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By Al Monitor staff. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News.
Iraq agrees to provide Lebanon with fuel for another year
Lebanon’s fuel crisis is showing no signs of letting up, but an exchange with Iraq is keeping one source flowing.
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The post Iraq to provide Lebanon with Fuel for Another Year first appeared on Iraq Business News.
By John Lee.
Basra Oil Company (BOC) has reportedly said that third offshore pipeline at the Khor Al-Amaya Oil Terminal (KAAOT) (pictured) will be completed by the end of 2023.
Acting Director General, Ahmed Fadel Dehaim, told the Iraqi News Agency (INA) that the new line will increase oil export capacity by 600,000 barrels per day (bpd).
He said another 300,00o bpd of capacity will become available sooner, following the completion of work to restore another pipeline that was damaged two years ago.
(Source: INA)
The post Iraq to Increase Oil Export Capacity first appeared on Iraq Business News.
By John Lee.
Iraq’s oil ministry has said that future of the long-delayed oil export pipeline from Iraq to the Jordanian port of Aqaba will be decided by the next government.
The country has still not formed a new government following parliamentary elections in October.
At a press conference at the weekend, the Ministry of Oil clarified that the project, which it says will not exceed $8.5 billion, is still “under technical study“, and has not yet been put out to contract.
It also revealed that the Council of Ministers agreed to change the contract basis from BOOT (build-own-operate-transfer) to EPCF (engineering, procurement, construction and financing), which is sometimes referred to as “turnkey“, for the entire project; it had previously been split between the two methodologies.
The total capacity of the pipeline from Basra to Haditha is planned to be 2 million barrels per day (bpd), with one million bpd planned for the section from Haditha and Aqaba.
The American company Honeywell UOP was recently approved to develop Haditha refinery.
(Source: Ministry of Oil)
The post Iraq-Jordan Pipeline Decision Delayed Again first appeared on Iraq Business News.
By John Lee.
Iraq’s Ministry of Oil has announced finalised oil exports for January of 99,286,078 barrels, giving an average for the month of 3.203 million barrels per day (bpd), down from the 3.277 million bpd exported in December.
The exports from the oilfields in central and southern Iraq amounted to approximately 96,430,596 barrels, while exports from the Kirkuk fields through the port of Ceyhan amounted to 2,545,656 barrels. Although not stated explicitly, this seems to imply exports to Jordan by truck 309,826 barrels.
Revenues for the month were $8.23 billion, at an average price of $83.825 per barrel.
December’s export figures can be found here.
(Source: Ministry of Oil)
The post Iraq Finalises January Oil Exports first appeared on Iraq Business News.
Writing in Oil Price, Simon Watkins that the recent approval of the Iraqi National Oil Company (INOC)‘s acquisition of ExxonMobil‘s 32.7 percent stake in the West Qurna 1 oil field is likely to leave China delighted, the U.S. irritated, and Iraq’s oil industry still unable to achieve any of its key oil output goals.
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The post China “the Only Winner” in this Huge Iraqi Oil Field first appeared on Iraq Business News.
Deloitte report on Oil and Gas review in the Iraqi Kurdistan Region – Q1 and Q2 of 2021
The KRG has published the reports containing verified statistics covering the Kurdistan Region’s oil exports, consumption and revenues for covering period 1 January 2021 to 30 June 2021.
During the first half of 2021, the KRG exported 77.35 million barrels through Kurdistan Export Pipeline. In addition, 3.95 million barrels were allocated to local refineries. Of the exported crude oil, 76.869 million barrels were lifted by the buyers from Ceyhan Export Terminal, at an average price of 53.446 $/bbl.
The KRG has generated revenues of USD 4.1 billion from crude oil export sales during the first half of 2021. After making payments to oil producers, pipeline operators, and repayments to the buyers, the KRG retained net revenues from crude oil sales of US$ 1.737 billion.
The KRG is has engaged in discussions with international buyers and oil producers in continuing its efforts to maximize sales prices and reduce production costs to maximize value for the people of Kurdistan.
