http://bit.ly/nUwdqv
BAGHDAD / Aswat al-Iraq: The Jordanian Capital of Amman has witnessed on Sunday the opening of the Promotional Conference of Iraq’s 4th Oil Licenses Session, in which investment opportunities in the oil investment would be explained.
The Conference began with a detailed explanation of the investment opportunities, related to the excavation for oil covering 12 areas in different parts of Iraq, most of them in desert areas, according to Iraqi oil experts attending the occasion.
The Iraqi Oil Experts, representing the Oil Ministry’s Excavations & Geological Surveys, who spoke in the conference, had explained details of the seismological and magnetic surveying of the said areas, using special sketches and maps.
The Iraqi Oil Ministry’s Official Spokesman, Assem Jihad, had informed Aswat al-Iraq news agency in a previous statement that the Ministry had added 6 international companies on the 40 efficient companies, scheduled to attend the 4th Licensing Session, results of which would be announced next year.
Noteworthy is that the 4th Licensing Session covers 12 oil excavation areas in different parts of Iraq, the first of which is situated in northern Iraq’s Ninewa Province, covering an area of 7,300 sq.
km, with possible hydrocarbon (gas) fortunes.
The second area, shared by west Iraq’s Anbar Province and Ninewa Province, extends to an area of 8,000 sq.
km, also with hydrocarbon (gas) possibilities.
The third area exists in Anbar Province and extends for 7,000 sq.
km, also with hydrocarbon (gas) fortunes, along with Anbar’s 4th area, extending for 7,000 sq.
km too with the same possibilities.
The fifth area is also in Anbar, extending for 8,000 sq.
km, with hydrocarbon (gas) fortunes, whilst the 6th area extends between Anbar and southwestern Iraq’s Najaf Provinces, for 9,000 sq.
km with the same possibilities.
The seventh area covers the Provinces of Qadisiya, Babel, Najaf and Muthanna, over a total area of 6,000 sq.
km, with hydrocarbon (oil) resources, whilst the 8th area extends between Diyala and Wassit Province over an area of 6,000 sq.
km with hydrocarbon (gas) resources.
Iraq’s 9th area falls in southern Iraq’s Basra Province overran area of 900 sq.
km, with hydrocarbon (oil) resources, whilst he 10th area falls within Muthanna and Thi-Qar Provinces, over an area of 5,500 sq.
km, with possible oil resources, and the 11th area within Najaf and Muthanna Provinces, over an area of 8,000 sq.
km, also with possibilities of oil resources.
The 12th and last area falls within Najaf and Muthanna Provinces, extending for 8,000 sq.
km, with hydrocarbon (oil) possibilities.
The Iraqi Oil Ministry had announced in September last year that Iraq’s oil reserves exceed 505 billion ( barrels, along its 66 excavated oil fields, whilst its possible reserve fields exceed 143 billion ( barrels of oil.
SKH (FT)
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Exclusive - Tony Hayward to seal return with $4 billion Iraq buy
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Ministry unveils tough terms for 4th bid round
Ministry unveils tough terms for 4th bid round
IOC officials express skepticism as model contract tightens cost-recovery mechanism and gives Oil Ministry the authority to delay production.
Iraq Oil Minister Abdul Karim Luaibi gives welcoming remarks at the Fourth Licensing Round roadshow in Amman, Sept. 11, 2011. (BEN LANDO/Iraq Oil Report)
By Ben Lando and Staff of Iraq Oil Report
Published September 14, 2011 Although Iraq has launched the bid round that global oil companies have been waiting for — deals to prospect for oil and gas in some of the world's richest unexplored geology — the contract terms are not all the companies had been hoping for.
The spectacle of the fourth bidding round Jan. 25-26 will be familiar, with foreign oil company officials dropping bids into a clear box on stage, on live TV; but the selection criteria will change. The sole bidding parameter will be the fee each co...
