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Petronas confirms Exit from Majnoon Oilfield

By John Lee.

Malaysia’s Petronas has reportedly confirmed that it will exit from Iraq’s Majnoon oil field along with joint stakeholder Shell.

A spokeswoman for Petronas told The National:

“Petronas confirms its exit from the Majnoon oilfield, Iraq, together with Shell. We will be working with Shell on the handover of the field to the Basra Oil Company [BOC].

“An announcement will be made once details of the handover is finalised.“

Petronas holds a 30-percent stake in the field, with Shell having 45 percent.

On 21st December, Iraq’s Ministry of Oil approved a set of measures relating to the development of the super giant field once Shell relingushes it back to Iraq; IBN Expert Blogger Ahmed Mousa Jiyad described the decision as “an important move in the right direction“.

Petronas retains interests in the Badra, Garraf, Halfaya oilfields.

(Source: The National)

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Petrofac wins $160m Iraq Contract

Petrofac’s Engineering & Production Services (EPS) division has secured an award worth US$160 million from Basra Oil Company (BOC), previously known as South Oil Company (SOC), for its Iraq Crude Oil Export Expansion Project (ICOEEP).

The new two-year extension reflects Petrofac’s continued delivery focus and five-year track record as the incumbent operations and maintenance service provider.

The facility, which is responsible for a significant proportion of Iraq’s oil export, is located 60 kilometres (km) offshore the Al Fao Peninsula in Southern Iraq. It comprises a central metering and manifold platform and four Single Point Moorings (SPMs) which facilitate oil export onto awaiting crude carrier tankers.

In addition, Petrofac is responsible for almost 300 km of subsea pipelines,1800 metres of subsea hose infrastructure and a marine spread comprising 14 vessels.

Mani Rajapathy, Managing Director, Engineering & Production Services East, said:

“We are delighted to continue with our role in support of this key crude export facility. Since the start of our involvement in 2012, we have exported more than 2.2 billion barrels of oil while retaining an impeccable safety record. We have also remained focused on adding value for our client through the deployment of innovative and differentiated solutions.”

Ihsan Ismaael, Director General, Basra Oil Company, said:

“Petrofac is a key partner for BOC. The team has supported us over the last five years to significantly increase export from the ICOEEP facility and we look forward to continuing our relationship into 2019.”

(Source: Petrofac)

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BP, Eni “interested in Majnoon Oilfield”

By John Lee.

Reuters has reported that both BP and Eni have expressed an interest in developing the giant Majnoon oilfield, which Shell plans to exit next year.

Iraqi oil officials told the news agency that Iraq’s Ministry of Oil has not yet started negotiations with either company.

BP is currently developing the Rumaila field, while Eni operates Zubair.

Shell is expected to hand over Majnoon operations to the state-owned Basra Oil Company by the end of June 2018.

Both Chevron and Total have been previously reported as being interested in taking over the field.

(Source: Reuters)