Latest news with #MinistryofOil
Iraq Business
2 hours ago
- Business
- Iraq Business
Iraqi Cabinet Authorises Talks with Chevron
By John Lee. The Iraqi Cabinet has authorised the Ministry of Oil to sign a non-binding Memorandum of Principles with US oil company Chevron. According to a statement from the Prime Minister's office, the agreement would facilitate negotiations on: The Nasiriyah Block Project, which includes four exploratory blocks (A, B, C, D); The development of the Balad oil field; Any further oil fields or exploratory blocks mutually agreed upon. Chevron announced last week that it has completed its acquisition of Hess Corporation. (Source: PMO)
Iraq Business
11 hours ago
- Business
- Iraq Business
Turkiye Terminates Iraq Crude Oil Pipeline Agreements
By John Lee. The Government of Turkiye has officially announced the termination of the long-standing Iraq-Turkey Crude Oil Pipeline Agreements, effective 27 July 2026, by Cabinet Decision No. 10113. The termination applies to the following agreements and related documents: The Crude Oil Pipeline Agreement dated 27 August 1973, approved by Cabinet Decision No. 7/9843 of 22 April 1975; The Pipeline Protocol dated 10 October 1976, approved by Decision No. 7/12745; The Memorandum of Understanding (MoU) and accompanying letters approved by Decision No. 8/2403 of 16 February 1981, particularly Section VI and its annexes; The Supplementary Agreement to the Crude Oil Pipeline Agreement, approved by Decision No. 86/10556 on 11 April 1986; The Amendment Agreement dated 15 April 2011, approved by Decision No. 2011/1705, which modified the original 1973 agreement and subsequent related protocols, MoUs, meeting minutes, and annexes. According to a statement from Government of Turkiye, this decision marks a significant legal and geopolitical step in redefining the terms of energy cooperation between Turkey and Iraq, as the original agreement had governed the operation and transit terms of the Kirkuk-Ceyhan crude oil pipeline for over five decades. The reasons for the termination have not yet been officially disclosed, but the move is expected to have wide-ranging implications for regional energy trade, pipeline operations, and diplomatic relations. Exports of crude oil from northern Iraq via the Turkish port of Ceyhan have been halted since 25 March 2023, following legal action by Iraq's federal oil ministry against Turkey's energy ministry. The KRG stated this stoppage has cost the federal government, the region, and oil companies more than 25 billion dollars. Last week, the Ministry of Oil in Baghdad approved the terms of a new arrangement for the export of oil from Iraqi Kurdistan. See text of the official announcement here. (Source: Official Gazette of the Republic of Turkey) Tags: Association of the Petroleum Industry of Kurdistan (APIKUR), Ceyhan, cg, featured, Genel Energy, GKP, Gulf Keystone Petroleum, Iraq Oil Exports News, Iraq Oil Production News, Iraq-Turkey Pipeline (ITP), Iraq-Türkiye Pipeline, KRG, Kurdistan News, Ministry of Oil, oil contracts, oil revenues, State Oil Marketing Organization (SOMO), Turkey, Turkiye
Iraq Business
11 hours ago
- Business
- Iraq Business
Schlumberger to Develop Akkas Gas Field; Ukrainian Contract Cancelled
By John Lee. The Ministry of Oil has signed a contract with US-based Schlumberger to increase natural gas production at the Akkas gas field in Anbar province. Speaking at the signing ceremony, Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul Ghani, described the project as a major milestone in Iraq's gas development strategy. He confirmed that Midland Oil Company has been tasked with overseeing the implementation of the project, which targets increasing production at the field to 100 million standard cubic feet per day (mmscfd). The new contract follows the cancellation of a previous agreement with the Ukrainian company Ukrzemresurs. Minister Abdul Ghani said the project will include: Drilling new wells by Schlumberger; A forthcoming contract for the construction of surface facilities; A parallel contract with the State Company for Oil Projects (SCOP) to build a pipeline network linking wells to central processing units. to build a pipeline network linking wells to central processing units. The gas produced will be directed to the Anbar Combined Cycle Power Plant, currently under construction by the Ministry of Electricity. The Minister stressed the urgency of delivering the project on schedule, noting that the initial 60 mmscfd addition will bring the total processed volume to 100 mmscfd out of an expected full capacity of 400 mmscfd. Gokhan Yarim, President of Integrated Projects at Schlumberger, expressed satisfaction at signing the agreement and affirmed the company's commitment to the project timeline. Deputy Oil Minister for Extraction, Bassem Mohammed Khudair, said the deal reflects Iraq's commitment to ending gas flaring, expanding domestic gas production, and providing a secure investment environment in Anbar. He highlighted the project as a key step in the ministry's strategy to develop gas fields like Akkas and Mansouriya through national efforts, supported by international expertise. Mohammed Yaseen, Director General of Midland Oil Company, emphasised the strategic and economic dimensions of the project, noting the use of a new economic model and a more direct role for service companies. (Source: Ministry of Oil)
Dubai Eye
17 hours ago
- Business
- Dubai Eye
Turkey submits draft proposal to Iraq to renew, expand energy agreement
