Filed under: Uncategorized | Tags: civil war, Exxon Iraq, Iraqi oil production, kurdistan, Maliki, Turkey, West Qurna, West Qurna-1, West Qurna-2
The move by Exxon to quit the West Qurna-1 oilfield in south Iraq will exacerbate tensions between Baghdad and the autonomous Iraqi Kurdistan region, where Exxon has signed oil deals seen as more lucrative but dismissed by the central government as illegal.
Kurdistan has upset Baghdad by signing oil deals with foreign companies including Exxon, Chevron and Total . Kurdish officials say they have the constitutional right to do so, but the central government says only it controls oil policy.
Filed under: Uncategorized | Tags: BP, Chevron, Deepwater Horizon, Exxon, Iraq, Iraqi Kurdistan, Iraqi oil production, Kurdish oil, Kurdish oil production, kurdistan, Kurds, macondo, production sharing agreements, Tony Hayward, Total, Total SA
The Kurdish region plans to increase output to 2 million barrels a day by 2019, Michael Howard, an adviser to Kurdistan Natural Resources Minister Ashti Hawrami, said in a June 10 phone interview. It has signed energy agreements with about 50 companies and plans to increase output to 1 million barrels a day by 2015 from about 300,000 barrels a day now, he said.
Kurdish authorities recognize production-sharing agreements, which give investors a share of any oil they may produce, whereas Iraq’s Oil Ministry offers only fee-based service contracts. This has attracted interest from investors such as Norway’s Statoil ASA (STL) that are unhappy with the central government’s contract terms for exploration and production.
Exxon Mobil Corp., Chevron Corp. and Total SA (FP) are flouting warnings by the government against seeking separate deals with the Kurds, whom Iraq’s Oil Ministry accuses of “smuggling” oil from the country.
Filed under: Uncategorized | Tags: Iraq, Iraqi civil war, Iraqi oil production, Lukoil, Norway, oil production, Russia, Statoil, West Qurna, West Qurna-2
As Norwegian Statoil bugs out.
Lukoil aims to invest around $2 billion in the West Qurna-2 oil field in Iraq this year, Bloomberg News reports. A company spokesman told Bloomberg that $200 million was invested there in 2011.
The oil company, the largest private energy company in Russia, also announced plans to start construction on a new oil pipeline and spell out details for its drilling program.
Filed under: Uncategorized | Tags: Exxonmobil, Iraq, Iraqi oil production, KRG, Kurdish oil, kurdistan
Kind of like the proverbial jilted lover.
“The government is waiting for Exxon’s answers to decide its final position towards the company and its deals with Kurdistan. The deadline expires in the coming few days,” Abdullah said.
Exxon Mobil late last month disclosed its plans to explore for oil in Iraq’s Kurdistan in the company’s annual report, breaking months of silence over the investment that has outraged Baghdad.