Key Speakers to address Iraq Petroleum Virtual Event

Iraqi Government and Oil and Gas Industry Thought Leaders to Speak at Iraq Petroleum Virtual Event

  • Annual Conference set to navigate the future of the oil and gas industry in Iraq
  • Conference will include online conference sessions available live and on demand for all attendees
  • Delegates will gain insights into the latest policy and project announcements in the oil and gas sector in Iraq as well as the key recovery strategies post pandemic
  • Virtual Event will take place on 20 - 21 October through an interactive platform

CWC and Global Future Energy's Iraq Petroleum Virtual Conference will include 6 content-rich panel sessions, enabling the oil and gas industry stakeholders to connect and engage with each other virtually to address current issues and facilitate practical solutions to advance the industry in these challenging times.

The Iraq Petroleum Virtual Conference constitutes of Ministerial Panel, Leader's Session, a Spotlight Session on Kurdistan Iraq Economic Relations and executive panels delivered by thought industry experts. The conference will provide exclusive information, maps and updates on unrivalled opportunities and upcoming projects.

Iraq Petroleum attendees will gain all necessary tools to swiftly adapt their businesses to the post-lockdown environment. In light of the unprecedented circumstances and arising opportunities, the decision-makers and influencers from across the industry will get together to unlock new business opportunities on all levels of the energy industry at Iraq's most-established and longest-running energy event, the Iraq Petroleum Conference, and discuss:

  • Iraq's potential as a game changer in the global energy markets; how could Iraq reach its full potential?
  • How could Iraq build a new breed of NOC-backed by trading houses?
  • How could Iraq expand its crude oil market beyond the current buyers?
  • Iraq's next chapter of upstream investment: How to reform Iraq's upstream service contracts; what is the way forward?
  • Post pandemic lessons: How to accelerate the digital transformation of Iraq's energy sector?
  • Iraq's Electricity: Revolutionizing the Industry; What are Iraq's priorities post pandemic?
  • Do International Oil Companies plan to build portfolios in Iraq through investments in various parts of the value chain?
  • What are Iraq's projected gas plans in 2020-2030?

Over the past decade, the CWC Iraq Portfolio has hosted over 100+ Ministers and Senior Officials at various events. Now in its 14th year, Iraq Petroleum will again provide the only platform for oil and gas stakeholders in Iraq to convene. These high-calibre events are held with the support and participation of the new Federal Iraqi Government, the Federal Ministry of Oil, Federal Ministry of Electricity, the Iraqi Federal Parliament, REFAATO as well as considerable sponsors including Lukoil, Mitsubishi and ILF.

Speakers will include:

  1. HE Ihsan Abduljabbar Ismaael Al-Saade, Minister of Oil, Federal Government of Iraq
  2. HE Nafaa Abdulsada Ali Al-Hmidawi, Senior Deputy Minister, Ministry of Electricity, Federal Government of Iraq
  3. Matthew M. Zais, PhD Principal Deputy Assistant Secretary, Office of International Affairs, US Department of Energy
  4. HE Matthew H. Tueller, U.S. Ambassador to Iraq, United States Embassy, Iraq
  5. Husam Hussein Weli, Director General, South Refineries Ministry of Oil, Federal Government of Iraq
  6. Dr Khalid Al-Yaqoobi, Director General, President of Iraq Office, Iraq Presidency, Federal Government of Iraq
  7. Egor Zubarev, Managing Director, LUKOIL Mid-East Limited
  8. Zaid Elyaseri, Head of Country, BP Iraq

For further information, visit https://www.cwciraqpetroleum.com/

To access the full programme, please click here.

The post Key Speakers to address Iraq Petroleum Virtual Event first appeared on Iraq Business News.

Genel Energy Publishes Sustainability Report

Genel Energy has published its first comprehensive Sustainability Report, prepared in accordance with the Global Reporting Initiative ('GRI') Standards core option.

