Cursor International executes projects and collaboration activities across several industries.
By John Lee.
Oil production at Majnoon oilfield is reportedly planned to increase from 240,000 barrels per day (bpd) currently to 290,000 bpd by the end of 2019 and 450,000 bpd by the end of 2021.
State-owned Basra Oil Company (BOC) took over the field from Shell and Petronas at the end of June 2018, with operations and maintenance contracted to Chinese company Anton Oilfield Services Group (Antonoil) and the US company KBR.
(Source: Reuters)
By John Lee.
Iraq’s oil ministry has said it will seek to limit oil production to 4.513 million barrels per day (bpd) for the next six months. based on the OPEC deal recently agreed.
According to a statement from the Ministry of Oil, this would be a reduction of 140,000 bpd from the reference level of 4.653 million bpd reached in October.
(Source: Ministry of Oil)
By John Lee.
Production at Halfaya oilfield has reportedly increased by 100,000 barrels per day (bpd) to a total of 370,000 bpd.
Adnan Noshi, head of Maysan Oil Company, told Reuters that output rose after the completion of a new oil processing facility.
A further increase to 470,000 bpd is expected next quarter.
(Source: Reuters)
Tawke Licence:
The Kurdistan Regional Government notes the updates by DNO and Genel Energy on November 1st regarding production increases under the Tawke Production Sharing Contract (PSC).
The KRG is pleased with the efforts of the Tawke PSC Contractors in the Peshkabir area of the Tawke PSC Licence, where production has risen to over 50,000 barrels per day (bpd) within 18 months, exceeding expectations.
The recent boost in production at the Peshkabir area has more than compensated for the natural decline of the main Tawke field area, where production is now down to about 80,000 bpd, from 109,000 bpd in July 2017. Overall production under the Tawke PSC Licence reached 126,000 during October, compared to 114,000 bpd in July 2017. The current average is around 130,000 bpd (click here to view the chart).
Pipeline Upgrades:
The KRG has also recently completed an upgrade of its export pipeline by installing another pumping station at Shaikhan, which boosts capacity of the pipeline from 700,000 bpd to 1 million bpd. This extra capacity will accommodate future production growth from KRG producing fields, and can also be used by the federal government to export the currently stranded oil in Kirkuk and surrounding areas.
Oil Export:
The KRG currently exports over 400,000 bpd of crude oil. The KRG’s policy of maintaining consistent and timely payments to its producing oil companies has led to more investment in its oil fields, stabilising production levels and paving the way for further production increases during 2019.
These export achievements generate more revenues that will help to reduce the KRG’s overall debts and aid the economic revival and sustainability of the Kurdistan Region. The KRG’s policy of supporting its producers provides further evidence that Kurdistan’s PSCs are a win-win for investors and the citizens of the Kurdistan Region.
(Source: KRG)
By John Lee.
Russia’s Lukoil will start production at Block 10 in 2021, according to a report from Platts.
The Chinese company Bohai has started to drill the 4th well at the block in southern Iraq.
In February 2017 Lukoil announced Iraq’s largest discovery of oil for twenty years at the Eridu field in Block 10, with recoverable reserves in excess of 2.5 billion barrels of crude.
(Source: Platts)
(Picture: Seismic Survey at Block 10)
By John Lee.
The Basra Oil Company (BOC) reportedly plans to increase production from 3.2 to 5 million barrels per day over the next seven years.
According to Platts, BOC directror Ihsan Ismaael told the CWC Basra conference in Istanbul that the increased production would be sustained for at least 20 years after that.
Among the projects being considered are three new subsea pipelines replacing the old pipelines leading to the Khor al-Amaya Oil Terminal (KAAOT) and the al-Basra Oil Terminal (ABOT), adding up to 3 million bpd of new export capacity.
ABOT is currently operating at just under half its capacity of 3.5 million bpd due to the risk of pipeline rupture, while the 350k-bpd KAAOT (pictured) has been offline because of oil leaks when the pipeline is pressurised high enough for loading to be economical.
New pipelines and storage pumping at the Fao terminal would also allow the four installed single point mooring buoys (SPMs) to reach their capacity of 900,000 bpd each — up from about half that now — and potentially add a fifth SPM.
(Source: Platts)
Iraq is pursuing major infrastructure projects to add millions of barrels per day of export capacity, in an effort to keep pace with ambitious plans to raise production.
In the short term, the Oil Ministry is looking to jump-start work on a long-delayed pipeline contract with the Australian company Leighton Offshore.
Beyond that, Iraq is looking to commission new offshore pipelines and to build an artificial island, the latter of which is likely to be contracted to the Dutch firm Boskalis.
