the cargo of 721,915 barrels of crude oil abroad the M/T [motor tanker] Neverland,” on June 29, 2017.
On last Sunday, Iraq’s oil marketing company stated that the country exported 592.378 million barrels of petroleum during the first half of 2017.
After a long time of rising flaring in Iraq, political unrest in the country causes major damages in the initiative. However, with new investment, things are getting improved further. Senior government advisor Thamir Ghadhban said that three new gas processing plants in southern Iraq will significantly reduce gas flaring at the nation’s sprawling oilfields. Work by producers during 2016 may have reversed the recent steep increase.
From the field owned by the central government in Baghdad, oil export for Iraq is at around 3.27 million barrels per day (bpd) so far in June. Oil Minister Jabar al-Luaibi had disclosed this data last week.
In 2017, Genel Energy’s Taq Taq oilfield has seen falling output. However, the rate of decline has slowed down of late.
As diplomatic clash emerges between OPEC member, specifically between Saudi Arabia and Qatar, earlier gains of oil has erased out. Futures slipped 0.6% in New York, erasing an earlier gain of 1.6%. Saudi Arabia, Bahrain, the United Arab Emirates and Egypt said they will suspend air and sea travel to and from Qatar, escalating a crisis that started over its relationship with Iran.
Despite of growth in oil production since 2009, water constraints, midstream infrastructure woes, contract terms and other aboveground factors have hindered Iraq’s ability to hit production targets.
Permission for building an oil refinery has been given by the Iraqi government in Kirkuk. The project value shall be around $5 billion.
The head of the OPEC member's oil marketer SOMO said that Iraq may look at hedging part of its crude oil production as a way to protect government revenue against the risk of oil price volatility.
Last week a horrific suicide attack on a pop concert in Britain had shocked the world. This incident received a lot of media attention, though increase in violence in other regions of the world like Philippines and Indonesia.
Basra Oil Company has signed a contract with Eni, which is the main operator in the Al Zubair oil field, On last Sunday
Iraq’s Oil Minister Jabbar al-Luaibi stated that oil exports from Kurdistan region of Iraq will not be included under OPEC’s production cut extension plan.
Alexander Novak, the Russian oil minister, along with Saudi counterpart Khalid-al-Falih, has signaled an agreement last week between the two biggest oil producers in the world to extend the current the supply deal, which is aimed at removing 1.8 million barrels worth of supplies, Iraq has joined the initiative before the much anticipated OPEC ministers’ meeting in Vienna headquarter on 25th of May.
Oil ministry of Iraq has announced that export of crude has reached 97.6 million barrels till April 2017, fetching revenue around 4.607 billion dollars for the country.
Minister of Energy and Mineral Resources Ibrahim Saif discussed with Iraqi Oil Minister Jabbar Al Luaibi on a project for constructing an oil pipeline between Iraq and Jordan to export Iraqi crude oil via Jordan and provide the Kingdom with its oil needs.
To lock in prices for future crude sales, Iraq is mulling an oil hedging program. The country is though at very early to stage to explore a hedge, as noted by Falah Al-Amri, the head of Iraq’s state oil-marketing company, known as SOMO.
Saudi Arabia and Iraq, two OPEC giants, have agreed on Monday on the need for extending global cut in oil supply so that oil price can rise.
Around $433 billion as net oil export revenue has been earned by the members of the Organization of the Petroleum Exporting Countries (OPEC) in the year of 2016. The revenue is the lowest since 2004. In 2015, oil revenue was 15% higher than 2016 revenue.
Iraq will go with the consensus reached by OPEC when the oil exporter group meets in Vienna next month to discuss extending production cuts, the country's oil minister said on Thursday.
Iraqi government asks international oil companies to get used to with low oil prices. Iraq’s oil minister Jabbar al-Luaibi sent a letter to several foreign oil companies, asking them not to rein in their ambitions on producing oil.
Iraq’s resumption last week of oil shipments through a Kurdish-controlled pipeline bumped up its export capacity by 5 percent almost overnight.
After a lot of turmoil, Iraq’s parliament has finally approved five new ministers nominated by Prime Minister Haidar al-Abadi.
Oil ministry of Iraq stated that a new natural gas unit has been started to be operated by Iraq in the southeastern region as part of a plan to use gas that was previously flared to generate electricity.
Jabbar al-Luaibi, the former head of Iraq’s biggest crude producer who was appointed oil minister, stated that he observes ways to resolve the energy dispute with the self-governed Kurds in the north of OPEC’s No. 2 producer.
In early August, oil export flow from Iraq’s Kurdistan region fell sharply due to pipeline outages. Due to recent attacks on the oilfield, production has also been declined.
In southern Iraqi oilfields, clashes between protestors and security forces have erupted. According to local media, on last Sunday clashes began after a group of protesters attempted to block a road leading to oil fields in the district of Zubair, located near the country’s main port city of Basra.
Iraq makes agreement with Shell, Lukoil and BP to restart stalled investment in oil fields the firms are developing. Projects were in halt for more than a year, but with the fresh agreements the halted projects are expected to be started.
On last Wednesday, a well that pumps oil from the Kirkuk fields in northern Iraq had been blown up, as reported by the North Oil Company.
Gazprom Neft, a Russian oil and gas company, has commissioned its 10th production well (P-07) at the Badra oil field of Iraq.
On last Monday, Iraq’s Ministry of Oil has announced that the country has exported around 95 million barrels of oil during June from the central and southern oil fields.
On Friday, last week, oil price settled at lower side, losing 4% on the week.
Basra Provincial Council announced that the Japanese government has agreed to lend 2.1 billion US dollars to Iraq for developing Basra refinery and added that the loan will be repaid in 40 years with an interest rate of 2 per cent.
Iraqi Ministry of Oil announced on Friday a new shipment of liquid gas and other gas condensate, to the tune of 1600 tons.
The Iraqi Ministry of Oil, on Monday, announced that Iraq had exported more than 95 million barrels of oil during June from the central and southern oil fields.
NEW DELHI: Iraq has overtaken Saudi Arabia to become India's top crude oil supplier while Iran has grabbed the fourth biggest exporter slot post lifting of sanctions.
Production momentum at the Badra oil field in eastern Iraq has resulted in almost half of the total volumes emerging this year, Russian company Gazprom Neft said.
It has been reported by First Deputy Chief Executive Officer of the company Vadim Yakovlev that Gazprom Neft plans to boost oil production at the Badra field in Iraq to 115,000 barrels daily.
President Vagit Alekperov of oil major of Russia, Lukoil plans to offset the costs on Iraqi fields in August.
Alireza Ashnagar, Iran’s Kordestan province deputy governor general for political, security and social affairs said on last Wednesday that Iran dispatched the first cargo of its gas oil to Iraq’s Kurdistan region.
As per reports, Islamic development bank has provided its initial agreement in giving $3 billion in easy loans and grants to Iraq. Iraq’s economy is down ridden due to global oil price slump. This has been reported by a spokesperson of Central bank in Baghdad.
As top crude exporter to India, Iraq overtook Saudi Arabia in the month of April for the first time since December last year.
According to Iraqi officials, Iraqi production halted on last Wednesday due to explosion at two oil wells near territory controlled by Daesh in northern Iraq.
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