French oil major Total SA has become the latest big oil company to shift the focus of its Iraq ambitions toward the semi-autonomous Kurdistan region, and away from the much larger but economically challenging contracts offered by Baghdad.
Iraq opened a new Gulf crude export outlet in the southern oil hub of Basra on Sunday, clearing the way for Baghdad to increase exports by around 300,000 barrels per day soon after crude begins loading.
French oil major Total SA has become the latest big oil company to shift the focus of its Iraq ambitions toward the semi-autonomous Kurdistan region, and away from the much larger but economically challenging contracts offered by Baghdad.
Iraq has allowed SK Innovation to bid in its fourth energy exploration block auction after the private South Korean company sold its stake in a Kurdish oilfield to Korea’s already barred state oil company KNOC, Baghdad said on Thursday.
The Ministry of Oil in Baghdad announced that the Oil company is executing a project for increasing the export capacity of ports in the southern province of Basra, confirming achieving all works, and indicating that the activation of the project will…