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Key Speakers to address Iraq Petroleum Virtual Event
17th September 2020 in Iraq Oil & Gas News
Iraqi Government and Oil and Gas Industry Thought Leaders to Speak at Iraq Petroleum Virtual Event
Annual Conference set to navigate the future of the oil and gas industry in Iraq
Conference will include online conference sessions available live and on demand for all attendees
Delegates will gain insights into the latest policy and project announcements in the oil and gas sector in Iraq as well as the key recovery strategies post pandemic
Virtual Event will take place on 20 - 21 October through an interactive platform
CWC and Global Future Energy's Iraq Petroleum Virtual Conference will include 6 content-rich panel sessions, enabling the oil and gas industry stakeholders to connect and engage with each other virtually to address current issues and facilitate practical solutions to advance the industry in these challenging times.
The Iraq Petroleum Virtual Conference constitutes of Ministerial Panel, Leader's Session, a Spotlight Session on Kurdistan Iraq Economic Relations and executive panels delivered by thought industry experts. The conference will provide exclusive information, maps and updates on unrivalled opportunities and upcoming projects.
Iraq Petroleum attendees will gain all necessary tools to swiftly adapt their businesses to the post-lockdown environment. In light of the unprecedented circumstances and arising opportunities, the decision-makers and influencers from across the industry will get together to unlock new business opportunities on all levels of the energy industry at Iraq's most-established and longest-running energy event, the Iraq Petroleum Conference, and discuss:
Iraq's potential as a game changer in the global energy markets; how could Iraq reach its full potential?
How could Iraq build a new breed of NOC-backed by trading houses?
How could Iraq expand its crude oil market beyond the current buyers?
Iraq's next chapter of upstream investment: How to reform Iraq's upstream service contracts; what is the way forward?
Post pandemic lessons: How to accelerate the digital transformation of Iraq's energy sector?
Iraq's Electricity: Revolutionizing the Industry; What are Iraq's priorities post pandemic?
Do International Oil Companies plan to build portfolios in Iraq through investments in various parts of the value chain?
What are Iraq's projected gas plans in 2020-2030?
Over the past decade, the CWC Iraq Portfolio has hosted over 100+ Ministers and Senior Officials at various events. Now in its 14th year, Iraq Petroleum will again provide the only platform for oil and gas stakeholders in Iraq to convene. These high-calibre events are held with the support and participation of the new Federal Iraqi Government, the Federal Ministry of Oil, Federal Ministry of Electricity, the Iraqi Federal Parliament, REFAATO as well as considerable sponsors including Lukoil, Mitsubishi and ILF.
Iraq appoints oil minister as head of its national oil company
The Iraq National Oil Company, which was established in 1966, has had a largely nominal role
Mr Ismael was previously the director general of the state-run Basra Oil Company, overseeing the production and export of crude from Iraq’s southern oil fields.
Labourers walk in the Nihran Bin Omar field north of Basra. Mr Ismael was previously the director general of the state-run Basra Oil Company, overseeing the production and export of crude from Iraq’s southern oil fields.
Iraq named its oil minister Ishan Ismael as the head of a recently revived national oil company.
Mr Ismael, who was appointed to his ministerial role in June by Prime Minister Mustafa Al Kadhimi, will now head of the Iraq National Oil Company.
The INOC, which was established in 1966, has largely functioned in a nominal role. Regional companies such as the Kirkuk-based North Oil Company as well as the South Oil Company in Basra have been responsible for exploring and entering into partnerships to produce oil in Iraq.
In 2018, Iraq's parliament moved to revive the INOC, appointing former oil minister Jabbar Al Luaibi as its chief. The parliament passed a vague law in 2018 to revive the INOC, instituting it to be a "separate corporate entity enjoying financial and administrative autonomy, to be represented by the president or the authorised representative” and reporting to the council of ministers.
The INOC was supposed to have its head office in Baghdad, with branches in various oil-producing provinces. The law also mooted plans for the INOC to establish international offices with the approval of the Cabinet.