Bill Higgs, Chief Executive of Genel, said:

"Genel has had a longstanding commitment to positively impact the communities in which we operate. This has focused on three core areas - economic development, education, and health, and I am delighted to detail our activities in these areas in our first comprehensive Sustainability Report. Having a positive impact on the local community is just one part of our responsibility however, and we continue our journey to meet head on the challenges associated with the energy transition. Stepping up to these challenges is vital to our business, and this is reflected in ESG metrics being incorporated into our corporate key performance indicators and remuneration evaluations. The publication of today's Sustainability Report is a further indication of our commitment to this area.

"We are aware that we have a long way to go in a rapidly changing landscape. Nevertheless, we have the talent, skill sets, and commitment at the highest levels of the Company to meet the challenges ahead. In my view, Genel has the right low-cost and low-carbon assets, in the right locations, and with the right footprint, to thrive in a future of fewer and better natural resources projects."

"The Sustainability Report is a complement to our Annual Report, and will be issued annually, publicly detailing our ESG activities as we strive to be a socially responsible contributor to the global energy mix.

"Genel has a low-cost and low-carbon asset portfolio, with the recent commissioning of the enhanced oil recovery project at the Tawke PSC having materially reduced flaring, reducing the carbon intensity of our portfolio to 7kg CO2e/bbl of scope 1 and 2 emissions.

"It has been a long-stated aim of Genel to have a positive impact both by contributing to economic development and directly supporting local communities through improved infrastructure and the provision of opportunities for improved health, development and employment.

"Since 2006, Genel has invested almost $60 million in social projects. 245 social investment and community projects have been funded and successfully delivered, and each year up to 550 local community patients receive free treatment from the TTOPCO medical team. Supporting the development of the local economy is also crucial, and Genel has spent over $36 million on contracts with local companies. Currently, almost 250 local people are employed at TTOPCO, and 23 local community-centred companies are providing services to Genel's operations across the KRI, with our operations indirectly supporting a further 350 local people through such contracts.

"As well as looking to have a wider societal benefit, our commitment to having a beneficial impact begins with operational excellence and the taking care of our workforce. For the last four years, Genel has achieved zero lost time injuries with more than 12 million working hours since the last incident. This has been achieved through the promotion of a strong HSE culture and extensive workforce training and engagement at all levels.

"Our focus on sustainability has not been lessened by the ongoing COVID-19 pandemic, and the Report illustrates the key values that drive our decision making and support the delivery of our strategic goals."

Click here to download the full report.

(Source: Genel Energy)

The post Genel Energy Publishes Sustainability Report first appeared on Iraq Business News.

DNO Starts Gas Capture in Kurdistan

DNO ASA, the Norwegian oil and gas operator, today announced that the USD 110 million Peshkabir Gas Capture and Injection Project in its Tawke license in the Kurdistan region of Iraq is onstream and has reached the one billion cubic feet of gas injection milestone.

The project is expected to reduce annual emissions from the Company's operated production by over 300,000 tonnes of CO2 equivalent, offsetting the emissions from some 150,000 automobiles.

Engineering and construction were launched in mid-2018 and commissioning completed in mid-2020 in what is the first gas capture and storage project in Kurdistan. Some 20 million cubic feet a day of previously flared gas at the Peshkabir field is gathered, treated and transported 80 kilometers by pipeline to the Tawke field where it is injected for storage and reservoir pressure recharging.

Effective June 2020, the project halves the average carbon intensity of the Company's operated production from 14 kilograms CO2 equivalent for each barrel of oil equivalent produced (kg CO2e/boe) to an average of 7 kg CO2e/boe. This compares to the target set by a group of 12 of the world's largest oil companies comprising the Oil and Gas Climate Initiative (OGCI) to reduce the average carbon intensity of their aggregated upstream oil and gas operations to between 20-21 kg CO2e/boe by 2025 from a collective baseline of 23 kg CO2e/boe in 2017.

"Gas injection and the associated carbon capture and storage is proven, practical and potentially profitable," said Bijan Mossavar-Rahmani, DNO's Executive Chairman. "Our project was completed on schedule and on budget notwithstanding the challenges of working in what is still a frontier oil and gas operating environment and the obstacles posed in the late stages by the Covid-19 pandemic," he added.

Gas flaring at the Peshkabir field has been reduced by over 75 percent, with work underway to reduce it further. Any Peshkabir field injected gas produced at the Tawke field will be recovered and recycled into the latter or used as fuel to displace diesel.