Transparency is central to the cabinet’s agenda. The report, available in Kurdish, English and Arabic, provides a quarterly analysis of oil export information and average prices which have been independently reviewed and verified by Deloitte.
The KRG acknowledges the positive feedback received from domestic and international stakeholders. The council reiterates its commitment to the people of Kurdistan that Deloitte will continue to independently review and verify the statistics of the Kurdistan Region’s oil and gas sector.
A frequently asked questions handbook (also available in Kurdish, English and Arabic) has also been developed to help readers to understand the report’s contents.
Click here to download the reports.
(Source: KRG)
The post Deloitte Report on Kurdistan Region Oil and Gas first appeared on Iraq Business News.
Deloitte report on Oil and Gas review in the Iraqi Kurdistan Region – Q1 to Q4 of 2020
The KRG has published a report containing verified statistics covering the Kurdistan Region’s oil exports, consumption and revenues for period 1 January 2020 to 31 December 2020, along with the consolidated report for the year 2020.
The report, available in Kurdish, English and Arabic, provides a quarterly analysis of oil export information and average prices.
The data verification was performed by Deloitte.
Transparency being central to the cabinet agenda, the KRG regularly assesses what additional disclosures would enhance the transparency of its oil and gas sector. Accordingly, from 2019 the KRG started providing information on the prepayment balances it owes to oil traders and in 2020 disclosures are further extended to include reconciliation between production and exports and local consumptions.
The KRG acknowledges the positive feedback received so far from domestic and international stakeholders. The council reiterates its commitment to the people of Kurdistan that Deloitte will continue to independently review the region’s oil and gas sector.
A frequently asked questions handbook (also available in Kurdish, English and Arabic) will help readers to understand the report’s contents.
Click here to download the reports.
(Source: KRG)
The post Deloitte Report on Kurdistan Region Oil and Gas first appeared on Iraq Business News.
Deloitte report on Oil and Gas review in the Iraqi Kurdistan Region – Q1 to Q3 of 2020
The KRG’s Regional Council of Oil and Gas Affairs has published a report containing verified statistics covering the Kurdistan Region’s oil exports, consumption and revenues for period 1 January 2020 to 30 September 2020.
The report, available in Kurdish, English and Arabic, provides a quarterly analysis of oil export information and average prices.
The data verification was performed by Deloitte.
Transparency being central to the cabinet agenda, the KRG regularly assesses what additional disclosures would enhance the transparency of its oil and gas sector. Accordingly, from 2019 the KRG started providing information on the prepayment balances it owes to oil traders and in 2020 disclosures are further extended to include reconciliation between production and exports and local consumptions.
The Regional Council for Oil and Gas Affairs acknowledges the positive feedback received so far from domestic and international stakeholders. The council reiterates its commitment to the people of Kurdistan that Deloitte will continue to independently review the region’s oil and gas sector.
A frequently asked questions handbook (also available in Kurdish, English and Arabic) will help readers to understand the report’s contents.
Click here to download the reports.
(Source: KRG)
The post Deloitte Report on Kurdistan Region Oil and Gas first appeared on Iraq Business News.
By John Lee.
The Australian Federal Police (AFP) has made one arrest, and issued a further two arrest warrants, following an investigation into alleged improper payments made by Singapore-registered Leighton Offshore Pty Ltd, regarding two contracts with Iraq Crude Oil Export in 2010 and 2011.
The Sydney Morning Herald names the arrested suspect as Russell Waugh, a former senior executive from Australian construction giant Leighton Holdings.
Police will allege the key targets of the bribery scheme were Iraqi Ministry of Oil officials and government officials within Iraq’s South Oil Company (SOC).
AFP investigators will allege Leighton Offshore Pty Ltd funnelled bribes through entities associated with a United Arab Emirates-based businessman, and Monaco-based Unaoil, to guarantee approvals for the Iraq Crude Oil Export contracts.
(Sources: Australian Federal Police, Sydney Morning Herald)
The post Fmr Australian Exec Arrested over Alleged Iraq Bribery first appeared on Iraq Business News.