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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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1 May 2024 18:17

Europe Gasoline/Naphtha-Gasoline cracks rise despite surprise US stock build

LONDON, May 1 (Reuters) - Northwest European gasoline refining margins rose by 80 cents to $23.03 a barrel on Wednesday, even as U.S. gasoline stocks registered a surprise build in the week to April 26 according to the Energy Information Administration (EIA).

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(Reporting by Robert Harvey Editing by Mark Potter)

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1 May 2024 17:50

Canada's long-delayed Trans Mountain oil pipeline starts operations

May 1 (Reuters) - After 12 years and C$34 billion ($25 billion), Canada's Trans Mountain pipeline expansion project (TMX) began commercial operations on Wednesday, a major milestone expected to transform access to global markets for the country's producers.

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1 May 2024 17:31

UK's FTSE 100 slips ahead of Fed outcome, energy stocks weigh

FTSE 100 down 0.3%, FTSE 250 off 0.2%

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1 May 2024 12:01

Shell exits China power market businesses

LONDON, May 1 (Reuters) - Shell has exited China's power markets as part of CEO Wael Sawan's drive to focus on more profitable operations including its natural gas and oil businesses.

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29 Apr 2024 14:21

Norway's wealth fund falls short on climate ambitions, NGO says

OSLO, April 29 (Reuters) - Norway's $1.6 trillion sovereign wealth fund, the world's largest, is falling short on its climate ambitions by failing to back multiple shareholder proposals pushing oil companies to cut their greenhouse gas emissions, a non-governmental organization said in a report said on Monday.

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29 Apr 2024 13:10

Namibia's NAMCOR signs deal with Chevron to develop offshore block

CAPE TOWN, April 29 (Reuters) - Namibia's national oil company (NAMCOR) has signed a development deal with Chevron that will see the U.S. oil major take an 80% operating working interest in an offshore block in the Walvis Basin, NAMCOR said on Monday.

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26 Apr 2024 08:17

Climate groups picket Swiss National Bank's shareholder meeting over its investments

BERN, April 26 (Reuters) - Climate campaigners picketed the Swiss National Bank's shareholders meeting on Friday to protest against the central bank's investments in companies they say damage the environment and carry out fracking.

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25 Apr 2024 15:51

UK earnings, trading statements calendar - next 7 days

Friday 26 April 
Facilities by ADF PLCFull Year Results
Kingspan Group PLCTrading Statement
Loungers PLCTrading Statement
NatWest Group PLC Q1 Results
Pearson PLCTrading Statement
Record PLCTrading Statement
Smurfit Kappa Group PLCTrading Statement
Taylor Maritime Investments LtdTrading Statement
Monday 29 April 
Beazley PLCTrading Statement
Biome Technologies PLCFull Year Results
Christie Group PLCFull Year Results
Gresham House Energy Storage Fund PLCFull Year Results
Gresham Technologies PLCFull Year Results
Jadestone Energy PLCFull Year Results
Oxford BioMedica PLCFull Year Results
SpaceandPeople PLCFull Year Results
Tuesday 30 April 
Avacta Group PLCFull Year Results
Card Factory PLCFull Year Results
Capital & Regional PLCFull Year Results
Close Brothers Group PLCTrading Statement
Coca-Cola HBC AGTrading Statement
Elementis PLCTrading Statement
essensys PLCHalf Year Results
Fadel Partners IncFull Year Results
Glencore PLCTrading Statement
Hargreaves Lansdown PLC Trading Statement
Howden Joinery PLCTrading Statement
HSBC Holdings PLCQ1 Results
Kelso Group PLCFull Year Results
Northcoders Group PLCFull Year Results
Phoenix Spree Deutschland LtdFull Year Results
RBG Holdings PLCFull Year Results
Rotork PLCTrading Statement
Safestore Holdings PLCHalf Year Results
Shield Therapeutics PLCFull Year Results
St James's Place PLCTrading Statement
Strip Tinning Holdings PLCFull Year Results
Whitbread PLCFull Year Results
Wednesday 1 May 
Anexo Group PLCFull Year Results
Computacenter PLCTrading Statement
Georgia Capital PLCQ1 Results
GSK PLCQ1 Results
Haleon PLCTrading Statement
HSS Hire Group PLCFull Year Results
Intelligent Ultrasound Group PLCFull Year Results
Maintel Holdings PLCFull Year Results
Next PLCTrading Statement
Smith & Nephew PLCTrading Statement
Thursday 2 May 
Endeavour Mining PLCQ1 Results
Hiscox LtdTrading Statement
International Personal Finance PLCTrading Statement
Kerry Group PLCTrading Statement
Lancashire Holdings LtdTrading Statement
Melrose Industries PLCTrading Statement
NAHL Group PLCFull Year Results
Reach PLCTrading Statement
Shell PLCQ1 Results
Smiths News PLCHalf Year Results
Smurfit Kappa Group PLCTrading Statement
Spectris PLCTrading Statement
Standard Chartered PLCQ1 Results
TI Fluid Systems PLCQ1 Results
  
Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

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24 Apr 2024 15:43

Namibia excites oil firms by opening up new frontier basin

WINDHOEK, April 24 (Reuters) - Oil companies are flocking to Namibia, excited by the country's plans to open up a major new frontier basin with recent offshore finds ranking among the largest this century.

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24 Apr 2024 14:40

Namibia to finalise local participation policy for oil and gas sector by Dec

WINDHOEK, April 24 (Reuters) - Namibia expects to finalise its policy on local participation in the oil and gas sector by year-end, the energy minister said on Wednesday, as the country looks to industrialize and share economic benefits to its people.

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24 Apr 2024 13:24

Pressure on gas and LNG prices to help switch from coal, says J.P. Morgan

LONDON, April 24 (Reuters) - Global natural gas prices will come under pressure through the end of the decade as supply and shipping infrastructure grow rapidly, particularly in Qatar and the U.S., J.P. Morgan said in a report.

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24 Apr 2024 11:26

OPEC excited about Namibia partnership, offers support

WINDHOEK, April 24 (Reuters) - The Organization of the Petroleum Exporting Countries (OPEC) is excited about a potential partnership with Namibia and ready to support the southern African country in its oil journey, OPEC Secretary General Haitham Al Ghais said on Wednesday.

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23 Apr 2024 16:37

Nigeria's NNPC resumes Awoba oil output, targeting 12,000 bpd

ABUJA, April 23 (Reuters) - Nigeria's NNPC and joint venture partner Newcross Exploration and Production have resumed output at the Awoba oilfield that ceased operations in February 2022 due to oil theft that curbed exports, the state oil company said on Tuesday.

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23 Apr 2024 10:30

Mitsui says no decision yet on ADNOC LNG project tie-up after Nikkei report

TOKYO, April 23 (Reuters) - Japan's Mitsui & Co said on Tuesday nothing has been decided on a liquefied natural gas (LNG) project in the United Arab Emirates, after the Nikkei reported it was teaming up with Abu Dhabi National Oil Company (ADNOC) on it.

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23 Apr 2024 08:26

Britain's FTSE 100 blue-chip stock index hits record high

LONDON, April 23 (Reuters) - Britain's blue-chip FTSE 100 index hit a record high on Tuesday, following last week's sharp selloff, as fears of the Middle East crisis escalating eased and investors looked ahead to top U.S. earnings later in the week.

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