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Oil Contracts amended
WisdomSeeker
2
http://www.aknews.com/en/aknews/2/264046/
'Oil ministry announces amendments to new oil contracts
28/09/2011 11:12
Baghdad, Sept. 29 (AKnews) - After complains by companies participating in the fourth oil licensing round, the Iraqi Oil Ministry announced amendments to the current contracts.
Ministry Director of Contracts and Licenses Abdulmahdi al-Amidi said that a final formula will be issued before the beginning of the negotiations in November.
"These contracts purchased by the companies are not final," Amadi said.
The Iraqi Oil Ministry had presented initial contracts for 12 oil and gas sites in Iraq. 41 foreign companies participate in a bidding round to get these contracts.
Iraq already held three bidding rounds in the last few years to offer contracts for its 15 highest value oil and gas fields. The country has the world's fourth-largest oil reserves, an estimated amount of 140 billion barrels of crude, and super-giant oil fields like Rumaila with up to 17.8 billion barrels of crude.
However, oil production in Iraq is still low. In 2009, Iraq produced 2.5 million barrels of oil per day (bopd). According to previous announcements by the Iraqi government dating back to 2010, the oil production is supposed to rise up to 12 million bopd in 2016. Therefore, Iraq urgently needs foreign investment.
Currently, Iraq finances 95% of its annual budget through oil revenues.
Reported by Jaafar al-Wannan
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Janabi presses oil sector overhaul
Parliament Oil and Energy Committee Chairman Adnan Janabi gives a press conference in Baghdad. Janabi's committee is proposing a law that would ban the signing of any oil and gas deals until Parliament passes a long-delayed oil law. (BEN VAN HEUVELEN/Iraq Oil Report)
By BEN LANDO of Iraq Oil Report
Published September 28, 2011
The head of the Iraqi Parliament's energy committee outlined his plan for a fundamental reorganization of the country's oil sector, a strategy that would revise not only the Oil Ministry's production targets and timetables but also its basic role.
It's the most detailed account of the prerogative of Adnan Janabi, who has elevated the legislature's oil policy-making body to its most prominent role to date.
Any modernization of the oil sector will require new laws, all of which will have to ...
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Iraq Delays Auction of Oil, Gas Fields by Two Months to March
October 10, 2011, 9:18 AM EDT
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By Kadhim Ajrash and Nayla Razzouk
(Updates with new promotional period in second paragraph.)
Oct. 10 (Bloomberg) -- Iraq delayed a bidding round for oil and natural-gas fields to March from January in order to give companies more time to prepare their bids, said Sabah al-Saadi, an oil ministry official.
The auction will be held in the first week of March, al- Saadi, deputy director general of the Baghdad-based Oil Ministry Petroleum Contracts and Licensing Directorate, said today in a telephone interview. A planned promotional event for the auction was pushed to early December from mid-November, he said.
Iraq has qualified 46 companies to bid for 12 exploration areas to be sold in next year’s bidding round. The seven concessions for oil and five for gas cover 80,700 square kilometers (31,158 square miles= 284K,M X 284 K.M), according to an Oil Ministry statement in April. The blocks contain 10 billion barrels of crude and 29 billion cubic meters of gas, Oil Minister Abdul Kareem al-Luaibi said March 22.
Iraq, which holds the fifth-largest oil deposits and the fifth-biggest gas reserves in the Middle East, relies on crude sales for most of its revenue. Oil, gas and electricity output have suffered from decades of war and sanctions. Iraq seeks to boost oil output to 3 million barrels a day by the end of this year from 2.4 million barrels in 2010, Luaibi said on Sept. 11. Exports will reach more than 2.5 million barrels a day this year from 1.89 million barrels a year earlier, he said.
The country has signed contracts in previous bidding rounds with international companies including Exxon Mobil Corp. and Total SA that should quadruple output to 12 million barrels a day by 2017, Hussain al-Shahristani, deputy prime minister for energy affairs, said in July.