More details here from Iraq Oil Report (subscription required)
(Source: Iraq Oil Report)
DNO ASA, the Norwegian oil and gas operator, today announced production at the Peshkabir field in the Kurdistan region of Iraq has ramped up to 50,000 barrels of oil per day (bopd), meeting the end-2018 target ahead of schedule and below budget.
One of two recently completed wells, Peshkabir-7, is producing over 10,000 bopd from nine Cretaceous zones through temporary test facilities and exported. The other, Peshkabir-6, drilled as a production well, but with the additional objective of appraising deeper formations, has established a deeper Cretaceous oil/water contact level than previously estimated. Further testing is underway, including test production of multiple producing zones.
The Peshkabir-8 well, spud in late August, is drilling ahead at 2,325 meters. Once completed, the rig will move to spud Peshkabir-9 in November.
Four other wells at Peshkabir now produce at a combined rate of close to 40,000 bopd following a workover at Peshkabir-3 which boosted production from that well to 11,000 bopd from 8,000 bopd.
Peshkabir production is processed through temporary test facilities until commissioning of a central processing facility with a capacity of up to 50,000 bopd by end-2018. The Company is also installing a 10-inch pipeline from Peshkabir to Fish Khabur with a capacity of 60,000 bopd. Field production is currently transported to Fish Khabur by tanker truck and a 6-inch pipeline.
At the Company’s flagship Tawke field, the Tawke-50 shallow Jeribe well drilled to a depth of 320 meters will be brought on production within several days. The Tawke-49 Cretaceous well is drilling ahead at 2,245 meters and will be completed later this month. Two additional Tawke wells, one each in the Jeribe and the Cretaceous, will be drilled by the end of the year. Workovers are also underway at two wells. Tawke production currently stands at just over 80,000 bopd.
Elsewhere in Kurdistan, the Company is about to spud its first well at the Baeshiqa license. Baeshiqa contains two undrilled structures with multiple target reservoirs in the Cretaceous, Jurassic and Triassic. The first well will target the Cretaceous and will be followed by a back-to-back well to test the deeper Jurassic and Triassic on the same structure. A third well to test the Jurassic and Triassic on a separate structure will be drilled in 2019.
“We are all in on our Kurdistan operations and delivering,” said DNO’s Executive Chairman Bijan Mossavar-Rahmani (pictured). “Peshkabir continues to exceed expectations and we are eager to probe the promising potential at Baeshiqa,” he added.
In Norway, the Company will participate in two exploration wells to be spud in 2018. DNO currently holds 21 licenses in the country and plans an additional five exploration wells next year. The Company’s growing Norway portfolio is complemented by a 28.22 percent shareholding in UK-listed Faroe Petroleum plc.
“With USD 1 billion in financial assets, including more than USD 600 million in cash and the balance in marketable securities and treasury shares, we are well-positioned to grow our footprint in Kurdistan and Norway with the drill bit and the acquisition of producing assets,” said Mr. Mossavar-Rahmani.
(Source: DNO)
By John Lee.
Oil Minister Jabar Ali al-Luaibi [Allibi, Luiebi] has announced the resumption of production at Qayara oil field in Nineveh province.
The field has been rehabilitated following its destruction by the Islamic State group (IS, ISIS, ISIL, Daesh).
It is currently producing 30,000 barrels of oil per day, with a plan to increase to 60,000 bpd by the end of the year.
(Source: Ministry of Oil)
(Picture: Crude oil running through the streets of Qayara following damage caused by Daesh. Credit: UNICEF)
Pursuant to the Kurdistan Regional Government Council of Ministers resolution No.73 (3 February 2016) establishing an independent review of the oil and gas industry, today new verified data on oil exports, consumption and revenues have been published covering the period from 1 July 2017 to 31 December 2017. This is a continuation from the first public report of the first half of 2017 published in January 2018.
The new, verified data and information pertaining to the Kurdistan region’s oil exports, consumption, and financial flows of the last six months of 2017 have been independently reviewed by the international “Big 4” audit and consulting firm, Deloitte.
The Regional Council for Oil and Gas Affairs underscores its commitment to transparency in the sector, as it firmly believes it is the right of the people of Kurdistan to be informed of accurate and independently verified production and revenue information. This independent review is only one part of the government’s transparency program.
The report similarly demonstrates the Kurdistan Regional Government’s commitment to its stakeholders in the oil and gas industry. In response to feedback received from stakeholders on Deloitte’s first review, the new report presents additional disclosures. This includes a breakdown of third-party payments; disaggregate monthly price realised during the period; and the recent arbitration settlement.
The Regional Council for Oil and Gas Affairs reiterates its commitment to the people of Kurdistan and stakeholders in the sector that the two international audit firms, Deloitte and Ernst & Young, will continue to independently review the oil and gas sector, inclusive of all the streams. To that end, we are anticipating the data for 1 January 2018 to 31 March 2018 to be publically available in August 2018.
(Source: KRG)