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Shares in Genel Energy slump on Sarta Result

By John Lee.

Shares in Genel Energy were trading down 7 percent on Tuesday morning after the company announced disappointing results at the Sarta-5 appraisal well:

“Genel Energy plc (‘Genel’ or ‘the Company’) announces the following update on the Sarta PSC (30% working interest and operator).

“Testing of the Sarta-5 appraisal well has been completed. While oil was recovered to surface from a number of intervals, notably c.800 bbls of light oil from the Najmah formation, stable and sustained commercial flow of oil was not achieved from the primary reservoir objectives of the Mus and Adaiyah formations nor the secondary Lower Sargalu or Najmah formations. None of the intervals tested were able to support sustained flow of reservoir fluids, indicating that the reservoirs at this location are tight. This was identified as a critical pre-drill risk of this appraisal well.

“The presence of oil associated with both the primary and secondary Jurassic reservoir intervals, 12 km southeast of the Sarta pilot EPF, will now be subject to further investigation and integration into the joint venture’s understanding of the Sarta field and future planning. The well will now be suspended according to KRI regulations.

“The Sarta appraisal programme continues at Sarta-6, c.6 km to the west of the pilot EPF, with test results expected in Q3.”

(Source: Genel Energy)

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Iraq Revenues to Exceed $150 Billion

By John Lee.

A financial advisor to the Iraqi Prime Minister has said he expects Iraq’s revenues this year to exceed $150 billion.

Speaking to the state-controlled Iraqi News Agency (INA), Mudhar Muhammad Salih said sustained high oil prices, combined with non-oil revenues of “no less than $8-10 billion“, will result in total revenues for whole of Iraq (including the Kurdistan Region) of at least $150 billion.

His estimates were based on IMF assumptions, including an average oil price of  $104, and daily exports of crude oil from the Baghdad-controlled region of 3.4 million barrels per day.

(Source: INA)

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IBBC appoints Industry Specialist as Strategic Development Officer

IBBC appoints industry specialist as Strategic Development Officer

As the Iraq Britain Business Council (IBBC) Board and Executive Committee re-fresh their strategic plan to continue a pathway to success for Iraq and its business community, it has appointed a Strategic Development Officer to bring industry expertise and experience to its management team.

Colin Findlay brings over 40 years of experience in the Oil & Gas sector and in industrial manufacturing as a Chief Executive Officer and Industry Association Chairman.  Colin led Severn Glocon Group’s Iraq operations from 2012 onwards and was an active member of the IBBC during that time.

Colin says:

“I am delighted to take up this appointment. I took 3 months carrying out an in-depth strategic review of IBBC, its aims, objectives and member activities before joining and feel able now to support its future strategic development.

“My review further consolidated my understanding of the IBBC’s reputation and merits as an influencer in the Iraq & British business community. My initial activities will focus on improving the capacity of the IBBC to reach its goals before supporting Christophe in the delivery of long term strategic objectives.“

Christophe Michel’s IBBC’s Managing Director commented:

“We are delighted that Colin has chosen to join IBBC and support our work. His strategic review was very timely and has helped focus our thinking on the future of IBBC and how it delivers its work across the region.

“The IBBC has always sought to bring industry experience together with international relations expertise and also to ensure that we offer value to our members and business associates. The addition of Colin to the team will add strength and capacity to our work.“

Please see Colin Findlay’s bio here.

(Source: IBBC)

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Iraq Petroleum Sector Chronicle, Volume 2 – 2011

Iraq Business News Expert Blogger, Ahmed Mousa Jiyad, has completed the second volume of his chronicle of the Iraqi oil industry, this time covering 2011.

The first volume, published in October 2021, covers the development in the upstream petroleum in Iraq prior to 2011 and has a subtitle “Grand Opening for Big Push Strategy“.

The subtitle reflects the mood, sentiments, actions and views that prevailed then both inside and outside Iraq, expecting Iraq to be a game changer in the international petroleum scene; that was premised on the concluded service contracts pursuant to the bid rounds, particularly the first and the second, as evidenced by the contents of volume one of the book.

One year later, in 2011, signs of powerful restraints began to emerge and thoughts for revising downwards the unrealistic, unattainable oil production targets were contemplated; many views and opinions covered by volume 2 of the book were explicitly or implicitly advocating such revision.

Hence, the subtitle for this second volume reflects that dramatic shift from high expectations originally formulated after concluding the above mentioned contracts; it is “A Game Changer, No More“.

Click here to read the introduction to the book.

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Iraq Dust Storm puts 5,000 in Hospital

By John Lee.

Iraqi media reports that one person has died and more than 5,000 have been hospitalised on Thursday as a result of the latest dust storm.

The dust storm is the seventh this month, with some experts believing they are becoming more frequent due to climate change.

Road and air transport has been disrupted.

Areas affected include Baghdad, Najaf and Anbar.

(Sources: INA, AP, AFP, BBC)

(Picture: A dust storm approaching Al Asad military base in 2005, taken by Corporal Alicia M. Garcia, U.S. Marine Corps)

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Iraq to Increase Oil Export Capacity

By John Lee.

Basra Oil Company (BOC) has reportedly said that third offshore pipeline at the Khor Al-Amaya Oil Terminal (KAAOT) (pictured) will be completed by the end of 2023.

Acting Director General, Ahmed Fadel Dehaim, told the Iraqi News Agency (INA) that the new line will increase oil export capacity by 600,000 barrels per day (bpd).

He said another 300,00o bpd of capacity will become available sooner, following the completion of work to restore another pipeline that was damaged two years ago.

