Iraq: China has become the biggest single investor in Iraq’s oil and gas sector, with nearly one fifth of the reserves that have been auctioned over the past year under its control, Meed has reported. China is spending a total of $577m in signing on fees to give it access to an estimated 24 billion barrels, or about 18% of the reserves on offer, the magazine said, citing its own data. Chinese investment doubles the US’ signing on fees, which has committed $296m to control about 12 billion barrels, the magazine added. [AMEInfo.com]
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Iraq: Iraq has announced the signing of an initial agreement with China’s CNOOC and Sinochem to develop the 2.5-billion-barrel Maysan oilfield complex, Reuters has reported. The two firms made an unsuccessful bid for the three Maysan fields in Iraq’s first auction of oilfield contracts last year. But since then they had decided to accept the government’s proposed remuneration fee of $2.30 for every additional barrel of oil produced. CNOOC and Sinochem had projected plateau output of 450,000 barrels per day when they first made the bid last year. [AMEInfo.com]
China has become the biggest single investor in Iraq’s oil and gas sector, with nearly one fifth of the reserves that have been auctioned over the past year under its control, Meed has reported. China is spending a total of $577m in signing on fees to give it access to an estimated 24 billion barrels, or about 18% of the reserves on offer, the magazine said, citing its own data. Chinese investment doubles the US’ signing on fees, which has committed $296m to control about 12 billion barrels, the magazine added.
by Faleh Al-Khayat, oil expert. This speech was a part of Occupation Year 7: What future for Iraq? , a series of events organized by The BRussells Tribunal, and took place in the European Parliament, 18 March 2009, in Brussels
Iraq: The Iraqi oil ministry will today sign the final contract over West al-Qarna-2 oilfield with Russia’s Lukoil and Norway’s Statoil, Aswat al-Iraq has reported. “The two companies pledged to up production to a peak of 1.8 million barrels per day at a rate of $1.15 per barrel of additional produced barrel,” oil ministry spokesman, Assem Jihad said. Located in southern Iraq, Qarna-2 has a huge reserve estimated to reach 13 billion barrels. [AMEInfo.com]
Iraq: Falah Alamri, head of Iraq’s State Oil Marketing Organisation has said the supergiant Rumaila oilfield will begin producing an extra 100,000 barrels per day by the beginning of July, Reuters has reported. Oil major British Petroleum and China’s CNPC had signed a 20-year development contract last year for the field, which has 17 billion barrels of estimated crude reserves. [AMEInfo.com]
Iraq: Iraq’s oil minister has said he expects the country to become the world’s top oil producer within six to seven years, Reuters has reported. “We can’t find a reason to prevent Iraqi production becoming higher than any other Opec state or even states outside Opec,” Hussain al-Shahristani said. Unlike Opec’s 11 other members, Baghdad is not currently subject to the output targets the group uses to set supply levels. Iraq expects capacity to eventually reach up to 12 million bpd. [AMEInfo.com]
The British Business Group (BBG) is one of the longest established organisations of its kind in the UAE. Mark Beer, Chairman & CEO, BBG, talks to Phil Blizzard about the groups activities, which range from forging strong business links between Dubai and the United Kingdom, to networking and social activities.
The Iraqi oil ministry will today sign the final contract over West al-Qarna-2 oilfield with Russia’s Lukoil and Norway’s Statoil, Aswat al-Iraq has reported. “The two companies pledged to up production to a peak of 1.8 million barrels per day at a rate of $1.15 per barrel of additional produced barrel,” oil ministry spokesman, Assem Jihad said. Located in southern Iraq, Qarna-2 has a huge reserve estimated to reach 13 billion barrels.
Iraq’s oil minister has said he expects the country to become the world’s top oil producer within six to seven years, Reuters has reported. “We can’t find a reason to prevent Iraqi production becoming higher than any other Opec state or even states outside Opec,” Hussain al-Shahristani said. Unlike Opec’s 11 other members, Baghdad is not currently subject to the output targets the group uses to set supply levels. Iraq expects capacity to eventually reach up to 12 million bpd.
