Dana Gas Finds New Oil in Kurdistan
Sharjah-based gas giant Dana Gas has announced that its share of the proved plus probable (2P) hydrocarbon reserves at Pearl Petroleum Company’s Khor Mor and Chemchemal Fields in the Kurdistan Region of Iraq have increased by 10 percent, following the recent certification of reserves by Gaffney Cline Associates, GCA.The independently audited report, prepared by Gaffney Cline on behalf of Pearl Petroleum, showed that the total share for Dana Gas (35% shareholder in Pearl Petroleum)…
DNO Beats Forecasts with Q3 Operating Profit
Norwegian oil firm DNO said on Thursday third-quarter earnings beat forecasts, helped by higher oil prices and rising output in the Kurdistan region of northern Iraq.The region's largest international oil producer posted a third-quarter operating profit of $71 million, above expectations of $64 million in a Reuters poll of analysts.Operating profit in the same quarter a year ago stood at $469 million, boosted by one-time recognition…
Dana Gas Q1 Net Profit Jumps 27%
United Arab Emirates-based energy firm Dana Gas on Monday reported a 27 percent rise in first quarter net profit, thanks to higher prices and a reversal of accruals.Dana made a net profit of $14 million in the three months to March 31, up from $11 million a year earlier, it said in a statement.Dana said the rise was due to higher prices and the reversal of accruals made by Pearl Petroleum for certain charges in previous years which are no longer required following an arbitration settlement with the Kurdistan Regional Government (
Kuwait Energy Starts Producing Natural Gas in Southern Iraq
Kuwait Energy PLC <IPO-KEC.L> started producing natural gas from Siba on Wednesday, the first gas field to be brought on stream in the south of Iraq, an Iraqi oil executive told Reuters.Siba began producing gas at an initial rate of 25 million cubic feet a day (mcf/d), which should rise gradually to 100 mcf/d by the end of the year, said Kareem Abd Oda, the director general of the joint venture established by Iraq and Kuwait Energy to develop the field.Siba…
Crescent Petroleum, Dana Gas to Increase Production from Khor Mor Field
Pearl Petroleum, a company consortium led by Crescent Petroleum and Dana Gas of the UAE, has signed a 10 year Gas Sales Agreement (GSA) with the Kurdistan Regional Government (KRG) to supply and sell the additional quantities of gas that it plans to begin producing later this year in order to boost much needed local domestic electricity generation. The GSA was signed on 30th January 2018 by the KRG Minister of Natural Resources Dr. Ashti Hawrami, CEO of Crescent Petroleum Mr. Majid Jafar and CEO of Dana Gas Dr.
Dana Gas swings to net profit in 2017
United Arab Emirates energy producer Dana Gas swung to a net profit of $83 million in 2017 from a net loss of $88 million a year earlier after a $1 billion payment as part of a settlement with the Kurdistan Regional Government (KRG). The company's revenues were also boosted by higher oil prices and higher production in Egypt and Kurdistan, where the Abu Dhabi-listed producer has its main assets. However, Dana posted a net loss of $42 million in the fourth quarter of last year…
Chevron Auspends Drilling Activity in Kurdistan
Chevron has temporarily suspended oil and gas drilling activity in Iraqi Kurdistan, the company said on Thursday, in the latest setback to the region following recent unrest. "Chevron has decided to temporarily suspend its operations," a company spokeswoman said in a statement. In September, Chevron drilled its first exploration well in Iraqi Kurdistan after a two-year break. "We remain in regular contact with the Kurdistan Regional Government.
Oil Slips but Holds Most Recent Gains on Expected OPEC Cuts
Oil prices slipped on Thursday but held on to most recent gains, supported by OPEC-led supply cuts, tension in the Middle East and lower U.S. production. Brent crude fell by $1.13 a barrel to a low of $57.02 before recovering a little to $57.30 by 1345 GMT. The global benchmark was still about 30 percent above its mid-year levels. U.S. light crude was down 75 cents at $51.29, almost 25 percent higher than June's lows. Analysts…
Iraq's Luaibi to Reopen Pipeline to Turkey
Iraq plans to reopen a crude oil pipeline from the Kirkuk oilfields to Ceyhan in Turkey, the oil ministry said in a statement on Tuesday, a route partly still in use by the Kurdistan Regional Government (KRG). Iraq largely stopped sending oil through the Kirkuk-Ceyhan pipeline in 2014 after the region was overrun by Islamic State militants. Recaptured by U.S.-backed Iraqi forces over the past two years, there have been some intermittent flows.
