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2018-05-08 10:40:00

BP - IRAQ AGREEMENT

BP - IRAQ AGREEMENT

REUTERSIraq’s state-run North Oil Company signed an agreement with BP on Monday to triple output from the Kirkuk fields in the north of the country, Oil Minister Jabar al-Luaibi said.

The agreement was signed in the southern Iraqi city of Basra, he told a news conference after the signing.

Under the deal, BP will boost output capacity from six fields in the Kirkuk region to a total of more than 1 million barrels per day (bpd), three times today's capacity in the region.

The oilfields were returned to Baghdad's control in October after Iraqi government forces dislodged Kurdish fighters from the area. The minister began talks with BP in October, days after the Kurdish fighters were driven expelled.

Oil exports from the region, transported by pipeline to Turkey, were halted after the Iraqi military operation, which was launched in retaliation against an independence referendum held on Sept. 25 by the semi-autonomous Kurdistan Regional Government (KRG).

Iraq plans to start trucking crude from Kirkuk to Iran, but the road to the border has yet to be secured from attacks by Islamic State insurgents.

BP had agreed in 2013 to help Baghdad halt a sharp decline in output from Kirkuk. The KRG then took control of the Kirkuk region in 2014, when the Iraqi army collapsed in the face of Islamic State's sweeping advance in northern and western Iraq.

The Kurdish move prevented the fields from falling into the hands of the militants.

Kirkuk is one of the biggest and oldest oilfields in the Middle East, estimated to contain about 9 billion barrels of recoverable oil, according to BP.

BP has provided technical assistance in the past to North Oil to help redevelop the Kirkuk field.

Iraq, the second biggest producer in the Organization of Petroleum Exporting Countries behind Saudi Arabia, has capacity to produce almost 5 million bpd, but now produces 4.45 million bpd to comply with an OPEC-led deal to curb supplies.

Most of Iraq's crude is produced from areas managed by the central government of Baghdad, in the south, and exported from southern ports on the Gulf. The KRG exports about 300,000 bpd of crude from northern Iraq through a pipeline across Turkey.

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Earlier:

 IRAQ'S OIL PRODUCTION: 6.5 MBD
2018, April, 4, 09:15:00

IRAQ'S OIL PRODUCTION: 6.5 MBD

PLATTS - Iraq has adjusted its crude oil production capacity target and is now aiming to achieve 6.5 million b/d by 2022, oil minister Jabbar al-Luaibi said Monday.

 IRAQ'S OIL EXPORTS: 3.45 MBD
2018, April, 2, 09:30:00

IRAQ'S OIL EXPORTS: 3.45 MBD

REUTERS - Iraq exported 3.453 million barrels per day (bpd) of crude oil from its southern ports in March, slightly above the February average, the oil ministry said on Sunday.

 RUSSIA - KURDISTAN INVESTMENT
2017, September, 22, 08:50:00

RUSSIA - KURDISTAN INVESTMENT

Instead, with the planned referendum just days away, Russian state oil giant Rosneft announced its latest investment last week, to help Iraqi Kurdistan develop its natural gas industry, for domestic supplies and eventual export.

 IMF HAS IRAQ
2017, August, 16, 09:10:00

IMF HAS IRAQ

To strengthen financial sector stability, Directors encouraged the authorities to take measures to bolster supervision, and move forward with plans to restructure the statemdash;owned banks that dominate the banking system. They also encouraged strengthening the legal framework of the Central Bank, eliminating a remaining exchange restriction and a multiple currency practice, and accelerating implementation of AML/CFT and antimdash;corruption measures. Directors considered that the peg to the U.S. dollar, which provides a key anchor to the economy, remains appropriate.

 KURDISH - IRAQI OIL
2017, March, 3, 18:40:00

KURDISH - IRAQI OIL

Crude oil flows from the Kirkuk fields in northern Iraq were briefly disrupted on Thursday after a Kurdish faction seized a pumping facility in protest at the policies of Baghdad and Erbil, adding a new threat to Iraq’s attempts to comply with Opec’s agreed cuts.

 IRAQ WANTS 9 MBD
2016, October, 25, 18:40:00

IRAQ WANTS 9 MBD

“We should be producing 9 million if it wasn’t for the wars,” said Falah Al Amri, the director general of state oil marketing company SOMO.

 IMF BOUGHT IRAQ
2016, September, 22, 18:35:00

IMF BOUGHT IRAQ

“The Managing Director welcomed the Iraqi authorities' economic program, which is being supported by a $5.34 billion Stand-By Arrangement (SBA) from the Fund approved in July 2016. The Managing Director and the Prime Minister exchanged views on how the SBA can help Iraq address the shocks posed by violent attacks and the drop in global oil prices. The Managing Director reiterated the importance of strong commitment to sound policies and decisive action on key reforms that are crucial to yield the largest gains for Iraq’s population.”

Tags: BP, IRAQ, KIRKUK
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