• 3 minutes Paris Is Burning Over Climate Change Taxes -- Is America Next?
  • 5 minutes Could Tesla Buy GM?
  • 11 minutes Global Economy-Bad Days Are coming
  • 17 minutes Venezuela continues to sink in misery
  • 9 hours OPEC Cuts Deep to Save Cartel
  • 39 mins What will the future hold for nations dependent on high oil prices.
  • 4 hours Price Decline in Chinese Solar Panels
  • 16 hours Congrats: 4 journalists and a newspaper are Time’s Person of the Year
  • 16 hours How High Can Oil Prices Rise? (Part 2 of my previous thread)
  • 12 hours USGS Announces Largest Continuous Oil Assessment in Texas and New Mexico
  • 1 day Permian Suicide
  • 1 day GOODBYE FOREIGN OIL DEPENDENCE!!
  • 1 day Asian stocks down
  • 1 day Maersk's COO statment.
  • 1 day Trump accuses Google Of Hiding 'Fair Media' Coverage of him
  • 1 day IT IS FINISHED. OPEC Victorious
Iran: Don’t Count On A New OPEC Deal

Iran: Don’t Count On A New OPEC Deal

Iran’s OPEC ambassador Ardebili said…

Oil Majors Cautious But Upbeat About 2019

Oil Majors Cautious But Upbeat About 2019

Oil majors ConocoPhilips and Hess…

Shell’s $17 Billion Natural Gas Project could be Turning Point for Iraq

The Financial Times has proclaimed that the opening of a new $17 billion natural gas project run by Royal Dutch Shell could prove to be a ‘milestone’ in the country’s post-war recovery.

Despite this promising news Iraq’s oil industry in general has seen a major decrease in interest from a number of international oil majors, as the coalition government led by Prime Minister Nouri al-Maliki struggles to stamp any authority on the country amidst sectarian bloodshed, the conflict with the independent Kurds in the north, political corruption, and spill-over from the Syrian civil war.

Guy Chazan, from the Financial Times, explained that Iraq “was once the hottest ticket in global energy, but the widely predicted bonanza for Western oil companies in post-war Iraq has failed to materialize.

Political instability, poor contractual terms and infrastructure bottlenecks have sharply reduced the country's appeal;” and a complete lack of interest from all big oil companies in the May 2012 licensing auction “epitomises a general disenchantment with Iraq's oil sector.”

Related article: Manufacturing Sector Starting to Show Benefits of US Shale Boom

However Chazan is one of the many who believe that Shells new gas project could herald a turning point for the country’s fragile economy.

The joint venture facility located in Basra is controlled by Shell, with a 44% stake, the state-owned South Gas CO. with 51%, and Japan’s Mitsubishi Corp, which has the remaining 5%.

Natural gas is produced as a by-product of oil wells in the country’s giant fields, but due to a lack of infrastructure to collect it and transport it, around $2 billion a year is burnt off at the source in huge flares. This new project allows the natural gas released from wells in the Rumulia, West Qurna 1, and Zubair fields to be collected and processed

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

Leave a comment
  • Mir Asraful Alam on July 30 2013 said:
    Yes it is best turning point. But my life turning point is a Book name as Turning point which is written by Dr. Kevin Williams. He is a noted minister, acclaimed motivational speaker, author and media personality.
    http://www.drkevinawilliams.com/
    Williams speaks to audiences around the world about subjects ranging from life's turning points and the challenges of being single in today's world, to reinvention of oneself and the role of religion and spirituality in a person's life. In recent years, he has become a media personality and is regularly quoted in magazines and newspapers, and appears on television shows, as an expert resource on a variety of topics.
    As the Pastor of the New Jerusalem Cathedral in Greensboro, North Carolina, Williams oversees a congregation of more than 4,000 members who rely on him for spiritual guidance, inspiration and motivation. Williams' sermons are also broadcast every week on the ABC and Fox affiliates in the Carolinas as well as radio stations from Alabama to Pennsylvania, reaching an audience of millions throughout the South and into the Northeast. Williams is also the house Pastor at Monument of Praise Ministries in High Point, North Carolina.
    Williams is the author of "Turning Point," a manual filled with advice and guidance for business-minded people. Williams provides historical, political and personal success stories that aim to change the mindset of readers. The book received rave reviews for its ability to teach individuals how to use life experiences and key moments, whether positive or negative, as a form of motivation to live a more positive lifestyle.

Leave a comment

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