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Writing in Oil Price, Simon Watkins says Iraq’s $27-billion four-project deal with French energy company TotalEnergies will be a game-changer.
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The post Iraq’s Four “Game-Changing” Energy Projects first appeared on Iraq Business News.
By John Lee.
Iraq was the largest beneficiary from China’s Belt and Road Initiative (BRI) in 2021, according to a study by the Green Finance & Development Center, at Shanghai’s Fudan University.
It says the country with the highest construction volume was Iraq, with about $10.5 billion, followed by Serbia (about $6.8 billion) and Indonesia (about $2.4 billion).
In the energy sector, Iraq received by far the most investment from China in 2021.
Iraq and China cooperate on oil (e.g., construction of the Al Khairat heavy oil power plant with a total value of about $5 billion), gas (e.g., development of the Mansuriya gas field by Sinopec together with Iraq’s Midland Oil Company), as well as solar (e.g., a 2 GW power PV project, currently in permission stage developed and owned by Power Construction Corporation of China valued at $3.7 billion).
The report suggests that the price for the solar power project seems unusually high if no energy storage facility is included, with a comparable 2.2GW solar plant completed in China’s Qinghai, with 202 MWh storage, at a cost of $2.2 billion.
A Chinese company, the China State Construction Engineering Corporation (CSCEC), will also rehabilitate Nassiryiah International Airport.
The full report can be read here.
(Source: Green Finance & Development Center)
The post Iraq was Largest Beneficiary of China’s Belt & Road in 2021 first appeared on Iraq Business News.
Writing in Oil Price, Simon Watkins says that China has continued to press home the geopolitical advantage given to it in Iraq following the official end of the U.S.’s ‘combat mission’ in the country with the conclusion of three huge deals, all focused on the oil sector.
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The post China “Tightens its Grip on Iraq” with 3 Major Oil Deals first appeared on Iraq Business News.
By John Lee.
The Chinese company Sinopec (China Petroleum & Chemical Corporation) has signed a deal to develop the Mansuriyah gas field in Diyala.
The field, near the Iranian border, is expected to produce 300 million standard cubic feet (Mmscf) per day of gas, which will be used for electricity generation and “various industrial projects“.
With an area of 150 km2 and gas reserves estimated at 4.5 trillion standard cubic feet, Mansuriyah is the second largest gas field in Iraq, after the Akkas field in Anbar Province.
Sinopec will have a 49-percent interest in the field, with Iraq’s state-owned Midland [Middle, Central] Oil Company having 51 percent.
Previous information suggested that the contract will run for 25 years, and may be extended for an additional five years.
In 2010, an agreement had been signed for the field to be developed by Turkish Petroleum (TPAO) (37.5%), Iraqi Oil Exploration Company (25%), Kuwait Energy (KEC) (22.5%), and Kogas (15%). This consortium stopped development in 2014 due to security concerns, and the agreement was reportedly cancelled in 2020.
The signing follows the initial announcement of the award in April 2021. At the ceremony, the Minister for Oil clarified that the “final” contract will need to be signed by the next government.
(Source: Ministry of Oil)
The post Deal Signed to Develop Iraq’s Mansuriya Gas Field first appeared on Iraq Business News.
By John Lee.
The Chinese company Sinopec (China Petroleum & Chemical Corporation) has won a contract to develop the Mansuriyah gas field in Diyala.
The field, near the Iranian border, is expected to produce 300 million standard cubic feet (Mmscf) per day of gas, which will be used for electricity generation.
In 2010, an agreement had been signed for the field to be developed by Turkish Petroleum (TPAO) (37.5%), Iraqi Oil Exploration Company (25%), Kuwait Energy (KEC) (22.5%), and Kogas (15%). This consortium stopped development in 2014 due to security concerns, and the agreement was reportedly cancelled in 2020.
Under the new 25-year deal agreed on Tuesday, Sinopec will have a 49-percent interest in the field, with Iraq’s state-owned Midland [Middle, Central] Oil Company having 51 percent.
The contract may be extended for an additional five years.
According to the Ministry of Oil, Sinopec’s bid was he lowest submitted.
(Source: Ministry of Oil)
The post Chinese Company to Develop Iraq’s Mansuriyah Gas Field first appeared on Iraq Business News.
By Joe Snell for Al Monitor. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News.
Iraq invites international bidders to Mansuriya gas field
Iraq has invited international bidders to develop its Mansuriya gas field near the Iranian border, Iraqi Oil Minister Ihsan Abdul Jabbar told the state news agency INA last week.
The invitation comes after the termination of a contract with a group led by Turkey’s state-owned Turkish Petroleum Corp. that also included Kuwait Energy PLC and the Korean Gas Corp.
Click here to read the full article.
The post Iraq invites Int’l bidders to Mansuriya Gas Field first appeared on Iraq Business News.
From Middle East Monitor, under a Creative Commons licence. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News.
The Russian Ambassador to Iraq, Maxim Maksimov [Maximov] (pictured), said that Russia is seeking to invest heavily in Al-Mansouriya gas field, in the Diyala governorate.
Maksimov said in a press statement yesterday that “Russian companies are willing to mobilise significant funds and have submitted an investment tender for Al-Mansouriya gas field in Diyala.“
He added that “three Russian companies in Iraq produce about 600,000 barrels of oil per day, including Gazprom, which operates in the Badra oil field in Wasit Governorate with a production capacity of 100,000 barrels of oil per day, in addition to 400,000 barrels in the [West Qurna 2] field.“
The Russian ambassador stated that his country is paying special attention to the Russian-Iraqi Commission.
Moscow has assigned its deputy prime minister to head the Russian delegation, in preparation for a very important meeting between the two sides, which was postponed due to the coronavirus crisis.