The Iraqi 2011 federal budget voted by parliament today includes two items that are related to payments to oil companies. It stipulates a payment of $1.75 billion as participation in the production cost of oil exported including under contracts of international oil companies signed with the Kurdistan region. The second item is an allocation of $2.73 billion for investment projects of international oil companies. The budget assumes the export of…
Tag: IOCs
Iraq’s Strategy and Reserves Replacement
Reserves replacement is to be taken seriously from a strategic planning point of view. As the country has embarked on a substantial program to build up Iraq’s crude oil and gas production capacity in cooperation with international oil companies, the fifteen oil fields to be developed and produced in accordance with the twelve contracts contain some 100 billion barrels of proven reserves based on the reserves revision released by the…
Iraq’s Energy Strategy: A Mid & Long Term View
Thamir Al-Ghadban: Iraq’s Energy Strategy – A Mid & Long Term View Speech to “Iraq Petroleum 2010” conference – London Nov.29, 2010
West Qurna, Rumaila & Water Injection
I refer to your informative interview with Dhiya Jaafar, D.G. of Southern Oil Company (SOC), and would Like to share with you the following brief comments. – West Qurna-1 Mishrif reservoir seems to be over produced and hence there is a need to revise the production policy in this field with a view to minimizing pressure decline by reducing production from now until water availability is secured. I do not know…