The appointment of Mr Ismael as the head of the INOC indicates Iraq's intent to advance a corporate strategy for a country that depends on oil to meet 90 per cent of its government revenue.
According to the 2018 law, the INOC was to be a vehicle to help ensure "the best exploitation of oil and gas wealth in the areas of oil and gas exploration, rehabilitation and development of oilfields, as well as producing, marketing and all activities".
The law also proposed to expand its role to include "investing in the oil and gas manufacturing industries on technical and economic bases to ensure the highest returns and lowest costs” for the benefit of the Iraqi people.
Mr Ismael was previously the director general of the state-run Basra Oil Company, overseeing the production and export of crude from Iraq’s southern oilfields.
Updated: September 16, 2020 04:14 PM
https://www.thenational.ae/business/energy/iraq-appoints-oil-minister-as-head-of-its-national-oil-company-1.1078609
Iraq continuing to move forward and complete deals.
Cash-Strapped Iraq To Finally Roll Out Refinery Megaproject
By Simon Watkins - Sep 16, 2020, 5:00 PM CDT
Iraq’s Ministry of Oil and Ministry of Industry and Minerals held a series of meetings over the past week to kick-start the multi-billion dollar Nebras petrochemical plant development project, originally agreed in principle with Royal Dutch Shell (Shell) in 2012. According to Oil Minister, Ihsan Ismaael, the legal and contractual terms should be finalised by the end of this year. This sort of announcement, however, has been made before and no progress has been made, so it remains to be seen whether this time will yield a more positive outcome.
In broad terms, given its huge oil and gas reserves, Iraq could be a petrochemicals industry powerhouse and Nebras would be the perfect vehicle, under Shell’s leadership, to begin to realise this potential. For Shell, the Nebras project offers a natural synergy for the gas feedstock that comes from its 44 per cent stake in the US$17 billion 25-year Basra Gas Company (BGC) project. The BGC is designed to enable Iraq to increase its energy independence and to achieve economic diversification by capturing currently flared gas from the fields of Rumaila, West Qurna 1, and Zubair, in the first instance.
Already, as of last year, the BGC reached a peak production rate of 1035 million standard cubic feet per day (mmscf/d), the highest in Iraq’s history and sufficient gas to generate approximately 3.5 gigawatts (GW) of electricity - enough to power three million homes. The BGC is also responsible for currently supplying around 70 per cent of Iraq’s liquefied petroleum gas (LPG) and for enhancing Iraq’s export capabilities, which helped the country to become a net exporter of LPG from 2017.
For Iraq, the creation of a value-added petrochemicals sector generating a sustainable stream of export revenues to add to its basic drill and sell crude oil operation would enable it to avoid the sort of cash-crunches that have become commonplace every year in the country, sparking violent protests and deaths. Such new revenue streams would also allow Iraq to avoid having to breach OPEC+ production caps in order to plug short-term financial holes and then have to suffer the consequences of having to make up the overproduction by cutting back on production in subsequent months.
This is exactly the situation in which Iraq found itself within just the last few weeks when, facing a potential shortfall of IQD12 trillion (US$10 billion) just to pay the next two months salaries and benefits of more than four million people, Baghdad was forced into proposing delaying foreign debt payments, introducing salary cuts of 60 per cent for various state sector employees, and reducing all non-essential spending.
The further build-out of the initiative to reduce gas flaring and instead to use it as a feedstock in Nebras and similar future petchems plants – such as the 30
Iraq appoints oil minister as head of its national oil company
The Iraq National Oil Company, which was established in 1966, has had a largely nominal role
Mr Ismael was previously the director general of the state-run Basra Oil Company, overseeing the production and export of crude from Iraq’s southern oil fields.AP
Iraq named its oil minister Ishan Ismael as the head of a recently revived national oil company.
Mr Ismael, who was appointed to his ministerial role in June by Prime Minister Mustafa Al Kadhimi, will now head of the Iraq National Oil Company.
The INOC, which was established in 1966, has largely functioned in a nominal role. Regional companies such as the Kirkuk-based North Oil Company as well as the South Oil Company in Basra have been responsible for exploring and entering into partnerships to produce oil in Iraq.
