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The National
21 hours ago
- Business
- The National
Iraq and US company Schlumberger sign deal to develop Akkas gas field
Iraq signed a major contract with US oilfield services company Schlumberger on Tuesday to develop the Akkas gas field, as the country seeks to boost domestic gas production. Under the deal, Schlumberger will drill wells at the Akkas field, aiming to raise production levels to 100 million standard cubic feet per day, the country's Oil Minister, Hayan Abdel Ghani, said after the signing ceremony. The production target from the field, in the western province of Anbar, is estimated at 400 million standard cubic feet per day, from the current 40 million level, he added, without giving a timetable. 'This is a long-awaited and big achievement,' the minister said. Additional contracts will be signed to build surface installations and lay pipelines connecting the wells to central processing units, he added. The gas produced at Akkas will be used to fuel the Anbar combined cycle power plant, which is under construction by the Ministry of Electricity, Mr Abdel Ghani said. Rights to develop the field were first awarded to South Korea's state-run Korea Gas in 2010. Kogas signed a deal to develop it in 2011 but withdrew when the field was captured by ISIS, then retaken by Baghdad in late 2017. In 2024, Ukraine's Ukrzemresurs was contracted to develop the field, but the government terminated the deal months later due to delays. Despite being Opec's second-biggest producer, Iraq is dependent on Iran for about a third of its electricity needs. It buys 50 million cubic metres of natural gas and 500 megawatts of electricity a day from Iran. Baghdad has been under pressure from the US to wean itself off Iranian energy imports, which have been subject to US sanctions since 2018. In recent years, Iraq has taken measures to develop its natural gas resources and reduce the shortfalls in the electricity sector. The country's natural gas reserves stand at about 3,714 billion cubic metres, according to oil ministry figures.
Zawya
2 days ago
- Business
- Zawya
ExxonMobil seeks to return to Iraq's oilfields
ExxonMobil, the world's second largest oil company, is negotiating with Iraq to return to its oilfields just a year after it quit one of the Arab country's largest producing fields, Iraqi officials have revealed. In 2024, ExxonMobil exited the West Qurna 1 oilfield in southern Iraq and handed over its operations to PetroChina as the lead contractor. PetroChina now holds the main stake in the field, one of the world's largest oil reservoirs, containing more than 20 billion barrels of proven crude deposits and pumping nearly 550,000 barrels per day. The move came nearly two years after the oil giant decided to quit its sole remaining license in North Iraq—the Pirman gas block in Kurdistan. 'ExxonMobil has conveyed its willingness to return to Iraq,' Oil Ministry undersecretary Bassim Khudair said in a statement carried by Iraq's press on Thursday. 'The Company is currently in a stage of negotiations with Iraq for a new opportunity in the country's oilfields…these moves are a positive indication of growing interest in Iraq's oil industry by the US and other companies,' he added. Khudair also revealed talks are under way with the US' Chevron oil company for development contracts in the Southern Nasiriyah oilfield and Balad field in the North-Central Saladin governorate. He said Iraq's Oil Minister Hayan Abdel Ghani has been involved in the talks in Vienna but did not provide further details. Iraq, which controls the world's fifth largest recoverable crude deposits, has been locked in a drive to attract foreign firms into its oil sector as part of post-conflict plans to expand crude output capacity by 50 percent to over six million barrels per day in 2028. OPEC's second largest oil producer has awarded nearly 30 contracts over the past two years to France's TotalEnergies, BP and Chinese companies within oil licensing rounds 5 and 6. There are plans to hold a fresh licensing round this year. Last week, Iraq signed a memorandum of understanding with the US HKN to more than double the production of a Northern oilfield that had been devastated by the ISIS during the conflict 10 years ago. The Oil Ministry said the Texas-based Company has been awarded a contract to develop Hamrin oilfield in the Northern Saladin governorate. Iraq controls around 145 billion barrels of oil and hopes development projects will boost the reserves to more than 160 billion barrels. (Writing by Nadim Kawach; Editing by Anoop Menon) (
Reuters
16-07-2025
- Business
- Reuters
Drone attack halts oil output at Sarsang field in Iraqi Kurdistan
BAGHDAD, July 15 (Reuters) - A drone attack halted production at the Sarsang oilfield in Iraq's Kurdistan region on Tuesday only hours before its U.S. operator signed a deal to develop another field. The Sarsang field is operated by HKN Energy, a privately held U.S. oil and gas company active in Iraq's Kurdistan region and owned by Hillwood Energy, part of the Hillwood group founded by Ross Perot Jr. Two hours after the morning attack, HKN Vice President Matthew Zais was in Baghdad with Oil Minister Hayan Abdel-Ghani to sign a preliminary agreement to develop the Himreen oilfield in northern Iraq, the oil ministry said. The signing ceremony was also attended by U.S. Ambassador Steven Fagin, whose embassy condemned the drone attacks on oil infrastructure in the Kurdistan region and urged the Iraqi government to investigate and hold those responsible accountable. Washington said such attacks undermine Iraq's sovereignty and efforts to attract foreign investment. Production at the Sarsang field was halted as a precautionary measure after an explosion, two engineers told Reuters. Kurdistan regional authorities confirmed that the blast was from a drone attack. No group has claimed responsibility for the attack, but Iraqi Kurdistan security sources said that initial investigations suggested that the drone came from areas under the control of Iran-backed militias. Heavy plumes of smoke were seen rising from the Sarsang field in the Dohuk region of northern Iraq, said one oil engineer at the field. Field operator HKN said that the halt to production was to allow firefighters to extinguish the fire, later adding that emergency response teams contained the damage. There were no casualties, Iraqi Kurdistan's ministry of natural resources and HKN said. The incident is under investigation and a full assessment of the damage has been initiated, the company said without providing further detail on the cause of the explosion. On Monday two drones fell on the Khurmala oilfield near Erbil in Iraqi Kurdistan, damaging the water pipes at the field.