Oil Near 26-month High on Turkey-Kurdistan Tensions
Brent hits highest since July 2015; oil market rebalancing continues, inventories falling. Brent oil prices hovered near 26-month highs on Tuesday, supported by Turkey's threat to cut crude exports from Iraq's Kurdistan region and signs of quicker market rebalancing. Turkish President Tayyip Erdogan repeated a threat to cut off the pipeline that carries 500,000-600,000 barrels per day (bpd) of crude from northern Iraq to the Turkish port of Ceyhan…
Tanker with Disputed Kurdish Oil Reappears off Malta
The Neverland tanker has reappeared off the coast of Malta after going off radar near Canada on June 30, when it was chartered by oil trader Vitol carrying Iraqi Kurdish crude oil, Reuters ship-tracking showed on Friday. The tanker had been heading to eastern Canada to discharge the cargo at the end of June when the Federal Court of Canada issued a seizure order for the cargo at the request of Iraq's oil ministry. Iraq alleges the cargo was unlawfully misappropriated by the Kurdistan Regional Government (KRG) and sold to Vitol.
Canada Orders Seizure of Oil Tanker
The Federal Court of Canada has ordered the seizure of a 721,915-barrel cargo of crude from Kurdistan aboard the "Neverland" oil tanker on the request of the Iraq Oil Ministry, court documents show. The Iraq Oil Ministry has also filed a claim against commodity trading house Vitol S.A. and subsidiaries including Mansel Ltd, the charterer of the ship, and affiliate Finaval SpA di Navigazione, the owner of the ship, for $32.5 million.
Genel's Rothschild Quits as Turkey Gas Focus Grows
Departure follows that of Chairman Tony Hayward; Company now focused on Turkish gas market. Genel Energy co-founder Nathaniel Rothschild quit on Monday in the latest high-profile departure from the loss-making Iraqi Kurdistan oil producer, which is switching its focus to the Turkish gas market. The majority of the board of Genel, which also announced the exit of non-executive director Simon Lockett, is now made up of Turkish nationals after co-founder Tony Hayward…
Iraq's Southern Exports Lower after OPEC Cut
Oil exports from Iraq's southern terminals have edged lower so far in February, according to loading data and an industry source, a sign that OPEC's second-largest producer is keeping a lid on shipments following a commitment to cut output. During negotiations on the supply cut by OPEC and non-OPEC producers, Iraq had sought an exemption - leading to scepticism that the country would comply with the accord. The deal stipulates that Iraq cut output by 210,000 barrels per day.
Genel Energy Finalises Miran, Bina Bawi Field Documentation
Genel Energy plc has finalised documentation of previously agreed terms of Amended and Restated Production Sharing Contracts ('PSC's) and Gas Lifting Agreements ('GLA's) for both the Miran and Bina Bawi gas fields. The Amended and Restated PSCs and GLAs for Miran and Bina Bawi incorporate the commercial terms as announced in the term sheets signed in 2015 by Genel and the Kurdistan Regional Government ('KRG') and reiterated in the Appendix below.
Iraq's Southern Oil Exports Fall Since Start of OPEC Cut
Oil exports from Iraq's southern terminals have fallen so far in January, according to loading data and an industry source, a sign that OPEC's second-largest producer is following through on the group's decision to cut output. Baghdad's initial request to be exempt from the deal, plus loading programmes pointing to continued high Iraqi exports, have added to scepticism that the country would comply with the output cuts. Iraq is supposed to curb production by 210,000 barrels per day.
Exxon Exits Kurdistan Exploration Blocks - Iraq Oil Report
Exxon Mobil has pulled out of half of the six exploration blocks it operated in the Kurdistan region, the Iraq Oil Report reported. The oil company has walked away from its operations in the Qara Hanjeer, Arbat East, and Betwata blocks, the magazine reported, citing Kurdistan's Minister of Natural Resources Ashti Hawrami and Exxon spokeswoman Lauren Kerr. "Some companies didn't meet contractual deadlines and according to the contract had to relinquish their areas," the minister was quoted as saying.
Payment for KRI oil exports from Tawke field
Genel Energy plc ('Genel') notes the announcement from DNO ASA, as operator of the Tawke field, that the Tawke field partners have received a payment of $37.40 million from the Kurdistan Regional Government for oil sales during July 2016. The payment reflects full settlement of the invoiced amount for July 2016 oil sales, and includes $31.37 million toward the monthly entitlement and $6.03 million towards recovery of historical receivables. The payments will be shared pro-rata by DNO and Genel.
Iraq Sept Oil Exports from Southern Ports rise slightly
Iraq's oil exports from the southern ports rose to an average of 3.245 million barrels per day (bpd) in September, from 3.230 million in August, the oil ministry said on Saturday. OPEC's second-largest producer also exported 935,270 barrels - an average of 31,176 bpd - via pipeline to the Turkish Mediterranean port of Ceyhan in September, the first full month for exports since the North Oil Company resumed pumping crude from fields it operates in Kirkuk, which the Kurdistan Regional Government (KRG) controls.
Iraq exported 935,270 barrels of oil in Sept via Ceyhan
Iraq exported 935,270 barrels of oil in September via pipeline to the Turkish Mediterranean port of Ceyhan, the oil ministry said on Saturday. September was the first full month for exports since the North Oil Company resumed pumping crude from fields it operates in Kirkuk, which the Kurdistan Regional Government controls, following a four-month dispute over revenue sharing. (Reporting by Stephen Kalin; Editing by Alexander Smith)