Cursor International executes projects and collaboration activities across several industries.
By John Lee.
Oil giant Shell has just published details of its transactions with the Government of Iraq in 2018 in respect of the Majnoon oilfield, as part of its Report on Payments to Governments 2018.
Click on image below to see in more detail:
(Source: Shell)
By John Lee.
Iraq’s Ministry of Oil has announced interim oil exports for March of 104,686,779 barrels, giving an average for the month of 3.377 million barrels per day (bpd), down from the 3.621 bpd exported in February.
These exports from the oilfields in central and southern Iraq amounted to 100,899,853 barrels, while exports from Kirkuk amounted to 3,063,972 barrels, and from Qayara 722,954 barrels.
Revenues for the month were $6.679 billion at an average price of $63.804 per barrel.
February export figures can be found here.
(Source: Ministry of Oil)
Iraq announced on Thursday the completion of the “technical preparations” to extend a pipeline to export one million barrels of oil per day through Jordan, Petra has reported.
“The export capacity of the Basra-Aqaba pipeline, which runs through Jordan, is expected to reach one million barrels per day (bpd),” Iraqi oil minister, Thamir Al-Ghadhban, said in a statement.
Al-Ghadhban explained that Iraq had completed the planning arrangements of the pipeline’s construction work. “The arrangements included its [the pipeline’s] track, components, absorptive capacity, the mechanisms of linking it to the northern Kirkuk oil fields, funding sources, and implementation and operational means,” he said.
The Iraqi official stressed that his country was only depending on the southern portal city of Basra for oil exports, noting that the ministry has prepared “a major plan for its rehabilitation and development with the aim to increase its export capacity levels.”
The government, Al-Ghadhban pointed out, plans to establish three linked crude oil exporting ports.
Baghdad and Amman recently concluded six bilateral agreements to develop their relations, most notably in the oil and energy sectors. The two governments said the agreements aimed at “revitalising” their economies and strengthening ties between Iraq and Jordan.
(Source: Middle East Monitor)
By John Lee.
The President of Lukoil, Vagit Alekperov, has held a meeting with Prime Minister of Iraq Adil Abdul-Mahdi in Baghdad.
The meeting was attended by the Russian Ambassador to Iraq, Maksim Maksimov.
The parties discussed the current status of projects, among them the geological exploration at Eridu field (Block 10) in the south of Iraq.
Mr. Abdul-Mahdi expressed his support for the intention to deliver first production at Eridu field ahead of time.
(Source: Lukoil)
By John Lee.
Shares in Gulf Keystone Petroleum (GKP) were trading up more than three percent on Thursday morning after the company proposed issuing $50-million in dividends this year.
The company, which produces oil at the Shaikan field (pictured) in Iraqi Kurdistan, issued the following statement as part of its 2018 Full Year Results:
Financial
Dividend
Operational
Corporate
Outlook
Jón Ferrier, Gulf Keystone’s Chief Executive Officer, said:
“Throughout 2018, our focus was on laying the foundations for the delivery of the Company’s phased growth plans, which envisages a step change in production profile. The Company is on track to achieve its near-term production target of 55,000 bopd in Q1 2020, and with our partner MOL continues to work towards delivering the staged investment programme. The remarkable Shaikan reservoir presents a straightforward, low-cost onshore development opportunity with unrivalled near-term upside.
“The new dividend policy represents another major milestone for the Company. It crystallises returns to shareholders while we preserve the ability to fully fund the Shaikan development and maintain a strong balance sheet; our platform for growth.“
(Sources: GKP, Yahoo!)
Iraq – Financing a Modern Economy
10 April, The Mansion House, London
The Iraq Britain Business Council (IBBC) invites you to attend its Ninth Annual Conference at the Mansion House on the 10th of April. This year’s conference is organised in partnership with the Central Bank of Iraq and the Iraqi Private Banking League.
With a strong focus on the Iraqi banking sector, two sessions of the conference will be devoted to financial sector issues. Other areas will focus on building human capital in the public and private sector and on oil & gas.
Christophe Michels, Managing Director of IBBC states:
“The security situation in Iraq is now much improved, with a new Government in place that has a clear mandate from the people to improve governance and to provide important basic utilities. IBBC is the Iraqi Governments private sector partner of choice for developing the private sector in Iraq. We firmly believe that only private enterprise can meet the challenges facing Iraq by developing a modern economy”.
H.E. Dr Fuad Hussein, Deputy Prime Minister and Minister of Finance will lead a high level delegation alongside Dr Mehdi Al Alak, Secretary General of the Council of Ministers, officials from the Central Bank of Iraq, a delegation from the Iraq Private Banks League and the Governors of Erbil, Sulamania and Karbala. A large delegation of Iraqi Businessmen from all governorates of the country will also be in attendance.
Round-table discussions will take place with Iraqi officials, including the Iraqi Governors, where delegates can engage in concentrated debates on country specific issues. As well as specific round-tables on Tech in Iraq and Women’s Group.