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Business Standard
15-07-2025
- Business
- Business Standard
Drone strike halts US oil firm's work at Sarsang field in Iraqi Kurdistan
A drone attack on Tuesday forced US-based HKN Energy to suspend operations at the Sarsang oil field in Iraq's autonomous Kurdistan region, according to a report by Gulf News. The Kurdistan Regional Government confirmed the incident, describing it as 'an act of terrorism against the Kurdistan Region's vital economic infrastructure'. The explosion occurred around 04:00 GMT (09:30 IST) at one of the production facilities operated by HKN Energy in Duhok province. 'Operations at the affected facility have been suspended until the site is secured,' the company said in a statement. Later, HKN Energy confirmed that a fire broke out following the blast but was brought under control by emergency teams. Fortunately, there were no reported injuries. Wave of attacks in the region The drone strike is part of a broader surge in attacks across Iraqi Kurdistan. In recent weeks, there have been multiple drone and rocket assaults, many of which have affected key energy and military sites. Just a day before the Sarsang incident, three drones reportedly targeted sites in the region. One was intercepted near Arbil airport, which hosts US forces, while two others struck the Khurmala oil field, causing property damage. No group has claimed responsibility for these attacks. Earlier on July 3, Kurdish authorities said they downed another drone near Arbil airport and blamed the Hashed al-Shaabi, a group of pro-Iran militias now part of Iraq's official armed forces. However, the federal government in Baghdad dismissed this allegation. Tensions between Baghdad and Arbil The latest strikes come amid rising friction between the Kurdistan Regional Government and Baghdad, primarily over control of oil resources. Since 2023, a key pipeline running through Turkey has remained closed due to legal and technical issues. In May, Baghdad filed a complaint against the Kurdish authorities for independently signing gas contracts with two US firms, including HKN Energy. Iraq's federal government maintains that all energy deals must receive its approval. New deal despite security concerns Ironically, just hours after the drone attack on Tuesday, Iraq's oil ministry announced a preliminary agreement with HKN Energy to develop the Hamrin oil field in Salaheddin province. Following the signing, Oil Minister Hayan Abdel Ghani said, 'Baghdad is looking forward to cooperating with US companies in the oil and gas fields.'
The Sun
15-07-2025
- Business
- The Sun
Drone attack halts US-run oil field in Iraq's Kurdistan
ARBIL: A drone strike disrupted operations at a US-operated oil field in Iraq's autonomous Kurdistan region, marking another attack on the area's critical energy infrastructure. The Kurdistan Regional Government condemned the strike on the Sarsang oil field in Duhok province as an act of terrorism. HKN Energy, the US firm managing the site, confirmed the attack occurred around 7:00 am local time, damaging a production facility. 'Operations at the affected facility have been suspended until the site is secured,' the company stated. Emergency teams later contained a fire that broke out, with no casualties reported. The strike follows a series of recent attacks in Kurdistan, including a drone incident near Erbil airport, which hosts US troops. Another attack targeted the Khurmala oil field, causing material damage. No group has claimed responsibility, but Kurdish authorities previously blamed pro-Iran factions for similar incidents. Tensions between Baghdad and Erbil have escalated over oil and gas contracts, with Iraq's federal government opposing Kurdistan's independent deals with foreign firms. Hours after the drone strike, Iraq's oil ministry announced a preliminary agreement with HKN Energy to develop the Hamrin oil field. Iraqi Oil Minister Hayan Abdel Ghani expressed Baghdad's willingness to collaborate with US companies, despite ongoing disputes. Approximately 2,500 US troops remain in Iraq as part of the anti-ISIS coalition. - AFP
