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Posts Tagged ‘Iraq’

Exclusive: Iraq, oil companies agree to restart investment, boost output

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Exclusive: Iraq, oil companies agree to restart investment, boost output

BAGHDAD/BASRA – | BY AHMED RASHEED AND AREF MOHAMMED: Business | Thu Aug 11, 2016 7:05am EDT

Iraq has reached agreement with BP, Shell and Lukoil to restart stalled investment in oil fields the firms are developing, allowing projects that were halted this year to resume and crude production to increase in 2017, Iraqi oil officials said.

The agreements, reached in July and August, effectively delay to the second half of the year projects that the three companies had planned to carry out in the first half, which had been suspended because of low oil prices. read more

Iraq Inquiry Shows Oil Was a Consideration for U.K. Before War

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British officials held talks with BP and Shell about Iraqi oil

Blair said high oil price was his big “domestic worry”

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By Javier BlasJuly 6, 2016 — 4:27 PM BST

The U.K. government held talks with Royal Dutch Shell Plc and BP Plc to ensure British energy companies were “well-placed to pick up contracts in the aftermath” of the invasion of Iraq, according to declassified documents released as part of an official inquiry.

Although the report, overseen by former civil servant John Chilcot, doesn’t explicitly say oil played a role in the war, documents publish on Wednesday show British officials discussed how to obtain “substantial business for U.K. companies” in the energy sector. read more

Indonesia’s Pertamina picks Shell to process Iraqi crude -official

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By Wilda Asmarini: Markets | Wed Jun 29, 2016 

Indonesia’s Pertamina has selected Shell to process a million barrels per month of Iraqi crude at a Singapore refinery, a senior official at the state-owned company said on Wednesday.

The quest for oil-processing capacity abroad is partly spurred by a lack of investor interest in building domestic refineries because of unfavourable investment conditions set by the government.

“We’ve selected Shell because they are the most competitive,” said Daniel Purba, senior vice president of Pertamina’s Integrated Supply Chain unit. read more

Shell reduces ex-pat workforce on Manjoon oilfield

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Written by Reporter – 23/05/2016 2:28 pm

Oil major Shell is said to be reducing its workforce at the Majnoon oilfield in Southern Iraq as the country continues to manage a number of financial pressures.

The field has an estimated recoverable reserves of almost 13 billion barrels.

It has managed to provide significant financial funds for the Iraqi government in recent years since exporting began.

According to reports, the expatriate workforce has been reduced from 400 to 200 workers.

A Shell spokesman said the move had been taken in “light of the economic challenges” facing the region. read more

Shell cutting back manpower sharply at Iraq’s Majnoon oilfield

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Anthony McAuleyMay 21, 2016

Royal Dutch Shell is cutting its workforce sharply at the Majnoon oilfield near Basra in southern Iraq as the government’s financial woes deepen.

Majnoon is one of the five “supergiant” (containing more than 5 billion barrels) oilfields located in southern Iraq, with estimated recoverable reserves of nearly 13 billion barrels, and it has been a major provider of additional funds for the Iraqi government since it started exporting two years ago.

The field employed more than 3,000 at peak construction – three-quarters of whom were Iraqis. But the expatriate workforce had dwindled to 400 amid cutbacks as the government has struggled with both the collapse in oil prices over the past 18 months and the costs of the war with militants in the west of the country. read more

FT Energy Source: Saudi Reform

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By Ed Crooks: April 29, 2016

When Saudi Arabia’s oil minister raises an eyebrow, the world pays attention. So when the kingdom launched a hugely ambitious economic reform programme this week, it naturally attracted enormous interest.

The FT in an editorial praised what it described as “a bold bid to transform Saudi Arabia’s economy”, but highlighted the challenges Deputy Crown Prince Mohammed bin Salman would face in making his vision a reality. Simeon Kerr and Anjli Raval described the plans as “highly ambitious – some would say unrealistic”. read more

Nick Goodway: Why do we pay Shell to extract our oil assets?

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By Nick Goodway: 19 April 2016

My eye was caught yesterday by a document from Royal Dutch Shell snappily entitled Report on Payments to Governments for 2015. (I know, I don’t lead a very exciting life.) This is one of the myriad new reports that corporates are forced to release each year in the interests of greater transparency and good governance.

But for once, alongside the hundreds of such reports I have binned, there was some interesting stuff here. In short, the report details how much Shell paid to each government in the countries in which it operates in terms of their share of production, royalties, taxes and fees. read more

Iraq Exports First Natural Gas Shipment in Its History

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By THE ASSOCIATED PRESS: MARCH 20, 2016

BAGHDAD — Iraq on Sunday exported the first shipment of natural gas in its history, a key development for the OPEC member struggling to feed a cash-strapped economy amid an expensive fight against the Islamic State group.

The move revives a long-sought ambition by Iraq to be a gas exporter, thanks to a joint venture with Anglo-Dutch Royal Dutch Shell PLC and Japan’s Mitsubishi Corp. Iraq first planned to begin exporting gas in the late 1970s, but that timeline was delayed by the Iraq-Iran war when Iraqi export ports were bombed. read more

How Saudi Arabia Turned Its Greatest Weapon on Itself

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By ANDREW SCOTT COOPER: A version of this op-ed appears in print on March 13, 2016

FOR the past half-century, the world economy has been held hostage by just one country: the Kingdom of Saudi Arabia. Vast petroleum reserves and untapped production allowed the kingdom to play an outsize role as swing producer, filling or draining the global system at will.

