Tech Forum at the IBBC Dubai Conference

The Iraq Britain Business Council (IBBC) is delighted to be holding a Tech forum within the main Conference at Address Hotel in Dubai on December 8th.

Principal among the speakers are Mr Yassin Bhija of GE Healthcare and Mr Uwe Bork of Siemens Healthcare who are driving the healthtech panel – exploring the hot topic of ‘How best to Develop primary and general healthcare in Iraq.’

Iraq has structural and tactical issues in providing universal healthcare at all levels of delivery and in all locations and classes. The two leading healthcare companies will discuss how tech solutions in general can address the issue and how their particular capabilities contribute to the general provision of healthcare.

Following on the Education Tech panel, will be discussing ‘The importance of Digital literacy in Iraq’, led by Google’s Mr Martin Roeke, Dr Victoria Lindsay of the British Council and Mr Timothy Fisher CEO of Stirling Education.

The Forum is sponsored by Innovest Middle East, an investment company that invests in startups during their scaling up stage in key markets in the Middle East region. With representations in Lebanon, Dubai, KSA, and Iraq, Innovest Middle East has played a key role in driving the startup ecosystem through direct investments as well as through supporting incubation and acceleration platforms collaboration with governmental and international bodies. In Iraq, Innovest Middle East launched IRAQPRENEURS in 2018, in collaboration with the World Bank, Central Bank of Iraq and leading private organizations, which grew to become one of the leading nationwide entrepreneurship empowerment platform in Iraq.

Mr Bassam Falah, CEO of Innovest will be addressing the delegates on the progress in support of the Iraqi start up ecology.

More speakers are expected to confirm.

For more information and to register, please contact london@webuildiraq.org.

(Source: IBBC)

Conference: Find Out What’s Happening in Iraqi Business

From Peace to prosperity:

The Conference to find out what’s happening for Iraq business.

The Iraq Britain Business Council (IBBC) Autumn Conference in Dubai on December 8th is set against a backdrop of relative peace and security in Iraq, and the prospect of oil revenues surging through the economy is driving a wider range of business opportunities and a prospective 8% increase in GDP.

Peace is enabling the economy to diversify through the revenues that pay for a range of infrastructure projects. So this Autumn we are focusing on a range of sectors set to benefit from a stable Iraq: namely, Water, Transport and Logistics, Energy and Tech.

The recent protests have also spurred on Government reforms and incentives to drive employment, entrepreneurship and service diversity, and increase the volume of opportunity that lies ahead and the prospects for not just business-to-business but also a burgeoning consumer market.

The Iraqi Electricity Minister will likely be speaking about his reforms to open up the market to SME’s, training and new players. Other ministers including those from Construction and Transport are attending.

The recent announcement of a 10year tax-free period for SMEs in Iraq will also stimulate the Tech entrepreneur market and drive the uptake of engineering skills.

At this conference, we will discuss big-picture economics with Professor Frank Gunter (Lehigh University), Ahmed Tabaqchali (AFC Iraq Fund), and Simon Penny (UK Trade & Investment), who will address the economic backdrop in the Middle East, and the context for Iraq in particular.

The World Bank and Wood Plc will cover the water sector, while Rolls Royce, Basra Gateway Terminal (BGT), and Menzies will look at transport and logistics, and Iraq’s Electricity Minister, GE, Siemens and Enka will focus on energy.

Alongside the conference our Tech Forum brings experts on HealthTech and Educational Tech, including speakers from GE, Siemens Healthcare, KPMG, EY, Google and the British Council, among others.

While key opportunities will be outlined, the real opportunity for business is to meet the people directly involved in contracts and supply-chain opportunities. This is the place to do business, to network and to find out what’s happening in the Middle East’s most potentially dynamic market that is Iraq.

For further information and to find the latest updates on speakers – more are expected – please contact  london@webuildiraq.org or visit the website to register for tickets.

https://iraqbritainbusiness.org/event/autumn-conference-at-the-address-hotel-dubai

The year it’s all on the up…

Oilserv Wins Contract at Sarta Oilfield

By John Lee.

Genel Energy has confirmed that Chevron Sarta, as operator of the Sarta field (Genel 30% working interest), has signed a contract with Dubai-based OILSERV for the construction, installation, operation and maintenance of a 20,000 bopd central processing facility (‘CPF’).

OILSERV has been contracted for the facility through a lease agreement. The commissioning of the CPF and production start-up remains on track for the middle of 2020.

