
Oil giants flock to Iraqi auction

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THE worlds largest oil companies will converge on London next month for a chance to re-enter Iraq for the first time in more than three decades.
In all, 34 oil companies, including BP, Royal Dutch Shell, BG, Exxonmobil, Gazprom and Sinopec, are expected to attend a roadshow held by Iraqs oil minister Hussein al-Shahristani when he officially kicks off the bidding for so-called technical-service agreements.
These will govern exploitation of eight of the countrys largest fields.
At the event, scheduled for October 13, bidders will be given technical data on the sites in question six giant oilfields including Kirkuk and West Qurna and two gasfields bidding parameters and remuneration terms.
The opening of Iraq, which sits on the worlds third-largest oil reserves after Saudi Arabia and Iran, has been eagerly awaited by the industry but has been repeatedly delayed by security concerns and political infighting that has held back a crucial hydrocarbons law.
But recent deals struck by the countrys oil ministry with Shell and China National Petroleum, despite the continuing political limbo of the hydrocarbons law, have raised expectations that oil companies will be welcomed back en masse for the first time since the industry was nationalised in 1972.
The oil ministry called off talks on no-bid short-term advisory contracts this summer in place of the longer deals that feature in the new plan.
The oil ministry is not expected to award contracts for at least another six months, pushing back a previously annoucned plan to increase production by 500,000 barrels per day to 3m barrels by the end of this year.
The Kurdistan regional administration in northern Iraq has been signing contracts with foreign oil companies for more than two years, but has been unable to attract the largest firms who feared angering the federal government and getting shut out of auctions for the giant fields in the south.
Contracts will be fee-based rather than the industrys preferred revenue-sharing model.
http://business.timesonline.co.uk/tol/business/article4748541.ece
Posted in: BP, Exxon Mobil, Gazprom, Iraq, Oil, The Times.
Tagged: BP · ExxonMobil · Gazprom · Iraq · Oil
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Bogus Group: More BG Group (Shell) executive 'turmoil'. Just love the "stepping down with immediate effect for personal reasons" euphemism.
Bogus Group: 330 job cuts in Aberdeen, with the new rhetoric by a Shell 'spokesperson', "this intends to ensure we are set up to thrive throughout the energy transition and be a simpler organisation". https://www.upstreamonline.com/exploration/330-job-cuts-oil-giant-shell-lays-out-losses-to-uk-team/2-1-942991
PRELUDE WHITE ELEPHANT: Shell has not revealed the cost of Prelude but analysts estimate the price tag has ballooned to as much as A$17bn ($13bn). The Anglo-Dutch company reported $9bn in impairment charges on its Australian gas assets in the second and third quarters of 2020. https://www.ft.com/content/6ba54787-6d21-48d2-93b2-273cdcf48455
Peter Voser: The recent invasion of the US Capitol puts Trump's visit to Shell's Chemical plant in Pennsylvania in August 2019 in a completely different perspective. It's now appropriate to state that Shell has provided a political platform and support in kind to POTUS. Supporting political activities, providing facilities for political rallies and bribing a senior government official are a violation of Shell's own business principles and Code of Conduct. Various individuals have lodged complaints with the Shell global helpline alleging improper business conduct involving the RDS Chairman, the US Country Chair, US government relations and others. These have all been dismissed as "reporters expressing a political view". Shell should re-open the case and seek appropriate consequence management against those involved. But I suspect the perpetrators are the so-called untouchables to whom the business principles and code of conduct are not applicable. Shame on the Head of BID for not having the guts to take this further.
In reply to Peter Voser.
REPLY FROM JOHN DONOVAN
Bye bye Chad & Ben: Looking forward to your February “Strategic”’utterances. Also look forward to the announcement about your successors as CEO and Chair. A classic case of way too cosy non executive and executive branches. Time to move on from your nonsense! Especially for your employees.
Bonus Group: Shell site seized in Nigeria over unpaid damages. https://www.bloomberg.com/amp/news/articles/2020-12-23/shell-oil-site-seized-by-nigerian-state-over-unpaid-damages
Bonus Group: Shell to write-down assets. https://www.offshore-energy.biz/shell-to-write-down-oil-and-gas-assets-value-by-as-much-as-4-5-billion/
LondonLad: Well “Fletcher” (aka “Escaped from C16Atraz”?) I no longer work in Shell but enjoy their lovely pension. So your crude comment fails to impress. As for Shell and its shareholders having made money from oil & gas I have absolutely now problems. Perhaps you and the likes of “Greta Thunderbirds are go” would prefer that we all lived in caves wearing loin cloths (made of course from animals that have died naturally) and walked everywhere?
Fletcher: LondonLad - you come across as a real Ben van Beurden panty sniffer. You don't happen to work in their spin machine by any chance? Oh and don't forget where Shell and the shareholders have made their money. (clue - it's black and gooey and highly combustible)
LondonLad: Well “Escaped from C16Atraz” you have got your facts wrong. United are 5th with a game in hand - that’s hardly mid-table is it! I bet my friend MUSaint will feel equally annoyed. Saying that “Shell doesn’t care at all about climate change” is also an incorrect statement, akin to some of the waffle that Greenpeace, Extinction Rebellion and even David Attenborough make. I do however agree that it is a shame that more redundancies are on the way but in this Covid environment which company is free of this staffing issue (some of the UK supermarkets perhaps)? As a shareholder I am glad that the senior management is bottom line driven.
Escaped from C16Atraz: There are many parallels to be drawn between Shell and the one unbeatable Manchester United. Both are now mid table. Weak manager, senior players who are arrogant and only play for money, and have got rid of their most hard working players. Shell better get used to mediocrity. It doesn't care at all about climate change but Van Beurden will no doubt continue to sell more of the crown jewels to greenwash its reputation like the loony who heads BP.
Bonus Group: https://amp.theguardian.com/business/2020/nov/30/shell-in-court-over-claims-it-hampered-fossil-fuels-phase-out
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