Cursor International executes projects and collaboration activities across several industries.
By John Lee.
Russia’s Rosneft will reportedly conduct geological exploration in Iraqi Kurdistan this year.
CEO Igor Sechin (pictured) is quoted as telling the annual general meeting:
“The company continues to implement the project to develop fields in Iraqi Kurdistan in the Middle East, where a geological exploration program is scheduled for this year to ensure production in the future.”
He added that pilot production at the Bijeel field began in the first quarter.
(Source: Tass)
US-based Capstone Turbine Corporation (Nasdaq: CPST) has announced today that it has secured an order for two C600 Signature Series microturbines to provide 1.2 megawatts (MW) of energy to power a triethylene glycol (TEG) dehydration facility in the Basra region of Southern Iraq.
The order also includes Capstone’s new self-cleaning pulse filtration system which will allow the microturbines to endure the remote and sandy conditions with minimal maintenance. The order was secured by Technical Solutions to Industry FZE (TSI), Capstone’s authorized distributor to Iraq and United Arab Emirates (UAE).
Fueled by available raw gas, Capstone’s two C600S microturbines will power 100% of the new dehydration facility. The new facility is part of a larger 25-year joint venture between local gas and leading oil producer’s efforts to capture, treat and monetize associated gas currently being flared from three southern Iraq oilfields.
Capstone recently developed a new line of self-cleanable severe environment air filtration systems for its Signature Series line of microturbine products to facilitate its expansion into the oil and gas business in the Middle East as part of its overall double digit revenue growth strategy.
The company announced its intentions to expand its business into the Middle East a couple of years ago and has previously delivered successful projects in Oman, Qatar, Saudi Arabia and the UAE. Capstone expects that higher oil prices and the move towards reduced gas flaring will continue to drive demand and should provide a positive backdrop for Capstone’s low emission microturbine solutions.
Darren Jamison, President and Chief Executive Officer of Capstone, said:
“Flaring is the traditional way to dispose of unwanted gas produced during oil exploration activities, but the long standing practice creates an immense amount of carbon dioxide emissions and adds to climate change.
“In Iraq alone, 16 billion cubic meters (bcm) of natural gas is flared annually, making it a wasted resource that could instead provide electricity or other benefits to meet the predicted doubling demand by 2030.”
Iraq is one of the world’s biggest energy producers and is set to become the fourth-largest oil-producer by 2030 behind the United States, Saudi Arabia and Russia according to the IEA report, Iraq’s Energy Sector: A Roadmap to a Brighter Future 2019.
At the same time, 60-70% of gas produced is being flared due to the lack on infrastructure causing Iraq to import natural gas from the neighboring country of Iran. To improve efficiency and help with shortfalls due to rising electricity demand, the Iraqi government is working with international gas companies to capture and utilize its resources versus flaring.
Jim Crouse, Executive Vice President of Sales and Marketing for Capstone, said:
“As pressure for more efficient and environmentally conscious oil and gas production increases, we continue to see an increased demand for microturbines for flare reduction applications.
“Capstone, through its distributor network, is committed to do its part by educating and working with producers and local operators for a more profitable production. Flare reduction applications like this in Basra can have a payback as short as one year which makes it an economic win as well as an environmental win.”
(Source: Capstone)
By Adnan Abu Zeed for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.
After decades, Iran, Iraq ready to Dredge the Shatt al-Arab
Hope of restoring a clean water lifeline to Basra province is on the rise again with plans by the Iraqi and Iranian governments to revive the Shatt al-Arab as a source of drinking water and improve its functioning as a trade route.
By John Lee.
ShaMaran Petroleum has announced the completion of its acquisition of an additional 7.5% participating interest in the Atrush Block [from Marathon Oil], previously announced on April 3, 2019, bringing ShaMaran’s total interest in Atrush up to 27.6%.
ShaMaran also announces that Atrush has been producing at approximately 32,000 barrels of oil per day. The Company maintains its daily average production guidance for 2019 as previously published on February 15, 2019.
Adel Chaouch, President and CEO of ShaMaran, commented:
“Closing this Acquisition is a significant achievement for our Company and the recent production results are both positive and in line with our expectations. The Company is now well positioned for its next phase of growth.”
(Source: ShaMaran Petroleum)
By John Lee.
Oil production in the Al Faihaa area (Block 9) in Basra is reportedly expected to increase in the coming year with increasing investment.