Reservoir models suggest gas injection will increase gross Tawke field recoverable volume by 15 to 80 million barrels of oil, of which 23 million barrels are included in the gross proven and probable (2P) Tawke field reserves in the DNO 2019 Annual Statement of Reserves and Resources.

DNO's greenhouse gas emissions increased following commencement of production from the Peshkabir field in 2017 as the oil contains a relatively high associated gas content. Flaring from the Peshkabir field was the largest single contributor to DNO's total 2019 greenhouse gas emissions of 639,200 tonnes of CO2e.

Mr. Mossavar-Rahmani announced the launch of a new initiative to more actively measure, monitor and mitigate methane leakages at DNO's operated sites, noting that while CO2 emissions from oil and gas operations receive the greatest attention, methane emissions are a significant but underreported source of greenhouse gas with an impact 25 times greater than CO2 on a 100-year horizon.

DNO operates the Tawke license containing the Tawke and Peshkabir fields with a 75 percent interest; partner Genel Energy plc holds the remaining 25 percent.

The Company will publish its Corporate Social Responsibility Report, which covers greenhouse gas emissions developments and strategies, next week.

(Source: DNO)

The post DNO Starts Gas Capture in Kurdistan first appeared on Iraq Business News.

Genel Energy considers new Bond Issue

By John Lee.

Genel Energy has engaged Pareto Securities to organise a roadshow with international credit investors. The Company may, subject to market conditions and acceptable terms on the new issue, raise a new five-year bond of up to $300 million to replace the Company's existing bond maturing in December 2022.

Genel had cash in excess of $350 million at 30 August 2020, and net cash of $55 million. Acdording to a company statesment, it "maintains a positive outlook, a strategy of maintaining a robust balance sheet through cycles, and is proactively managing its liquidity runway and debt maturity profile".

(Source: Genel Energy)

The post Genel Energy considers new Bond Issue first appeared on Iraq Business News.

Eni to Invest $4bn in Iraqi Refinery?

By John Lee.

Italian oil company ENI is reported to be in talks to build a $4-billion, 300,000-bpd refinery near Iraq's Zubair oil field.

S&P Global quotes Oil Minister Ihsan Ismaael [Ahsan Abdul-Jabbar Ismail] as saying that that the first phase, with a capacity of 150,000 bpd, would be operational by 2025.

The Minster reportedly added that the Zubair field, in which Eni holds a stake, is expected to produce 700,000 bpd by 2027.

Click here to read the full article.

(Source: S&P Global)

The post Eni to Invest bn in Iraqi Refinery? first appeared on Iraq Business News.

Iraqi Cabinet Approves Loans from Saudi Arabia

By John Lee.

The Iraqi Cabinet held its weekly meeting on Tuesday under the chairmanship of Prime Minister Mustafa Al-Kadhimi, at which it agreed to:

  • Authorise the Ministry of Labour and Social Affairs to coordinate with the Ministry of Youth and Sports on the implementation of the National Project for Youth Employment
  • Approve the financial conditions of two loans from the Saudi Fund for Development, and to authorise a representative of the Ministry of Finance to sign the necessary contracts for the construction of a silo for wheat storage in Diwaniyah and the Saqlawiya Hospital in Anbar
  • Authorise the Director General of the Civil Aviation Authority to negotiate and sign a draft air transport agreement between the Republic of Iraq and the Kingdom of Bahrain, as amended by the State Council

(Source: Govt of Iraq)

The post Iraqi Cabinet Approves Loans from Saudi Arabia first appeared on Iraq Business News.

Iraq Relaxes Coronavirus Restrictions

By John Lee.

Iraq's Higher Committee for Health and National Safety held a meeting on Tuesday under the chairmanship of Prime Minister Mustafa Al-Kadhimi.

At the start of the meeting, the Prime Minister paid tribute to Iraq's medical and nursing professionals for being on the frontline during the Covid-19 pandemic.

In his briefing to the Committee, the Minister of Heath said that Iraq has increased its Covid-19 testing capabilities.