In 2018, Iraq's parliament moved to revive the INOC, appointing former oil minister Jabbar Al Luaibi as its chief. The parliament passed a vague law in 2018 to revive the INOC, instituting it to be a "separate corporate entity enjoying financial and administrative autonomy, to be represented by the president or the authorised representative” and reporting to the council of ministers.
The INOC was supposed to have its head office in Baghdad, with branches in various oil-producing provinces. The law also mooted plans for the INOC to establish international offices with the approval of the Cabinet.
The appointment of Mr Ismael as the head of the INOC indicates Iraq's intent to advance a corporate strategy for a country that depends on oil to meet 90 per cent of its government revenue.
According to the 2018 law, the INOC was to be a vehicle to help ensure "the best exploitation of oil and gas wealth in the areas of oil and gas exploration, rehabilitation and development of oilfields, as well as producing, marketing and all activities".
The law also proposed to expand its role to include "investing in the oil and gas manufacturing industries on technical and economic bases to ensure the highest returns and lowest costs” for the benefit of the Iraqi people.
Mr Ismael was previously the director general of the state-run Basra Oil Company, overseeing the production and export of crude from Iraq’s southern oilfields.
Updated: September 16, 2020 04:14 PM
https://www.thenational.ae/business/energy/iraq-appoints-oil-minister-as-head-of-its-national-oil-company-1.1078609
TomCo Energy Confident In Oil Sands Project After Report
Wed, 16th Sep 2020 11:42
(Alliance News) - TomCo Energy PLC on Wednesday hailed the "favourable economics" after receiving a report on a proposed oil sands plant in the US state of Utah.
The pre-front-end engineering and design report for the potential plant, which TomCo will own 50% of, estimate the total incremental cost of production will fall below USD30 a barrel. Costs below USD25 a barrel are targeted following the next stage of the design process.
A barrel of oil changed hands at USD41.38 each on Wednesday morning in London.
"The report provides analysis of the plant operations and indicates favourable economics," TomCo said.
"The report concludes that the plant could be constructed in a relatively short time frame - estimated to be just over a year from the commencement of construction to the start of production."
The estimated capital cost for a 10,000 barrels of oil per day plant is tipped to come in at USD185 million.
The asset will be operated by Greenfield Energy LLC, a company jointly-owned by TomCo and Texas-based Valkor LLC.
TomCo shares were 6.3% lower at 0.75 pence each in London on Wednesday morning.
By Eric Cunha; ericcunha@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
https://www.lse.co.uk/news/TOM/tomco-energy-confident-in-oil-sands-project-after-report-rj6dtr83req53gi.html
TomCo Energy says pre-FEED report has delivered high confidence in Greenfield venture
The report indicates that the proposed commercial-scale oil sands plant has favourable economics, said chief executive John Potter
TomCo Energy plc (LON:TOM) told investors it has received a Pre-FEED for the proposed Greenfield Energy LLC oil sands plant in Utah.
The report, authored by Valkor subsidiary Crosstrails Engineering, set out to confirm the technical feasibility of a 10,000 barrel of oil per day (bopd) operation, and make first estimates of capital and operating costs.
According to TomCo, the report provides a high level of confidence in the project.
READ: TomCo confirms good progress in Utah
Crosstrails estimates that the total incremental cost of production – which includes mining, fuel, electricity, personnel and all expenses to take oil bearing ore from the earth to a commercial petroleum product – would likely be below US$30 per barrel.
It added that this figure can fall beneath US$25 per barrel in the next round of design, with the incorporation of heat recovery and various other process optimisations.
The report concludes that the plant could be built in a relatively short period of time, using conventional mining and oil processing equipment. It could achieve first production just over a year from the start of construction, it added.
Capital cost is estimated at US$185mln, for a 10,000 bopd plant.
TomCo noted that the report will now be used in the next steps, to produce Front-End Engineering and Design (FEED) documentation.
