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Share Price: 2,748.00
Bid: 2,744.00
Ask: 2,745.00
Change: 14.50 (0.53%)
Spread: 1.00 (0.036%)
Open: 2,727.00
High: 2,751.50
Low: 2,727.00
Prev. Close: 2,733.50
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Chinese companies win licensing bids to explore Iraq oil and gas fields

Sat, 11th May 2024 18:05

BAGHDAD, May 11 (Reuters) - Chinese companies won bids to explore five Iraqi oil and gas fields on Saturday in a licensing round for hydrocarbon exploration that was primarily aimed at ramping up gas production for domestic use.

An Iraqi Kurdish company also took two of the 29 projects up for grabs in the three-day licensing round across central, southern and western Iraq, which for the first time includes an offshore exploration block in the country's Arab Gulf waters.

Iraq aims to lure billions of dollars of investments to develop its oil and gas sector as it looks to ramp up local petrochemicals production and end imports of gas from neighbouring Iran that are currently key to producing power.

More than 20 companies pre-qualified for the licensing round, including European, Chinese, Arab and Iraqi groups.

There were notably no U.S. oil majors involved, even after Iraqi Prime Minister Mohammed Shia met with representatives of U.S. oil firms during an official visit to the United States last month.

Five bids were won on Saturday by Chinese companies.

Zhongman Petroleum and Natural Gas Group (ZPEC) took the northern extension of the Eastern Baghdad field, in Baghdad, and the Middle Euphrates field that straddles the southern Najaf and Karbala provinces, the oil ministry said.

China's United Energy Group Ltd won a bid to develop the Al-Faw field in southern Basra, while ZhenHua won a bid to develop Iraq's Qurnain field in the Iraqi-Saudi border region and Geo-Jade won a bid to develop Iraq's Zurbatiya field in the Wasit.

Two oil and gas fields were taken by Iraq's KAR Group - the Dimah field in eastern Maysan province, and the Sasan & Alan fields in Iraq's northwestern Nineveh province - the ministry said.

Around 20 more projects are open for bidding on Sunday and Monday.

Falah Al-amri, the Iraqi prime minister's advisor for oil and gas issues, said the government hoped the new projects would raise oil production to 6 million barrels per day by 2030 from around 5 million now.

The government also wants the projects to produce enough natural gas so that, along with plans to all-but eliminate gas flaring by 2030, Iraq could end imports.

"Its too early to talk about (gas) exports. We want to get self-sufficient," Al-amri told Reuters.

Iraq, OPEC's second-largest oil producer after Saudi Arabia, at one time had targeted becoming a rival to the Gulf Arab kingdom with output of over a tenth of global demand.

But its oil sector development has been hampered by contract terms viewed as unfavourable by many major oil companies as well as recurring conflict and political paralysis.

Growing investor focus in recent years on environmental, social and governance criteria have also had an effect.

Western oil giants such as Exxon Mobil Corp and Royal Dutch Shell Plc have departed from a number of projects in Iraq while Chinese companies have steadily expanded their footprint. (Reporting by Moayed Kenany, Clauda Tanios, Adam Makary and Timour Azhari; Writing by Timour Azhari; Editing by Alison Williams, Mark Potter and Emelia SIthole-Matarise)

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7 Jun 2024 11:54

Repairs completed at platform that halted Norway gas to Britain

OSLO, June 7 (Reuters) - Repairs at Norway's offshore Sleipner Riser platform, which caused a major outage of gas exports to Britain, have been completed, Norwegian pipeline system operator Gassco said in a statement on Friday. (Reporting by Terje Solsvik)

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7 Jun 2024 05:55

Norway gas flow to Britain resumes after repair

OSLO, June 7 (Reuters) - The flow of Norwegian gas to northern England via the Langeled pipeline resumed on Friday, live data from Britain's system operator National Gas showed following a June 2 outage that triggered renewed concerns over energy security in Europe. (Reporting by Nora Buli and Terje Solsvik, editing by Stine Jacobsen)

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7 Jun 2024 00:03

Canada's oil sands CEOs push back against proposed oil and gas emissions cap

June 6 (Reuters) - Canada's biggest oil sands producers support a paying a tax on carbon but see a proposed federal oil and gas emissions cap as unnecessary legislation, the companies' CEOs told lawmakers in Ottawa on Thursday.

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6 Jun 2024 13:05

Norway eyes faster ramp-up of gas export to Britain on Friday

OSLO, June 6 (Reuters) - The resumption on Friday of Norwegian gas exports to Britain via the Langeled pipeline will progress at a faster pace than initially planned, Norwegian system operator Gassco said on Thursday.

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6 Jun 2024 12:54

Norway eyes faster ramp-up of gas export to Britain on Friday

OSLO, June 6 (Reuters) - The resumption on Friday of Norwegian gas exports to Britain via the Langeled pipeline will progress at a faster pace than initially planned, Norwegian system operator Gassco said on Thursday.

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5 Jun 2024 13:38

Norway gas supply to Britain to ramp up on Friday, prices ease

OSLO, June 5 (Reuters) - Norway's gas exports to Britain via the Langeled pipeline will gradually resume on June 7 following an outage that began on June 2, delivering just under half the normal capacity, Norwegian system operator Gassco said on Wednesday.

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5 Jun 2024 12:59

Norway gas supply to Britain to ramp up on Friday, prices drop

OSLO, June 5 (Reuters) - Norway's gas exports to Britain via the Langeled pipeline will gradually resume on Friday following an outage that began on Sunday, delivering just under half the normal capacity, Norwegian system operator Gassco said on Wednesday.

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5 Jun 2024 12:01

QatarEnergy signs LNG supply deal with Taiwan's CPC

DOHA, June 5 (Reuters) - QatarEnergy signed a deal on Wednesday to supply Taiwan's state-owned oil firm CPC with liquefied natural gas (LNG) for 27 years and giving it a stake in the Gulf state's gas expansion project.

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5 Jun 2024 06:00

Saudi Aramco holding LNG talks with US firms Tellurian, NextDecade, sources say

LONDON, June 4 (Reuters) - Oil giant Aramco is in talks with U.S. firms Tellurian and NextDecade on two separate liquefied natural gas (LNG) projects as the Saudi firm seeks to boost its gas trading and production, three sources close to the talks told Reuters.

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4 Jun 2024 21:46

Saudi Aramco holding LNG talks with US firms Tellurian, NextDecade, sources say

LONDON, June 4 (Reuters) - Oil giant Aramco is in talks with U.S. firms Tellurian and NextDecade on two separate liquefied natural gas (LNG) projects as the Saudi firm seeks to boost its gas trading and production, three sources close to the talks told Reuters.

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4 Jun 2024 17:03

Sector movers: Miners, Big Oil weigh on FTSE 350

(Sharecast News) - Commodity related stocks were the chief drag on the FTSE 350 amid a combination of growth concerns and risk aversion.

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4 Jun 2024 17:01

London stocks log declines as losses in miners weigh

FTSE 100 down 0.4%, FTSE 250 falls 0.9%

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4 Jun 2024 16:53

LONDON MARKET CLOSE: Cooling US job market boosts rate cut hopes

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4 Jun 2024 16:48

Saudi Aramco in LNG talks with US Tellurian, NextDecade, sources say

LONDON, June 4 (Reuters) - Oil giant Aramco is in talks with U.S. firms Tellurian and NextDecade on two separate LNG projects as the Saudi firm seeks to boost its gas trading and production, three sources close to the talks told Reuters.

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4 Jun 2024 12:07

Europe gas supply risks ease as key Norway pipeline due back Friday

Most Norway gas export to Britain halted since Sunday

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