• 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
  • 27 mins The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 21 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
  • 20 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
  • 1 hour 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 . .
  • 24 hours Never Knew Gasoline Prices were this important!
  • 12 hours Plants are Dying
  • 22 hours (Un)expectedly: UK Court Sets Assange U.S. Extradition Hearing For February 2020
  • 4 hours The Latest: Iranian FM Says US Cannot Expect To ‘Stay Safe’
  • 18 hours We Are Better Than This
  • 6 hours Emmissions up, renewables nowhere
  • 2 days Britain makes it almost 12 days with NO COAL
Oil Flat Despite Middle East Tensions

Oil Flat Despite Middle East Tensions

Oil markets appear to have…

A Watershed Moment For Gazprom

A Watershed Moment For Gazprom

The Kremlin’s push for reform…

Iraq Ramping Up Oil Output To New Heights

Oil storage facilities

Iraq’s oil output in Kurdistan is set to increase when Norway’s DNO completes its plans to add four new wells in the Tawke field. The company has already completed three wells and drilling the last one, which should come online next week.

The four wells will add 10 percent to the daily production capacity of the field, DNO said. In the third quarter of the year, output from Tawke averaged 109,000 barrels of crude daily. Most of this was exported via Turkey.

The four new wells, which cost it around US$20 million in total, are part of the Norwegian company’s plan to boost production at the Tawke announced earlier this year. In the next few months, the company will drill more wells, aiming to bring the total from the field to 135,000 bpd.

 

(Click to enlarge)

DNO’s plans for its Iraqi operations are unfolding amid record exports from OPEC’s second-largest producer, which last month reached 3.276 million bpd, thanks in part to the renewed shipments via the Turkish port of Ceyhan, following an agreement between Baghdad and the Kurdistan Regional Government. These were the first Ceyhan shipments in over a year, according to the Iraq Oil Report. In August, Iraq exported 3.23 million bpd.

Related: Is The Era Of Cheap Natural Gas Over?

Thanks to the deal with the federal government, the KRG reported oil revenues of US$328 million for September, shipping a daily average of 564,808 barrels. The monthly total stood at 16.94 million barrels, up by more than 4 million barrels, according to the autonomous region’s Ministry of Resources.

Meanwhile, production cuts are looking to be a tough sell to Iraq by other OPEC members, who are trying to stabilize the market through an overall cut by the group. The country has questioned OPEC’s quota calculation methods and has repeatedly indicated it wanted to boost its overall output in a bid to refill its coffers, which suffered the combined effect of low oil prices and higher expenditure because of the war against IS.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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