--Editors: Rob Verdonck, Bruce Stanley
To contact the reporters on this story: Kadhim Ajrash in Baghdad at kajrash@bloomberg.net; Nayla Razzouk in Amman at nrazzouk2@bloomberg.net
To contact the editor responsible for this story: Maher Chmaytelli at mchmaytelli@bloomberg.net
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To all Exhibitors, delegates and visitors
We welcome you to the Governorate of Basra, the hub of most of the Iraqi oil reserves.
After the impressıve success of the “1st Basra International Oil & Gas conference and Exhibition” of last year and to reflect the on- track progress of the oil and gas capacity development and the huge volume of work and investments available, we firmly decided to continue holding the Event this year too and on the same grounds and dates of last year between the 25-28th November to provide you with Iraq’s on ground industry updates and opportunities to meet with decision makers and network with local & international compatible partners.
This second Basra Event, although covering the Iraqi industry at large, will however emphasize on the upstream sector services that are required to support the production and handling of the escalating volumes of oil & gas that will be available within the current decade. Such oil and gas additional volumes will be in the order of some 10 million bo/d for oil and 10 billion scfd of mainly associated gas (90%) and free gas (10%).
This Basra Oil & Gas Event will be a perfect meeting point for all parties interested to play an effective role in the shaping of the future of Iraq’s oil & gas industry.
For more information, about Event brochure, sponsorship details and registration, please do not hesitate to contact us.
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Shahristani Retains Hard Line on KRG Oil Contracts
Posted on 12 October 2011. Tags: DNO, hydrocarbon law, KRG, Kurdistan, oil contracts, oil law, Shahristani
Iraq’s deputy prime minister has said that oil contracts signed by the Kurdistan Regional Government (KRG) must be rewritten, and that recent government payments to international producers in the region in no way validate the contracts, according to a report from Reuters.
“The contracts as they stand will have to be presented to the government and brought into line with our other contracts in the country,” Hussein al-Shahristani, deputy prime minister for energy, told the news agency at an energy conference in Oslo, Norway.
Shahristani’s remarks suggest the central government is sticking to a hard line in talks on a national oil law; asked if Kurdistan’s contracts were illegal, Shahristani replied as he has before: “Yes, as far as the Iraqi government is concerned those contracts are not binding with Iraq.”
Since August a parliamentary committee has been debating a draft national hydrocarbon law, or ‘oil law’, approved by the Iraqi cabinet, that would centralise control of oilfields in Baghdad.
DNO spokesman Tom Bratlie commented:
“Our contracts are legal — they are entered into with the Kurdish regional government — but we do not want to participate in the political debate in Iraq. We have of course seen that there are different views on this question between Baghdad and Erbil.“
While the KRG contracts grant the companies a share of oil profits, Shahristani has said he favours leaner “service contracts” like those imposed in southern Iraq.
He said he could not predict when a final draft of the national oil law would be sent to the full parliament.
“What the KRG had asked the Iraq government is to pay them (companies) for the actual capital that was invested in drilling wells and making service facilities that are the property of Iraq,” Shahristani said.
“These are only the capital expenses that the KRG has spent on developing these fields. As far as we are concerned they have nothing to do with the contracts, or with the companies.”
DNO, which has exported as much as 70,000 barrels a day from Kurdistan since February, received $60 million from the Kurdish government last month and $104 million in June without, according to the Reuters report, receiving an explicit explanation of what the money was for.According to Azzaman news agency, Iraq only agreed to carry Kurdish crude on its national pipelines on condition the proceeds were funneled to the Central Bank.
The payments were presented as “cash advances” in an interim arrangement, Bratlie said.
“There has been some challenge with regards to how to book this,” he said, “but the important thing for DNO is that we are getting paid, period.”
Shahristani said he had no plan to meet with DNO executives while in Norway for the conference.
(Source: Reuters, Azzaman)
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