(Source: INA)

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Iraq Oil Export Volumes hit 2-Year High

By John Lee.

Iraq’s Ministry of Oil has announced preliminary oil exports for April of 101,390,662 barrels, giving an average for the month of 3.380 million barrels per day (bpd), up from the 3.244 million bpd exported in March.

This is the highest daily export rate since the 3.438 million barrels per day achieved in April 2020.

The exports from the oilfields in central and southern Iraq amounted to approximately 98,100,042 barrels, while exports from the Kirkuk fields through the port of Ceyhan amounted to 2,991,060 barrels.

While not explicitly stated by the Ministry, these figures seem to imply that exports by road to Jordan have resumed as planned, and totalled 299,560 barrels for the month.

Revenues for the month were $10.55 billion, at an average price of $104.091 per barrel.

March’s export figures can be found here.

(Source: Ministry of Oil)

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Refinery Targeted in Rocket Attack

By John Lee.

A rocket attack that targeted an oil refinery in the Khabat area of Erbil on Sunday has been widely condemned.

Six rockets were fired at the Kawergosk refinery, which is owned by KAR Group, reportedly damaging a storage tank.

The Iraqi Security Media Cell said it located a launch base near the Al-Fadhiliah area of Bashiqa district, in the Nineveh Plain, where a further four missiles were rendered rendered harmless.

Shafaq quotes a source as saying that one person sustained minor injuries in the attack.

In March, the home of the CEO of KAR Group, Baz Karim Barzanji, was badly damaged in a rocket attack attributed to Iran’s Islamic Revolutionary Guards Corps (IRGC).

(Sources: Iraqi Security Media Cell, Shafaq, Asharq al Awsat, NRT)

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WFP Iraq Country Brief

WFP Iraq Country Brief, March 2022

In Numbers

  • 710,492 people assisted in March 2022
  • US$ 2.25 million distributed in March 2022 through cash-based transfers
  • 1,686 mt of in-kind assistance distributed
  • US$ 39.4 million six months net funding requirements (April – September 2022)

Operational Updates

  • In March, WFP provided cash and food assistance to 182,152 internally displaced persons (IDPs), 68,419 refugees, and 8,118 people from vulnerable communities through resilience building initiatives. Through the School Feeding Programme, WFP supported 451,803 children.
  • WFP’s resilience-building initiatives continue to provide smallholder farmers with the support they need in order to improve their production and increase crop yields. In Ninewa governorate, WFP provided greenhouses, beehives, cattle and seeds to 325 farmers who utilize the knowledge and expertise shared by WFP to provide a sustainable livelihood for themselves and their families.
  • WFP collaborated with the Iraqi Ministry of Water Resources to organize the second Annual Baghdad International Water Conference, to help highlight and provide solutions to the issues of climate change and water scarcity facing Iraq’s people and agriculture. WFP presented its latest data and findings on the issue to support the government of Iraq with its Green Paper to address these serious challenges.
  • In its continued efforts to support Iraq’s youth, and confront climate change, WFP provided a new solar power system for the Career Development Centre at the University of Sulaymaniyah. The solar energy provided now effectively meets the electricity gap during power cuts or shortages, enabling seamless support to youth in need as they take part in the EMPACT (Empowerment in Action) project. Participation in this project supports students with relevant training in English, digital skills and entrepreneurship that enables them to find work opportunities, start small businesses and provide an income.
  • In collaboration with the University of Sulaymaniyah and German creative design platform JOVOTO, WFP celebrated the three young EMPACT graduates Aisha, Mohammed and Kawther, whose designs revolving around the EMPACT project won the first, second and third prizes respectively, in the first design innovation joint competition.
  • For International Women’s Day on 8 March, Urban Livelihoods participant and trainer Nada was invited by the Embassy of the Netherlands in Baghdad to visit from Basra, to participate in a special event to speak about her journey and experience. The impact of WFP’s Urban Livelihoods programme, implemented across southern Iraq and Ninewa, is apparent through star participants such as Nada. She attended the programme, then taught photography skills that she acquired from her training, quickly became a social entrepreneur, leader of a prolific youth creative group, and role model for her contemporaries in Basra.
  • Under the School Feeding Programme funded and coimplemented by the Government of Iraq, WFP organized several workshops and training sessions to further develop the capacity of the Ministry of Education, to be able to successfully implement the programme independently in the future, while WFP continues providing technical and logistics support and expertise. These included three Training of Trainers (ToT) sessions, three capacity building workshops and a Food Quality Control workshop that was delivered in cooperation with WFP’s Regional Bureau.
  • As part of the joint Social Protection Programme with the government and UN partners, WFP held three consultation workshops for more than 80 Government of Iraq and Kurdistan Regional Government staff members and key Ministerial participants. The workshops produced a roadmap for establishing a Single Registry based on multi-stakeholder discussions. The workshops also initiated dialogue on the improvement of Iraq’s social protection schemes with special focus on the public distribution system for food rations (PDS). In addition to multiple Ministry representatives, the workshops were attended by UNICEF, ILO, World Bank, GIZ and UNHCR.
  • Representatives of Canada and Germany visited Sharya IDP camp in Duhok and met with a number of displaced families to discuss their situation, reasons that prohibit their return to their homes, and ongoing needs.
  • In light of the rise in food prices as a result of the RussianUkrainian conflict, WFP temporarily increased its cash transfer value to vulnerable IDPs living in Jadaa-5 camp to mitigate the effects and ensure that families are not affected.

The full report can be downloaded here.

(Source: ReliefWeb)

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