Lukoil has continued its activity in Iraq, having most recently tested the fourth and fifth wells in Eridu field, which is expected to start production in 2021. Under Vagit Alekperov’s leadership, Lukoil also started drilling 57 new production wells in West Qurna-2, part of its second development phase.
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Posted inPower List
Patrick Allman-Ward
Dana Gas has big plans—the firm will invest $5bn in Egypt in the next five years, and will increase output in Turkey and Iraq. Allman-Ward signed a $700mn deal to increase gas output in its Kurdistan field Khor Mor by 63% in two years. Still, the firm posted a net loss of $186mn for 2018 […]
Posted inPower List
Bijan Mossavar Rahmani
RAK Petroleum holds a 40.45% interest in DNO, which is focused on exploration and production in Iraq and Oman. The Oslo-listed company, originally founded in UAE emirate Ras Al Khaimah, noted DNO’s divestment of Tunisian interests as if focuses on core business areas in the Middle East.
Posted inPower List
Masahiro Okafuji
Itochu has operations across the Middle East, and in March 2018 bought Shell’s stake in the West Qurna 1 oilfield in Iraq for $406mn (and assumed $144mn in debt), expanding its regional presence. West Qurna 1 oilfield produces around 405,000 barrels of oil per day, making it a strong addition to Itochu’s porfolio.
Posted inDRILLING & PRODUCTION
Dana Gas and Crescent Petroleum’s $700mn Khor Mor expansion plan to increase gas output by 63% in two years
A 20-year gas sales agreement was signed between Pearl Petroleum and KRG, which will provide an additional 250 MMscf/day in gas sales to fuel local power plants
Posted inProducts & Services
BHGE: How to leverage localisation strategy for global growth
Baker Hughes, a GE Company President and CEO for Saudi Arabia, the North Gulf and East Mediterranean Zaher Ibrahim talks about how sustainable, strategic localisation can fuel growth for services companies
Posted inProducts & Services
Honeywell opens Kuwait’s first in-country manufacturing and testing centre for oil and gas technologies
The centre builds ‘Made in Kuwait’ solutions for digital transformation initiatives across the country’s growing oil, gas and petrochemical sectors
Posted inProducts & Services
Family of Petrofac co-founder denies posthumous bribery allegations
The family of Maroun Semaan, who co-founded Petrofac, issued a statement denying posthumous accusations of bribery
Posted inDRILLING & PRODUCTION
Basrah Gas Company to increase capacity by 40% by reducing gas flaring
The programme will capture flared gas from the three major oilfields Rumaila, West Qurna 1 and Zubair and convert it into dry gas for power generation and liquids for the domestic market and for exports.
Posted inProducts & Services
Ex-Petrofac executive pleads guilty to 11 counts of bribery, UK Serious Fraud Office says
David Lufkin plead guilty to 11 counts of bribery relating to making corrupt offers to influence contract awards worth billions, according to the SFO