• 3 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 8 minutes Why Is America (Texas) Burning Millions of Dollars Per Day Of Natural Gas?
  • 11 minutes Is $60/Bbl WTI still considered a break even for Shale Oil
  • 15 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 1 hour The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 22 hours Hormuz and surrounding waters: Energy Threats to the World: Oil, LNG, shipping markets digest new risks after Strait of Hormuz attack
  • 1 day As Iran Nuclear Deal Flounders, France Turns To Saudi For Oil
  • 21 hours The Magic and Wonders of US Shale Supply: Keeping energy price shock minimised: US oil supply keeping lid on prices despite global risks: IEA chief
  • 2 hours Middle East on brink: Oil tankers attacked off Oman
  • 7 hours Russia removes special military forces from Venezuela . . . . Maduro gone by September ? . . . Oil starts to flow ? Think so . .
  • 1 day Never Knew Gasoline Prices were this important!
  • 12 hours Plants are Dying
  • 23 hours (Un)expectedly: UK Court Sets Assange U.S. Extradition Hearing For February 2020
  • 5 hours The Latest: Iranian FM Says US Cannot Expect To ‘Stay Safe’
  • 19 hours We Are Better Than This
  • 7 hours Emmissions up, renewables nowhere
  • 2 days Britain makes it almost 12 days with NO COAL
Expect More Bearish News For Oil

Expect More Bearish News For Oil

A very bearish inventory report…

Big Oil Expresses Interest In 11 Iraqi Oil & Gas Fields

oil rig desert

Sixteen companies—including Big Oil’s Exxon, Chevron, and Total—have expressed interest in taking part in Iraq’s bidding round on April 15, which will award the rights to develop 11 oil and gas fields in OPEC’s second-biggest producer who is looking to grow its production capacity.

Apart from Exxon, Chevron, and Total, the other interested bidders are Eni, Lukoil, Gazprom, Zarubezhneft, Petroliam Nasional Bhd, Oil & Natural Gas Corp, CNOOC, Geo-Jade Petroleum Corp, China ZhenHua Oil Co, United Energy Group Ltd, Dana Gas, Crescent Petroleum, and Dragon Oil Plc, according to a document by the Oil Ministry distributed on Thursday.

Iraq will be looking to award service contracts on the same day of the bidding round to companies to develop onshore and offshore oil and gas fields along Iraq’s borders with Kuwait and Iran, Bloomberg quoted Abdul Mahdy Al-Ameedi, the Iraqi Oil Ministry’s director-general for upstream oil contracts, as saying on Thursday at an event in Baghdad to show the companies details of the fields up for grabs.

The oil and gas field development plans include three blocks along Iraq’s border with Kuwait, seven blocks at the Iraq-Iran border, and one offshore block in the Iraqi waters in the Persian Gulf, Iraq’s Oil Ministry’s spokesman Asim Jihad told Bloomberg.

In January this year, Iraq’s Oil Minister Jabbar al-Luiebi said that the country was nearing an oil production capacity of 5 million bpd, but that Iraq would still comply with its share of the production cuts under the OPEC/non-OPEC deal.

Related: Oil Majors Should Invest In Deepwater Drilling

Eventually, Iraq targets to have production capacity of 7 million bpd, al-Luiebi said, without giving a timeline or year when that capacity would be reached.

Iraq has consistently exceeded its 4.351-million-bpd cap under the agreement, but continues to insist that it is fully complying with the cuts.

Islamic State has destroyed around 70 percent of Iraq’s oil infrastructure, al-Luiebi said in January, a month after Iraq declared that the war with ISIS over. Iraq is now seeking US$100 billion in investments in major projects—including oil and refining--that would help revive its economy, which has also been hurt by low oil prices.

By Tsvetana Paraskova for Oilprice.com

More Top Read From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News