Kuwait Energy led group sign Iraq oil deal
Source: BI-ME with Bloomberg , Author: Posted by BI-ME staff
Posted: Mon July 16, 2012 3:30 pm

IRAQ. Kuwait Energy Co., Dubai-based Dragon Oil Plc (DGO) and Turkiye Petrolleri AO signed an agreement in Baghdad to explore for crude in southern Iraq along the Iranian border.

The companies won rights to explore Block 9 in a May auction, bidding a fee of US$6.24 a barrel. Kuwait Energy will be the project’s operator, holding 40%. Turkiye Petrolleri and Dragon Oil will each have 30%.

The service contract is one of three that the Iraqi Oil Ministry awarded at the auction. Pakistan Petroleum Ltd. (PPL) signed an agreement yesterday to begin searching for natural gas in Block 8 in eastern Iraq. Russia’s OAO Lukoil and Inpex Corp. (1605) of Japan are due to sign an agreement tomorrow for crude exploration rights in Block 10 in southern Iraq, for a fee of $5.99 a barrel. Lukoil will hold 60 percent, and Inpex the rest.

The contracts contribute to an energy-industry resurgence that has lifted Iraq into second place among the 12 members of the Organization of Petroleum Exporting Countries, nine years after the U.S.-led invasion that toppled Saddam Hussein, the former president. The auction on May 30 and 31 was for exploration of new sites, a first in three decades for Iraq, Abdul Mahdy Al-Ameedi, director general of the Oil Ministry’s licensing department, said yesterday.

In its three previous auctions since 2003, Iraq auctioned rights to produce at fields that were already discovered or in operation. Iraq holds the world’s fifth-largest crude reserves, according to data from BP Plc (BP/) that include Canadian oil sands, and the fifth-biggest gas deposits in the Middle East.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: October 29, 2014
UAE. Total wealth in the GCC stood at US$ 1.7 tillion in 2014, up 4.75% from 2013; Total wealth in Saudi Arabia and UAE grew by 5%; Global household wealth up 8.3% to US$263 trillion, driven by the US and Europe, according to Credit Suisse Research Institute.
date:Posted: October 29, 2014
UAE. Significant increase in inflows of private capital into UAE in 2014; UAE seen as hub between Africa and Asia; Political stability remains a major factor driving flows; UAE clear winner in the region, as other GCC countries see net outflows of private capital.
date:Posted: October 28, 2014
INTERNATIONAL. Foreign policy is what a president wishes would happen; foreign affairs are what actually happen; the problem that Obama has, which has crippled his foreign policy, is that his principles have not been defined with enough rigor to provide definitive guidance in a crisis.
UAE. Total wealth in the GCC stood at US$ 1.7 tillion in 2014, up 4.75% from 2013; Total wealth in Saudi Arabia and UAE grew by 5%; Global household wealth up 8.3% to US$263 trillion, driven by the US and Europe, according to Credit Suisse Research Institute.
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