Phase 1A of the development represents a low-cost pilot development of the Mus-Adaiyah reservoirs, designed to recover 2P gross reserves of 34 MMbbls. Crude will be processed through the CPF and then transferred to a local facility for further distribution.

Subsequent expansion investment decisions will be based on production behaviour plus a subsequent two to three well appraisal/development campaign. Unrisked gross mid-case resources relating to the Jurassic Mus-Adaiyah reservoir alone are estimated by Genel at c.150 MMbbls, similar in size to the Peshkabir field.

(Source: Genel Energy)

Atrush Production exceeds 1m Barrels in July

Abu Dhabi National Energy Company PJSC (TAQA) has announced that its subsidiary, TAQA Atrush B.V. (TAQA Iraq), has set a new production record from the Atrush oil field in the Kurdistan Region of Iraq.

For the first time since the field commenced production operations in July 2017, the total monthly production volume exceeded 1 million barrels of oil in July 2019.

The 1 million barrel mark is a key milestone in TAQA Iraq’s ongoing production improvement and expansion plans for the Atrush block and is a testimony to the effort, professionalism, and commitment to deliver safe and efficient operations in Iraq.

The current rate of gross production at the Atrush block is approximately 34,000 barrels of oil per day, which is line with the company’s targets for Q2 2019. The increase in production was largely due to new wells coming on stream and the impact of de-bottlenecking work over the past few months, which has increased the capacity of volumes handled by the production facility.

The facility has continued to meet targets at minimal spend and is a result of a focus on integrated planning and optimization.

Speaking on the milestone, TAQA Chief Executive Officer Saeed Al Dhaheri said:

This significant achievement is a direct result of our Iraq team’s technical expertise and strategic planning efforts. As a global energy player with operations spanning four continents, our operations in Iraq have allowed us to strengthen our expertise as a leading developer of greenfield projects.

“We look forward to building on this achievement to continue to deliver energy to our strategic partners in the Kurdistan region, and to continue to forge strong relationships with local communities around the Atrush block.”

AbdulKhaliq Al Ameri, Managing Director of TAQA Iraq, added:

“Our focus for the past two years has been to improve the value of our asset while ensuring cost-optimization and uphold our commitment to health and safety. I am particularly proud of our team, which comprises more than 300 people, many of whom are from the Kurdistan region. This achievement is a result of their hard work and dedication to TAQA’s vision.”

The Atrush field is located 85 km northwest of Erbil and is one of the largest new oil developments in the Kurdistan Region of Iraq. The field was first discovered in 2011 and production started in 2017. In its two years of production, the Atrush field has produced of 17 million barrels of oil, with increasing efficiency.

In May 2019, TAQA Iraq completed the acquisition of an additional 7.5% working interest in the Atrush block from Marathon Oil KDV B.V. With this acquisition, TAQA Iraq’s working interest in the Atrush block increased from 39.9% to 47.4% and represents an AED 116 million addition to the company’s assets.

TAQA Iraq is the operator of the Atrush block and has a 47.4% working interest under the Atrush block Production Sharing Contract. TAQA Iraq’s partners in the project are the Kurdistan Regional Government (25%) and General Explorations Partners, Inc. (27.6%).

(Source: TAQA)

Atrush Block drives Production Gains at TAQA

By John Lee.

Abu Dhabi National Energy Company PJSC (TAQA) has announced that the group’s oil and gas business delivered strong performance with an 11% increase in revenue, mainly driven by increased production volumes from its assets in Europe and Iraq.

In its financial results and operational highlights for the six-month period ending June 30, 2019, it said its overall capex also rose to AED 957 million in the first six months of 2019, a 15% increase when compared to the same period in 2018.

The increase in Oil and Gas capex was largely driven by the AED 116 million acquisition of an additional 7.5% working stake in the Atrush Block from Marathon Oil Kurdistan B.V. in May of this year. The acquired stake increases TAQA’s working interest in the project from 39.9% to 47.4%.

“Additional capex in Iraq was focussed towards bringing new wells on stream and the impact of debottlenecking work to increase the capacity of the current production facility. This has proven to be a worthwhile investment, with TAQA’s entitlement production increasing to 5,728 boe/d in H1 2019, a 149% improvement compared to the previous year.”

It added that this has proven to be a worthwhile investment, with TAQA’s entitlement production increasing to 5,728 boe/d in H1 2019, a 149% improvement compared to the previous year.

The average production by the oil and gas business for the first half of the year increased 3% to 124,760 boe/d, aided by strong well performance in Europe and Iraq.