Dr Mehdi Al Alak, Secretary General of the Council of Ministers will present a paper on ‘Private Sector Development and Investment in Iraq‘. Delegates will receive an exclusive insight into the Government’s planned measures and strategies to realise this ambition. There will also be special presentations by the Central Bank of Iraq and Basra Gas Company.
Dr Renad Mansour, Research Fellow at Chatham House and the preeminent voice on Iraq in the UK is publishing a briefing paper specifically for the IBBC conference, discussing the short to medium term economic and political outlook for Iraq.
Baroness Nicholson of Winterbourne, President of IBBC and the Prime Minister’s Trade Envoy to Iraq, Azerbaijan, Turkmenistan & Kazakhstan will open the conference, alongside The Lord Mayor Locum Tenens, H.E. Dr Fuad Hussein, Deputy Prime Minister, Minister of Finance, Jon Wilks CMG, Her Majesty’s Ambassador to Iraq and Louis Taylor, Chief Executive of UK Export Finance (UKEF).
Conference Sessions & Speakers
The Banking Sector in Iraq
Chair: Gavin Wishart, Shire Oak International
Panellists: Dr Mazen Sabeh Ahmed, Central Bank of Iraq; Mohammed Delaimy, Standard Chartered Bank; UK Export Finance (UKEF); Ali Tariq Mostaf, Iraq Private Banking League; Richard Wilkins, JP Morgan
Stock Marker & Investment Opportunities
Chair: John Kemkers, Eversheds Sutherland (tbc)
Panellists: Shwan Ibrahim Taham, Iraqi Stock Exchange; Dr Alaa Abdel Hussein Al Saadi, Iraqi Securities Commission; London Stock Exchange (tbc)
Oil & Gas
Chair: Prof. Frank Gunter, Lehigh University
Panellists: Dr Mark Wharton, Shell; Lawrence Coleman BP; Bob Dastmalchi, Chevron
Capacity Building in Iraq
Chair: Ambassador Stuart Jones, Bechtel
Panellists: Dr Renad Mansour, Chatham House; Prof. Mohammed Al-Uzri, University of Leicester; Samer Al Mafraji, AMS Iraq
Dr Mai Yamani will be presenting the closing remarks for this important event.
Join IBBC, its members and the international business and finance community for a full agenda of expert speakers, UK & Iraqi politicians and many networking and business development opportunities.
You can register and purchase tickets via the IBBC website: https://www.iraqbritainbusiness.org/event/spring-conference-at-the-mansion-house
The conference is being generously supported and sponsored by Shell, Rolls-Royce, Standard Chartered Bank and Eversheds Sutherland.
For more information email london@webuildiraq.org or telephone 020 7222 7100.
(Source: IBBC)
Lukoil and Inpex Corporation have successfully completed testing of the fifth well as part of the appraisal phase at the Eridu field (Block 10) in the southern part of Iraq.
The well recorded daily flow rate of more than 1,500 cubic meters of oil from the Mishrif formation and proved the current geological model of the Eridu field as effective.
Lukoil continues geological exploration at Block 10. For instance, in the mid-term the Company plans to drill and test several appraisal wells, complete 3D seismic surveys at the Eridu field and 2D seismic surveys at the block’s southern and central parts.
(Source: Lukoil)
By John Lee.
Iraq’s Ministry of Oil has announced final oil exports for February of 101,387,559 barrels, giving an average for the month of 3.621 million barrels per day (bpd), down from the 3.649 bpd exported in January.
These exports from the oilfields in central and southern Iraq amounted to 99,120,006 barrels, while exports from Kirkuk amounted to 1,753,373 barrels, and from Qayara 514,180 barrels.
Revenues for the month were $6.179 billion at an average price of $60.943 per barrel.
January export figures can be found here.
(Source: Ministry of Oil)
By John Lee.
Wood Group has said that it is seeing strong growth in the Middle East due to “increased activity in Iraq with Exxon and Basra Gas [Company (BGC)]“.
In its full year results for the year ended 31 December 2018, the UK-based energy services company said it sees “opportunities in Middle East driven by Iraq“.
In addition to trading as Wood Group, the company is also sole owner of Iraqi subsidiaries Ghabet El Iraq for General Contracting and Engineering Services, Engineering Consultancy (LLC) and Touchstone General Contracting, Engineering Consultancy and Project Management LLC.
(Source: Wood Group)
Kuwait Energy has announces that the Royal Court of Jersey has approved the acquisition of the company by Gold Cheers Corporation Limited, a wholly-owned subsidiary of United Energy Group Limited (UEG), by means of a scheme of arrangement.
The consideration to be paid under the transaction will be US$477,248,630.20 which equates to a per share price of US$1.46400797821.
Completion of the acquisition remains subject to delivery of the Act of Court sanctioning the Scheme to the Registrar of Companies in Jersey. This is expected to occur on or before 22 March 2019 (the “Effective Date”), at which time the Scheme will become effective.
Payments to shareholders should be dispatched within 14 days of the Effective Date, as detailed in the scheme document dated 15 November 2018 relating to the Scheme.
In Iraq, Kuwait Energy has interests in the Mansuriya, Siba, and Block 9 fields.
(Source: Kuwait Energy)