iraq – Page 7 – Oil & Gas 360

Iraq + China MOU Establishes Long Term Oil & Gas Partnership

December 23, 2015

Chinese-made oilfield equipment will head to Iraq; crude oil trade, E&P, oilfield engineering services, chemical refining get a bump; construction of storage and transport facilities on tap During a visit to China, Iraqi Prime Minister Haider al-Abadi signed a memorandum of understanding (MOU) with Chinese Premier Li Keqiang to establish a long-term, stable energy partnership. As part of the MOU,

OPEC Removes Production Limit Altogether: the End of the Cartel?

December 7, 2015

“We aren’t going to go back to a cartel … That time has passed” – U.A.E. Minister Al Mazrouei Just over a year after deciding to change its focus to defending market share rather than oil prices, OPEC members left their semi-annual meeting in Vienna on December 4 grim-faced, according to reports. After out-producing its self-imposed ceiling for 18 months,

Rocket Hits Site of Foreign Oil Firms Exxon, Shell, Eni in Iraq's Basra, Three Hurt

ISIS: a Criminal/Terrorist Enterprise with a Business Acumen that has No Historical Precedent

November 19, 2015

After Paris: U.S. and Russian air strikes target ISIS’s $50 million monthly oil revenues As the battle against ISIS continues, allied forces are increasingly targeting oil assets and the convoys of trucks being used to smuggle oil from ISIS-controlled oilfields. The idea is to cut off the major source of funding for the Islamic State’s barbaric terrorist activities. It is

OPEC Production Falls by 233 MBOPD in September

September 30, 2015

Survey of oil companies, producers and analysts shows declines in OPEC output OPEC production declined in September, led by lower output in the group’s three-biggest producers, according to a survey conducted by Bloomberg. The survey was taken of oil companies, producers and analysts, and it showed output from OPEC down 233,000 barrels per day from August to 32.05 million barrels

Kurdistan Region Reasserting Right to Sell Oil Independent of Iraq

September 24, 2015

U.S. court allows oil sales from Kurdistan Iraq’s Kurdish Semi-autonomous region is increasing international oil sales without the approval of Iraq’s central government. The U.S. Court of Appeals for the Fifth Circuit in New Orleans dismissed the Kurdistan Regional Government’s (KRG) bid to overturn an earlier ruling against a planned sale of oil to an unidentified buyer in the U.S.,

Red Flag: Iraq Warns Oil Companies it Intends to Cut Spending due to Oil Revenue Drop

September 15, 2015

Iraq tells oil companies to submit conservative funding requests for 2016 A letter dated September 6, 2015, from the Iraq Oil Ministry was sent out to international oil companies operating inside the country notifying them that they should plan to lower spending in 2016, reports The Wall Street Journal. Iraq is struggling to support its energy sector as it feels

Natural Gas Pipeline from Iran to Iraq could be Ready in 20 Days

August 3, 2015

Iranian Gas Engineering and Development Company says pipeline could be ready before the end of August Managing Director of the Iranian Gas Engineering and Development Company Alireza Gharibi said the company finished testing 100 kilometers (about 62 miles) of pipeline that will run from Iran to neighboring Iraq. Gharibi said the company hopes to export natural gas to Iraq in

OPEC Production Hits a Three Year High

July 1, 2015

OPEC June production hits 31.60 MMBOPD on the back of increased Iraq output OPEC continued to produce well above its target of 30 MMBOPD in June, according to information compiled by Reuters. The information, based on shipping data and information from sources at oil companies, OPEC and consultants, suggest that OPEC produced 31.60 MMBOP in June, the highest output the

LUKOIL proceeds with Filanovsky field phase two development -oilandgas360

Lukoil Applauds Iraqi Crude Oil Split

June 26, 2015

Oil split reduces pricy delays, company says, after disappointing first quarter Iraq’s decision to split crude oil export flows into lighter and heavier grades has removed logistical problems and allowed several producers to lift self-imposed output curbs, according to Lukoil (ticker: LKOH) Deputy President for E&P Ravil Maganov. Maganov told reporters that the move to split crude grades helped the

Crude Imports from Canada, Latin America, Putting Pressure on Iraqi Exports

June 23, 2015

Crude oil imports from the Americas reducing share of Iraqi crude imports by the U.S. Imports of Iraqi crude oil fell to 77 MBOPD in the week ended June 12, 2015, down 170 MBOPD from the previous week. Increased imports of medium- and heavy-grade crude oil from Canada and Latin America is putting more pressure on imports of Iraqi oil,

Iraq Production Reaches New Highs in May

June 2, 2015

Iraq continues to increase production ahead of OPEC meeting Iraq’s oil production reached record levels in May. The country produced an average of 3.87 MMBOPD, the highest levels in decades, according to Bloomberg. This news comes just days before OPEC’s June meeting, in which the cartel is expected to maintain its current policy of defending market share. Iraq’s oil exports

Oil Surplus Makes Surprise Return Despite OPEC Cuts, IEA Says - Oil&Gas360

OPEC June Preview: Every Man for Himself

May 29, 2015

The Organization of Petroleum Exporting Countries (OPEC) is scheduled to meet for the first time in 2015 on June 5 in Vienna. Assumptions point to the meeting being a terse exchange between the 12 members in an attempt to fulfill their respective end goals in the oil market. Brent oil prices at the time of the meeting are expected to

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