Commenting on the positive performance, Saeed Mubarak Al Hajeri, Chairman of TAQA, said:

Our solid performance in H1 2019 is underpinned by our strong operational performance.  The Group’s balance sheet remains healthy, and with stable revenues and a further reduction in debt coupled with strong liquidity we remain on course to meet our long term objectives. The recent ratings affirmation from Moody’s is a testament to the stability of our operational performance.

“We also made exciting progress in advancing our strategy of maintaining capital discipline with focused investments in our core assets, such as the Atrush Block. Looking ahead, we remain optimistic and believe that our investments in the UAE and other strategic markets will contribute to a sustained growth story.

(Source: TAQA)

Iraq could surpass Saudi Arabia in Oil Production

By Padraig O’Hannelly.

A senior oil executive has predicted that Iraq could surpass Saudi Arabia as an oil producer.

Addressing delegates at CWC‘s Iraq Petroleum conference in London, Majid Jafar (pictured), CEO of Sharjah-based Crescent Petroleum, said:

“Iraq is hugely underexplored. We at Crescent know of 300 structures just in the Western Desert that have yet to be drilled, so I for one believe that Iraq has a lot of potential, and I wouldn’t be surprised if it becomes the largest producer in OPEC during my career.”

Crescent Petroleum has an interest in the Khor Mor field in the Kurdistan Region of Iraq, and has signed initial contracts to develop the oil fields of Gilabat-Qumar (in Diyala), Khashim Ahmer-Injana (in Diyala), and Khudher Al-Mai [Khider al-Mai] (in Basra and Muthana).

Production to Increase at Al Faihaa Oilfield

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)

Iraq Britain Business Council welcomes 4 New Members

By John Lee.

The Iraq Britain Business Council (IBBC) has welcomed four new members, bringing its membership to 71 companies:

Crescent Petroleum: Sharjah-based Crescent Petroleum is the only foreign oil and gas company to maintain a continuous presence in Iraq for three decades, and is the largest private oil and gas investor in the Kurdistan Region of Iraq.

Sardar Trading Agencies (STA): One of the core companies of Sardar Group, with more than 50 years of experience in the Iraqi private business field, mainly in the automotive segment.

Stirling Education: The Luxembourg-based company is committed to providing excellent affordable education and pastoral care for students in Iraq. Across Iraq, they have around 17,000 students, 42 schools and two university campuses.

Tube Tech International: UK-based Tube Tech is a world leader in the removal of fouling from refinery, petrochemical and energy process assets.

(Source: IBBC)

Pearl Petroleum to Raise Funding for Kurdistan Investment

By John Lee.

Pearl Petroleum is reportedly planning to raise additional funding for its drilling and development in Iraqi Kurdistan,

According to Reuters, Patrick Allman-Ward, the chief executive of Dana Gas, which is the majority owner of Pearl Petroleum, told reporters that the funding will “comprise a mix of bank debt, a bond, Exim bank financing as well as contractor and vendor financing.

The company is developing that Khor Mor and Chemchemal gas fields in Iraqi Kurdistan.

(Source: Reuters)

Dana Gas doubles Sales in Iraqi Kurdistan

By John Lee.

Sharjah-based Dana Gas has announces that during Q1 2019, Pearl Petroleum has received $112 million (AED 411mm) from the sale of condensate, LPG and gas in the Kurdistan Region of Iraq (KRI).

Dana Gas is a 35% shareholder in Pearl Petroleum and accordingly, its share of such receipts by Pearl Petroleum is $39 million (AED 143mm).

This presents a 117% increase compared to the Company’s Q1 2018 share of collections which stood at $18 million. As of today, Pearl Petroleum has no overdue receivables in the KRI.

Dr Patrick Allman-Ward, CEO of Dana Gas, said:

“We have had a very positive start to year in the KRI. Our debottlenecking project which we completed in October 2018 has increased our production output by 30% to 400 MMscf/d. We have begun to see the impact of the additional production on our Q1 collection, which has doubled.”

In February of this year, Pearl Petroleum signed a new 20-year Gas Sales Agreement (GSA) with the Kurdistan Regional Government (KRG) to enable production and sales of an additional 250 MMscf/d. The Consortium aims to bring this production on-stream by 2021 as part of their expansion plans to raise output from the current 400 MMscf/day to 650 MMscf/day in 2021, and then to 900 MMscf/day by 2022.

(Source: Dana Gas)