“We are delighted with the conclusions of the pre-FEED study, which indicates that the proposed commercial-scale oil sands plant has favourable economics, both in terms of plant construction costs and cost per barrel of oil produced,” John Potter, TomCo chief executive said in a statement.
“This coupled with the potentially modest time frame to construct a plant capable of producing ready for sale products means that we are very excited for the future of Greenfield. We look forward to progressing matters with our partners and announcing further updates in due course."
Greenfield LLC is a joint venture vehicle for partners TomCo and Valkor, which intend to adapt Petroteq's oil sands plant (POSP) at Asphalt Ridge. It is to use technology licensed from Quadrise International PLC.
https://www.proactiveinvestors.co.uk/companies/news/929194/tomco-energy-says-pre-feed-report-has-delivered-high-confidence-in-greenfield-venture-929194.html
https://www.iraq-businessnews.com/2020/08/24/8bn-new-iraqi-energy-agreements-with-us-firms/
$8bn New Iraqi Energy Agreements with US Firms
24th August 2020 in Iraq Oil & Gas News
The following commercial agreements worth as much as $8 billion were reached during a signing ceremony between U.S. energy companies and the Government of Iraq on August 19, 2020:
Honeywell and the Ministry of Oil agreed to advance the development of the Ar Ratawi [Artawi] gas project, which will further enable Iraq to capture, process, and utilize indigenous gas resources to meet domestic energy demand.
General Electric and the Ministry of Electricity committed to three agreements that will help increase reliable access to electricity in Iraq, including efforts related to GE's existing generation maintenance program, addition of combined cycle units at the Dhi Qar and Samawah power plants, and collaboration on strengthening Iraq's electricity grid and interconnection with neighboring countries.
Stellar Energy and the Ministry of Electricity concluded a front-end engineering and design agreement that will help advance deployment of turbine inlet air chilling technology on more than 30 turbines, which will increase power sector efficiency by as much as 30 percent.
Baker Hughes and the Ministry of Oil agreed to further collaboration on flare gas-to-power opportunities, and deployment of U.S. oil field services and equipment.
Chevron and the Iraqi Ministry of Oil outlined a framework for entering into exclusive negotiating on an exploration, development, and production contract in the Dhi Qar Province.
US Secretary of Energy Dan Brouillette (pictured) said:
"As two of the top oil producers in the world, the United States and Iraq share an appreciation for how energy shapes our economies and can strengthen our respective security.
"That is why I was thrilled to join Prime Minster Kadhimi, Minister Ismael, and Minister Hantoush today for an event featuring this prestigious Iraqi delegation and our great American energy companies. Together, we laid the groundwork for commercial partnerships worth up to $8 billion.
"These deals are key to Iraq's energy future, and I am confident that the same companies that have empowered the United States to become energy independent will deploy their deep expertise to help Iraq achieve its full potential in the energy sector."
(Source: US Dept of Energy)
Much more in play than just tomorrow that is for sure.
Interesting wording? the development of commercial MSAR(R) *PLANTS* of up to 10 000 bopd.........owned and operated by Greenfield.
Looks like we are going to multiply big time with multiple PLANTS assuming phase 1 results are a go ;)
-- the development of commercial MSAR(R) plants of up to 10,000 barrels oil per day ("Phase 2") located at Utah facilities owned or operated by Greenfield.
Zac Mir on the case again, 1.4p next ;)
https://www.share-talk.com/share-talk-bulletin-board-heroes-wednesday-12th-august-2020/#gs.d8gj0m
Quadrise Fuels International plc
("Quadrise", "QFI", the "Company" and together with its subsidiaries the "Group")
Investor Presentation
hxxps://polaris.brighterir.com/public/quadrise/news/rns_widget/story/w3g38z
More problems for the shale oil / fracking industry
$8B Pipeline Cancellation Imperils Appalachia Rebound
by Bloomberg|Naureen S. Malik|Friday, July 10, 2020
To understand why the cancellation of the $8 billion Atlantic Coast Pipeline was such big news, consider America's most important natural gas-producing region.