The 1973-74 oil embargo was the first demonstration that the House of Saud was willing to weaponize the oil markets. In October 1973, a coalition of Arab states led by Saudi Arabia abruptly halted oil shipments in retaliation for America’s support of Israel during the Yom Kippur War. The price of a barrel of oil quickly quadrupled; the resulting shock to the oil-dependent economies of the West led to a sharp rise in the cost of living, mass unemployment and growing social discontent. read more

Oil price falls again as Shell shareholders prepare to vote on mega-merger with BG Group

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The price tumbled as much as 3 per cent during trading yesterday when it emerged Iraq had produced a record high of oil and may even raise output further.

The news comes as the market is already braced for more supply from Iran after sanctions were lifted. 

Tankers have begun to leave Iran’s ports and it agreed its first deal with a European company last week with Greece’s refinery Hellenic Petroleum. 

Some analysts expect Iran to increase production to between 3million and 4million barrels a day. Iraq’s fields produced more than 4.1million barrels a day. read more

Oil Prices Could Collapse To $20

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By Tyler Durden

Extracts from extracts…

Could oil prices collapse to $20? 

The short answer is ‘yes.’

We believe that crude oil prices could fall further unless global oil production is reduced. As shown in Table 2, we estimate that the global oil market could be oversupplied by roughly 920,000 bpd in 2016. The key assumptions are year-over-year growth in global demand of 1.2 million bpd, Saudi Arabia, Iraq and Libya hold production at current levels, Iran ramps up production at moderate pace over the course of the year and the U.S. rig count remains at current levels. read more

Shell cuts 2015 capex, sees downstream downturn

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London (Platts)–30 Apr 2015

* Capex reduced by more than $2 billion
* Decision on Majnoon development pushed back to 2017
* CFO says refining margins already worsening

Shell said Thursday it had reduced its expected 2015 capital expenditure to $33 billion from previous guidance of a little more than $35 billion as the company continues to adjust its business to the lower oil-price environment.

Shell, releasing its first-quarter results, also said it continued to reduce its operating costs and capital spending, with Q1 operating expenditure down by $1.1 billion year on year. read more

Oil companies offer to cut 2015 spending in Iraq

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Screen Shot 2015-02-18 at 13.17.14* Iraq seeks to stem losses from falling oil prices

* Calls on firms to reduce development costs

* Baghdad seeks amended contracts to “share risk”

* Says companies should maintain output despite changes

MR_Story By Ahmed Rasheed

BAGHDAD, March 12 ( Reuters ) – Oil companies have proposed millions of dollars of cuts in development spending in Iraq, a senior oil ministry official said, after Baghdad told them low oil prices and its fight against Islamic State had made payments difficult. read more

Shell signs $11 billion deal to build petrochemicals plant in Iraq

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Shell signs $11 billion deal to build petrochemicals plant in Iraq

(Reuters) – Royal Dutch Shell (RDSa.L) signed deal with Iraq worth $11 billion (7 billion pounds) to build a petrochemicals plant in the southern oil hub of Basra, Industry Minister Nasser al-Esawi said on Wednesday.

Esawi told a press conference in Baghdad the Nibras complex, which is expected to come on line within five to six years, would make Iraq the largest petrochemical producer in the Middle East. The factory’s expected output was not immediately clear.

Shell, which is one of the main oil majors operating in south of Iraq, signed a memorandum of understanding with the ministry for the project in 2012. read more

Oil prices down by almost 50%

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From an article published by Bloomberg News Friday 2 Jan 2015

Oil dropped to the lowest in more than five and a half years amid growing supply from Russia and Iraq and signs of manufacturing weakness in Europe and China.

Oil output in Russia and Iraq surged to the highest levels in decades in December, according to data from both countries’ governments.

Prices slumped 46 percent in New York in 2014, the steepest drop in six years and second-worst since trading began in 1983…

The European oil fell 48 percent last year, the second-biggest annual loss on record behind a 51 percent tumble in the 2008 financial crisis. read more

Shell CEO on global turmoil’s impact

Screen Shot 2014-09-07 at 21.14.49Screenshots from a Fox Business video of an interview with Royal Dutch Shell CEO Ben van Beurden on 4 Sept 2014 shows the uncertainty that surrounds Shell. Mr van Beurden bluntly made it clear at the May 2014 Shell AGM that Shell’s priority is what is in the economic interests of Shell shareholders, not geopolitical concerns i.e. the invasion of Crimea. That explains why he happily bowed to Putin days after the annexation. Whatever the spin, ethics and moral issues are ruthlessly put to one side. The lack of scruples by companies such as Shell, has encouraged the Putin regime. Driven by the same motive, access to hydrocarbon reserves, Shell also connived with Hitler in his territorial ambitions. More recently, Shell traded with Iran despite US sanctions and Shell spin to the contrary. Like in relation to Shell’s claimed business principles, it is Shell’s deeds, not the mixed messages, which count. read more

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