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By John Lee.
France’s Total is reported to be in talks to sell its 18-percent stake in the Sarsang block in Iraqi Kurdistan, in a move aimed at reducing the company’s debt.
Bloomberg says the company is working with Jefferies Financial Group on the deal, adding that the holding could be worth as much as $500 million.
(Source: Bloomberg)
The post Total “in Talks” to Sell Stake in Iraqi Oil Field first appeared on Iraq Business News.
By John Lee.
Iraq’s Ministy of Oil has awarded all four development projects, and two of the seven exploration blocks, that it offered in its fifth auction of oil licences.
Only nine of the 26 companies originally pre-qualified took part in the auction, with majors such as Lukoil (Russia), ExxonMobil (US) and Total (France) not bidding.
Development blocks:
Exploration blocks:
Abdul Mahdi al-Ameedi, director general of the Petroleum Contracts and Licensing Directorate (PCLD), told Reuters that the failure of five blocks to attract bids was due to a combination of factors, including the fact that some of them cover former battlefields, some are hard to access, and the one offshore plot needs more data.
He said another round could be held for those five blocks.
More details here from Iraq Oil Report (subscription required)
(Sources: Iraq Oil Report, Reuters, Associated Press, AFP)
By John Lee.
France’s Total is said to be interested in bidding to build the greenfield 150,000-bpd Nassirya oil refinery.
The Director General of the Dhi Qar Oil Company (DQOC), Ali Warid Hammood, told Reuters at the CWC Iraq Petroleum Conference in Berlin that bids are still open for the project, and that international oil companies interested in the project would be bidding as refiners only.
The project was initially offered as part of the Nassiriya Integrated Project (NIP), tying it to oilfield development. In January 2018, Iraq dropped the NIP, saying it will rely on a newly formed state oil company to develop the Nassiriya oil field, and leaving only the nearby refinery project for investors.
Hammood confirmed to Reuters that DQOC will develop the field by itself.
It is currently producing 80,000-100,000 barrels of oil per day, with plans to double capacity within three years.
(Source: Reuters)
By John Lee.
Iraqi Oil Minister Jabar Ali al-Luaibi [Allibi, Luiebi] (pictured) has reportedly said that Chevron and Total have expressed interest in developing the Majnoon oilfield.
Oil giant Shell is trying to sell its stake in the field following a failure to reach agreement with Iraq’s Ministry of Oil.
Reuters quotes the Minister as saying that negotiations are continuing with Shell, that he hopes to reach a satisfactory deal for both parties, and that he has not started negotiations with other companies to take over Shell’s stake.
(Source: Reuters)