(Bloomberg) -- To understand why the cancellation of the $8 billion Atlantic Coast Pipeline at the start of this week was such big news, consider America’s most important natural gas-producing region.
Appalachia is home to the Marcellus shale, a major driver of the fracking boom that’s driven down prices and helped to make the U.S. a net exporter of the fuel for the first time. Production from the basin was expected to rebound as some U.S. states reopen after pandemic-driven lockdowns. But the region faces pipeline bottlenecks in the years to come, a problem only made worse by the decision by Dominion Energy Inc. and Duke Energy Corp. to abandon plans to construct what would have been a major conduit to fast-growing markets that lie to the south.
Analysts at RS Energy Group and Gelber & Associates see potential constraints in Appalachia in 2022. Gas output in the region can grow by about 12% from current levels before maxing out pipeline capacity, said Matthew Lewis, a senior director at East Daley Capital Inc. He said a bottleneck could develop sooner if drillers ramp up production to make up for the loss of so-called associated gas, which comes as byproduct from oil wells in crude-rich basins like the Permian of West Texas and New Mexico.
“You run into capacity constraints at the end of 2021 at the current forward price for oil,” Lewis said.
That could be bad news for Marcellus gas producers like EQT Corp., Cabot Oil & Gas Corp. and Southwestern Energy Co. According to Lewis, full pipelines could deepen the 2021 discount for gas at the Dominion hub in Appalachia to as much as 80 cents per million British thermal units versus the U.S. benchmark, compared with current levels of about 45 cents.
Current and potential bottlenecks highlight both the need for new pipelines and the big hurdles that the U.S. energy industry faces in building new infrastructure amid intensifying opposition to fossil fuels. The day after Dominion and Duke’s decision to cancel Atlantic Coast, citing escalating costs and delays, Energy Transfer LP was ordered by a judge to shut its Dakota Access oil pipeline, and the Supreme Court stood by a lower court’s decision blocking a key permit for TC Energy Corp.’s Keystone XL oil-sands pipeline. Environmental groups have been enormously successful at blocking pipeline approvals in court.
Appalachian gas output may average 32.5 billion cubic a day in July, according to the U.S. Energy Information Administration. That leave abouts about 4 billion cubic feet a day of spare capacity on existing pipelines to transport gas out of the region. Of that headroom, half is coming from the delayed Mountain
Given the huge turnover of shares in the last few days, one potential reason for the RNS may be that there are still large players wanting to take positions here. Dampening down the share price would allow these large positions to be filled before the undoubted next steps up. Further RNSs next week may give the answer. Good luck to all.
Tasty trades declared after hours again ;)
Date Time Trade Prc Volume Buy/Sell Bid Ask Value
10-Jul-20 16:20:21 0.731 1,850,000 Sell* 0.75 0.80 13.52k O
10-Jul-20 09:50:38 1.20 10,000,000 Buy* 0.75 0.80 120.00k O
10-Jul-20 09:36:47 1.00 4,500,000 Buy* 0.75 0.80 45.00k O
10-Jul-20 13:55:00 1.0566 4,500,000 Buy* 0.75 0.80 47.55k O
10-Jul-20 08:15:18 0.755 6,250,000 Sell* 0.75 0.80 47.19k O
10-Jul-20 10:08:21 1.1178 4,107,797 Buy* 0.75 0.80 45.92k O
10-Jul-20 13:01:21 1.10 5,000,000 Buy* 0.75 0.80 55.00k O
10-Jul-20 16:05:42 0.75 2,000,000 Sell* 0.75 0.80 15.00k O
10-Jul-20 16:45:49 0.98 62,855 Buy* 0.75 0.80 615.98 UT
10-Jul-20 14:37:58 0.80 4,651,814 Buy* 0.75 0.80 37.21k O
10-Jul-20 15:37:53 0.80 1,941,747 Buy* 0.75 0.80 15.53k O
10-Jul-20 15:34:55 0.7625 1,736,758 Sell* 0.75 0.80 13.24k O
10-Jul-20 16:33:58 0.80 1,000,000 Buy* 0.75 0.80 8,000 O