According to a statement from the Government of Iraq, the Director of the World Health Organization's Office in Iraq, Dr. Adham Rashad Ismail, praised the Iraqi government's efforts in response to the pandemic, and the measures taken by the Ministry of Health which contributed to a death-rate from of 2.9% which is lower than the global rate.

Following discussions, the Committee decided to:

  • Permit youth, sports activities and events in various fields (without the presence of spectators) while adhering to preventive health measures from 12/09/2020
  • Allow restaurants, event halls and tourist facilities at five-star hotels to reopen,  provided that health preventive measures are put in place as directed by the Ministry of Health
  • Allow all land border crossings to reopen to facilitate trade exchange only
  • Allow ministries and official public institutions to work at 50% capacity
  • Permit the Independent High Electoral Commission to open registration centres to allow voters to register for the biometric voting cards
  • Exempt staff of the Independent High Electoral Commission from curfew regulations

The Committee urged all Iraqis to continue to remain vigilant and to follow the official guidance of the Ministry of Health including adhering to preventive health and social distancing measures.

(Source: Govt of Iraq)

The post Iraq Relaxes Coronavirus Restrictions first appeared on Iraq Business News.

Detailed Assessment of INOC Law First Amendment

By Ahmed Mousa Jiyad.

Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.

The following is an executive summary of my detailed assessment of the INOC Law First Amendment, currently debated by the Council of Ministers:

  • The verdict by the Federal High Court-FHC regarding the appeal against INOC Law 4 of 2018 was historical and extremely significant. Briefly the Court refutes almost two-thirds articles of the said law and most of these articles have substantive importance for the good and proper implementation of the law;
  • It seems that the amendments proposed by the Ministry of Oil-MoO are either premised on inaccurate understanding of FHC verdict and its implications or deliberate attempt to undermine and circumvent that verdict;
  • On the other hand, opinion given by the Legal Directorate at the Council of Ministers are more mature, relevant and demonstrates good and accurate interpretation and understanding of the FHC verdict;
  • It is not clear why the urgency and what prompts the Ministry to stress for promulgating the amendment of the law at the current difficult conditions (in every aspects) which the country is facing. Moreover, the justifications presented by the Ministry are hardly convincing to say the least. It is more puzzling when the MoO calls for approving the amendments without going through the due legal process. Also, its reliance on a relatively old, personal and rather confused communication from the chairman of Energy and Oil Committee of the Council of Representative diminishes the strength of the Ministry' argument;
  • The disparities and divergence between the positions and opinions of Legal Directorate of the Council of Ministers and the proposed drafts of amendments by the MoO are very serious indeed with very different legal and operational implications. Hence, the "decision" by the Council of Ministers on the suggested amendments could create a "loop" that needs further and intensive efforts and probably long time to resolve and make them commensurate with the Constitution;
  • The timing causes concerns as the term of the current "caretaking" government and the current Council of Representatives is relatively short as the national election is officially scheduled for June 2021. The efforts and intentions to approve the proposed amendment is, ironically, a replica of passing the ill-fated Law 4 of 2018, i.e., passing unconstitutional law in a hurry while all are preoccupied with election!! They never learned even a lesson;
  • As for the amendments proposed by the Ministry of Oil they suffer from many serious flaws, ambiguities and lack of coherence and consistency; particularly when one look at the entire amended law. The details of the of the comprehensive assessment, in Arabic, of the proposed First Amendment of INOC Law is provided hereunder; it was circulated widely, emailed to all concerned high authorities and posted on many website.

Click here to download the detailed analysis (Arabic) in pdf format.

Mr Jiyad is an independent development consultant, scholar and Associate with the former Centre for Global Energy Studies (CGES), London. He was formerly a senior economist with the Iraq National Oil Company and Iraq's Ministry of Oil, Chief Expert for the Council of Ministers, Director at the Ministry of Trade, and International Specialist with UN organizations in Uganda, Sudan and Jordan. He is now based in Norway (Email: mou-jiya(at)online.no, Skype ID: Ahmed Mousa Jiyad). Read more of Mr Jiyad's biography here.

The post Detailed Assessment of INOC Law First Amendment first appeared on Iraq Business News.