Dragon Oil CEO Ali Al Jarwan told Oil & Gas Middle East that the company plans to increase production in Iraq to 100,000 barrels per day (bpd) by 2025.
(Source: Oil & Gas Middle East)
By Hamdi Malik for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.
ExxonMobil evacuated dozens of its non-Iraqi employees from Iraq on May 18. The evacuation follows a US State Department decision to withdraw its non-essential staff from the US Embassy in Baghdad and its consulate in Erbil, the capital of Iraqi Kurdistan.
The US oil company relocated its employees to Dubai, where they will continue their work related to the West Qurna-1 oil field in Basra. The company announced May 31 that it will begin returning its employees from June 2 after the Iraqi government promised to increase the security measures in the site.
By John Lee.
Iraq’s Ministry of Oil has announced preliminary oil exports for May of 110,736,670 barrels, giving an average for the month of 3.572 million barrels per day (bpd), up from the 3.466 million bpd exported in April.
These exports from the oilfields in central and southern Iraq amounted to 106,675,881 barrels, while exports from Kirkuk amounted to 3,166,261 barrels, and from Qayara 894,528 barrels.
Revenues for the month were $7.384 billion at an average price of $66.683 per barrel.
April export figures can be found here.
(Source: Ministry of Oil)
Gulf Keystone Petroleum (GKP) has announced that Sami Zouari (pictured), Chief Financial Officer (CFO), will be stepping down as CFO and a Director of the Company during the second half of the year, and will leave the business by no later than 2 December 2019.
Mr Zouari has been CFO of GKP since January 2015 overseeing both financial and commercial activities in the company. Since joining, he has played a key role in the strategic turnaround of the business, in particular leading the 2016 implementation of a new capital structure, materially strengthening the Company’s balance sheet and bringing about a significant debt reduction. In addition, he has overseen the $100 million bond refinancing completed in 2018, and, most recently, was instrumental in the introduction of the Company’s maiden dividend policy.
In addition to remuneration in respect of his six-month notice period which will run from the date of this announcement, Mr Zouari will remain eligible to receive a pro rata bonus under the Executive Bonus Scheme for the 2019 financial year. With respect to Mr Zouari’s current outstanding options held under the 2016 Value Creation Plan (VCP), these will be retained by Mr Zouari and will vest according to the rules and normal operation of the VCP, subject to performance conditions being attained.
A leading search firm will be appointed to find Mr Zouari’s successor and the process is expected to be concluded over the coming months. A further announcement will be made in due course.
Jaap Huijskes, Chairman of the Company, said:
“On behalf of the Board, I would like to thank Sami for his substantial positive contribution over the past four and a half years. He has played a pivotal role in bringing Gulf Keystone back from the brink of collapse and helping to shape it into the profitable company it is today.
“We wish Sami well for the future and look forward to an orderly handover to his successor over the coming months.”
Jón Ferrier, Chief Executive Officer, said:
“It has been a privilege to work with Sami who has been key in the overall turnaround of the company. His legacy will be the strong financial position GKP enjoys today, which is in marked contrast to the Company he joined in early 2015.
“I look forward to continuing to work closely with him over the coming months, at what remains an important time for us as we materially build production from the Shaikan Field.
“I echo the Chairman’s thanks for his important contribution to the Company throughout his tenure as CFO, and have no doubt that he will be employing his intellect, strategic grasp and leadership skills in his future endeavours.“
(Source: GKP)
By Kamal Chomani for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.
Iraqi Prime Minister Adel Abdul Mahdi is under great pressure from his government to force the Kurdistan Regional Government (KRG) to deliver the allotted 250,000 barrels of oil per day to the State Organization for Marketing of Oil, as per the 2019 federal budget law.
Pan-Arab newspaper Asharq al-Awsat reported on May 22 that Abdul Mahdi has threatened to slash the KRG budget if the oil is not delivered. Ayad Allawi, the head of al-Watania alliance announced on May 28, that Abdul Mahdi asked him to go to Erbil and discuss the oil dispute with Barzani.
Allawi met with Barzani and received assurance from him to cooperate with Baghdad. Yet the dispute has not been solved.
By John Lee.
According to a report from Reuters, employees from Exxon Mobil will start returning to work at the West Qurna 1 oilfield on Sunday.
Sources told the news agency that the company had received assurances from the Iraqi Ministry of Oil and the Basra Oil Company (BOC) that its staff would receive extra security.
Earlier in the month, the company evacuated about 30 foreign engineers from Basra as a “temporary precautionary measure”.
(Source: Reuters)