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Iraqi Oil Minister pushes Development of Eridu Oil Field

By John Lee.

Iraq’s Minister of Oil, Ihsan Abdul Jabbar Ismail, has stressed the importance of developing the Eridu (Arido) oilfield in Block 10, which is in the Muthanna and Dhi Qar provinces.

This came during a meeting with Lukoil‘s Vice President for Central Asia, Middle East, and North African affairs, Stepan Gorgi, and his accompanying delegation.

The Minister said that the ministry is awaiting the approval of the Council of Ministers of the joint development program for the field, commending the technical study of Lukoil.

He added the need to continue the development of West Qurna 2 field, and commended the cooperation between the Ministry and Lukoil to develop oil and energy sector.

The meeting was attended by the Senior Vice President of National Oil Company (INOC), Hamid Younis, the Director General of Petroleum Contracts and Licensing Directorate (PCLD), Ali Maarij. On the Russian side, the meeting was attended by Lukoil General Manager, Alexey Yakovlev, and the 10th block project manager, Edward Tcheloyansh, and vice manager of Iraq branch, manager of Lukoil reprentative office in Baghdad, Resan Sednavi.

(Source: Ministry of Oil)

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CBI tries to find way to pay Russian Oil Companies

By John Lee.

Mustafa Ghaleb Mokhif, the Governor of the Central Bank of Iraq (CBI) has met with the Russian Ambassador to Iraq, Elbrus Kutrashev, to discuss the payments due to Russian companies operating in Iraq.

In a statement after the meeting, both parties expressed the need to find appropriate solutions to this issue.

Payments to Russian companies have become more complicated as a result of sanctions imposed following Russia’s invasion of Ukraine in February.

(Source: CBI)

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Russian: ‘No objections’ to Kurdistan exporting Gas to Europe

By Mustafa Saadoun for Al Monitor. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News.

Russian ambassador to Iraq: ‘No objections’ to Kurdistan Region exporting gas to Europe

Elbrus Kutrashev (pictured) spoke to the Kurdish news outlet Rudaw about plans to export natural gas from the autonomous part of northern Iraq to Europe in response to the war in Ukraine.

Click here to read the full article.

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What does Russia’s War in Ukraine mean for Iraq?

By Samuel Ramani, for The Middle East Institute. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News.

What does Russia’s war in Ukraine mean for Iraq?

Although Iraq has avoided taking sides in Russia’s war with Ukraine, the conflict could exacerbate factional divisions and profoundly impact the Iraqi economy’s near-term trajectory.

While the strides made in Russia-Iraq cooperation over the past decade are unlikely to be destroyed by the war, Baghdad is likely to limit its cooperation with Moscow to essential spheres and overcome the impact of sanctions by embracing a genuinely multipolar foreign policy.

Click here to read the full article.

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Russian Invasion of Ukraine, and Iraq’s Economy

By Salam Zidane for Al Monitor. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News.

Russian invasion of Ukraine has sharp impact on Iraq’s economy

Russia’s invasion of Ukraine has caused shortages of food in Iraq and forced the government to pay more in gasoline subsidies, but the high price of crude oil plus sanctions on Russia has opened new opportunities for Iraq.

Click here to read the full article.

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Appetite for Iraqi Oil Grows as Buyers Shun Russia

By Ruxandra Iordache for Argus Media. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News.

Iraq’s State Oil Marketing Organization (SOMO) has received requests for additional crude supply as buyers seek alternatives to Russian volumes, according to a senior Iraqi official.

Click here to read the full article.

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Iraqi Central Bank may Stop Financial Dealings with Russia

By Layal Shakir, for Rudaw. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News.

Iraqi central bank suggests halting business, financial dealings with Russia

The Central Bank of Iraq (CBI) on Wednesday suggested halting business operations and financial dealings with Russia following America’s far-reaching sanctions as the Russian invasion of Ukraine continues for the seventh day.

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Block 10 More Attractive for Lukoil than West Qurna 2

Writing in Oil Price, Simon Watkins points out that the $5.99-per-barrel remuneration that Lukoil will receive under its technical service contract at Block 10 is considerably better than its $1.15/barrel payment at West Qurna 2.

Block 10 includes the Eridu field, which has indicated oil reserves of between 7 and 12 billion barrels, and a proposed peak production rate of 250,000 barrels per day (bpd).

Lukoil has a 60-percent stake in Block 10, with Inpex owning 40 percent.

Click here to read the full article.

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Chevron’s Oil Deal with Iraq “is One to Watch”

Writing in Oil Price, Simon Watkins says that, given the negative history of dealing with China over the Nassiriyah project and the fact that Russia is occupied elsewhere in the country and the region, the United States might be in an unusually positive position to take a significant role in either the Nassiriyah field development alone or in the broader Nassiriyah Integrated Project (NIP).

Click here to read the full article.

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