Turkey has submitted a draft proposal to Iraq to renew and expand an energy agreement between the two countries to include cooperation in oil, gas, petrochemicals and electricity, an Iraqi oil ministry official told the state news agency. The statement came after Ankara announced the end of a decades-old agreement covering the Kirkuk-Ceyhan oil pipeline. "The Ministry of Oil is in the process of reviewing the draft agreement sent by the Turkish side and negotiating with them regarding it to reach a formula that serves the interests of Iraq and Turkey", the Iraqi oil ministry official added. The 1.6 million barrel-per-day Kirkuk-Ceyhan pipeline has been offline since 2023 after an arbitration court ruled Ankara should pay $1.5 billion in damages for unauthorised Iraqi exports between 2014 and 2018. Turkey is appealing the ruling. Turkey still wants to revive the oil pipeline with Iraq, a senior Turkish official told Reuters earlier on Monday. In a decision published in its Official Gazette on Monday, Turkey said the existing deal dating back to the 1970s - the Turkey-Iraq Crude Oil Pipeline Agreement - and all subsequent protocols or memorandums would be halted from July 27, 2026. Iraq and Turkey have been working to resume oil flows from the pipeline. Ankara said in late 2023 that the pipeline was ready to receive Iraq's oil but talks between Baghdad, Iraq's Kurdistan Regional Government and independent oil producers were not able to reach an agreement on terms. The Turkish official said the pipeline had the potential to become a "highly active and strategic pipeline for the region". The person added that Turkey had invested heavily in its maintenance, and noted its importance for regional projects like the Development Road - a planned trade route involving Turkey and Iraq. "A new and vibrant phase for the Iraq-Turkey pipeline will benefit both countries and the region as a whole," the Turkish official said, without giving details of what Ankara wanted the new agreement to include. Turkey sees the Development Road initiative - a high-speed road and rail link, running from Iraq's port city of Basrah on the Gulf to the Turkish border and later to Europe - as an opportunity to extend the pipeline further south. Baghdad allocated initial funding for the project in 2023.
Kuwait Times
2 days ago
- Business
- Kuwait Times
Kuwait and Saudi review key issues on petroleum operations in Divided Zone
Kuwaiti-Saudi Joint Committee holds 118th meeting at Khafji Operations HQ KUWAIT: The Kuwaiti-Saudi Permanent Joint Committee held its 118th meeting on Sunday at the headquarters of the Khafji Joint Operations. The meeting was chaired on the Kuwaiti side by Undersecretary of the Ministry of Oil Sheikh Dr Nimr Fahad Al-Malik Al-Sabah, while the Saudi delegation was led by Assistant Minister of Energy Mohammed Al-Ibrahim. According to a statement issued by the Kuwaiti Ministry of Oil, the meeting reviewed several key issues related to petroleum operations in the onshore Divided Zone and the adjacent submerged area. Discussions focused on strategic plans, major ongoing and upcoming projects, challenges facing implementation, and the application of advanced technologies in exploration and production activities. The statement highlighted the committee's pride in the recent petroleum discovery by Wafra Joint Operations in the North Wafra Wara-Burgan field, announced in May. The committee emphasized that this discovery — with oil flowing at a rate exceeding 500 barrels per day from the Wara Burgan-1 well — underscores the strength of bilateral cooperation in managing and developing shared natural resources. It also reflects the technical capabilities and dedication of national cadres from both countries, further solidifying Kuwait and Saudi Arabia's global reputation as reliable energy suppliers. The committee reaffirmed its commitment to supporting ongoing exploration and development work to achieve shared interests and ensure the sustainability of natural resources for future generations. The meeting also reviewed a progress report by the Permanent Joint Committee Office, which included emergency preparedness plans, ongoing procedures and efforts to enhance operational efficiency. The performance of the operational committee was also evaluated, with both sides commended for formulating a unified strategic action plan aligned with the long-term energy goals of both countries. In its statement, the Ministry of Oil praised the dedication of human resources from both the Kuwaiti and Saudi sides and acknowledged the vital role played by leaders of Khafji and Wafra Joint Operations in executing operational strategies. Sheikh Nimr Al-Sabah stressed the importance of continuing the committee's meetings to monitor joint operations, evaluate development projects, train national personnel, and integrate cutting-edge technology into all stages of petroleum operations. He expressed appreciation to the Saudi Assistant Minister of Energy for his cooperation and the spirit of brotherhood shown during the meeting, expressing hope that the two sides would continue their coordination to advance joint petroleum projects in Khafji and Wafra. The Permanent Joint Committee was established under the Neutral Zone Division Agreement signed in 1965. It reports directly to the ministers of oil and energy in both countries. Among its responsibilities are facilitating operational procedures for petroleum company personnel in the Divided Zone, overseeing the proper exploitation of shared natural resources, evaluating related studies, and reviewing new licenses, contracts, and concessions. The committee, headed on the Kuwaiti side by Sheikh Dr Nimr Al-Sabah and including officials from the Ministry of Oil and Ministry of Interior, holds biannual meetings. The agreement to divide the adjacent submerged zone was signed in 2000, followed by a Memorandum of Understanding in December 2019 regarding the resumption of production in the Divided Zone. These documents are considered annexes to the 1965 agreement. — KUNA
