Iraq signs agreement with Chevron on oil exploration projects, prime minister says
In 2021, Iraq authorised National Oil Company (NOC) to negotiate with U.S. group Chevron over development of oilfields in Nassiriya, in the Iraqi southern province of Dhi Qar.
The ministry at the time said its plan in the province included the completion of a group of giant projects in the oil and gas and water injection sectors, with targeted initial capacity of 600,000 barrels of crude oil per day within seven years of starting work.
Prime Minister Mohammed Shia al-Sudani said the government adopted a new approach in dealing with major international oil companies and their investments in Iraq, especially U.S. companies, his office said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
5 hours ago
- Reuters
US issues sanctions on networks, vessels for dealing in Iran oil
WASHINGTON, Aug 21 (Reuters) - The Trump administration on Thursday issued more Iran-related sanctions, targeting 13 entities based in Hong Kong, China, the United Arab Emirates and the Marshall Islands, as well as eight vessels, the U.S. Treasury Department said. The measures cover Greek national Antonios Margaritis and his network of companies and vessels that Treasury said was involved in transporting Iranian oil exports in violation of sanctions. Treasury also designated Ares Shipping Limited in Hong Kong, Comford Management in the Marshall Islands and Hong Kong Hangshun Shipping Limited in Hong Kong. Designated crude oil tankers include Panama-flagged vessels Adeline G and Kongm, and Lafit under the flag of Sao Tome and Principe. The State Department separately said it imposed sanctions on two China-based operators of oil-related terminals and storage. It said they handled imports of Iranian oil aboard tankers previously targeted by U.S. sanctions. The firms were identified as Qingdao Port Haiye Dongjiakou Oil Products Co in Shandong province and Yangshan Shengang International Petroleum Storage and Transportation Co in Zhejiang province. Iran suspended talks with Washington aimed at curbing the Islamic Republic's nuclear ambitions after the U.S. and Israel struck its nuclear sites in June. Iran denies any intent to develop atomic bombs. Iran's top diplomat said on Wednesday that the moment for "effective" nuclear talks with the United States has not yet arrived, adding that Iran would not completely cut off cooperation with the U.N. nuclear watchdog.
Reuters
6 hours ago
- Reuters
US issues more Iran-related sanctions
WASHINGTON, Aug 21 (Reuters) - The Trump administration on Thursday issued more Iran-related sanctions, targeting 13 entities based in Hong Kong, China, the United Arab Emirates and the Marshall Islands, as well as eight vessels, the U.S. Treasury Department said. The measures cover Greek national Antonios Margaritis and his network of companies and vessels that Treasury said was involved in transporting Iranian oil exports in violation of sanctions. Treasury also designated Ares Shipping Limited in Hong Kong, Comford Management in the Marshall Islands and Hong Kong Hangshun Shipping Limited in Hong Kong. Designated crude oil tankers include Panama-flagged vessels Adeline G and Kongm, and Lafit under the flag of Sao Tome and Principe. The State Department separately said it imposed sanctions on two China-based operators of oil-related terminals and storage. It said they handled imports of Iranian oil aboard tankers previously targeted by U.S. sanctions. Iran suspended talks with Washington aimed at curbing the Islamic Republic's nuclear ambitions after the U.S. and Israel struck its nuclear sites in June. Iran denies any intent to develop atomic bombs. Iran's top diplomat said on Wednesday that the moment for "effective" nuclear talks with the United States has not yet arrived, adding that Iran would not completely cut off cooperation with the U.N. nuclear watchdog.
Reuters
7 hours ago
- Reuters
Oil rises 1% on stalled Russia-Ukraine peace talks, strong US demand
NEW YORK/LONDON, Aug 21 (Reuters) - Oil prices rose by nearly a dollar a barrel on Thursday as Russia and Ukraine blamed each other for a stalled peace process, and as earlier U.S. data showed signs of strong demand in the top oil consuming nation. Brent crude futures were up 85 cents, or about 1.3%, at $67.69 a barrel at 1:42 p.m. EDT (1742 GMT), having hit a two-week high earlier in the session. U.S. West Texas Intermediate crude futures were up 86 cents, or 1.4%, at $63.57 a barrel. Both contracts climbed more than 1% in the prior session. The path to peace in Ukraine remained uncertain, turning oil traders cautious after a selloff over the past two weeks on hopes that U.S. President Donald Trump would soon negotiate a diplomatic end to Russia's war with its neighbor. Both Moscow and Kyiv have since blamed each other for stalling the peace process. Russia on Thursday launched a major air attack near Ukraine's border with the European Union, while Ukraine claimed to have hit a Russian oil refinery. "Some geopolitical risk premium is slowly being pumped back into the market," oil trading advisory firm Ritterbusch and Associates told clients on Thursday. The uncertainty in the peace talks means that the possibility of tighter sanctions on Russia has resurfaced, said Tamas Varga, an analyst at PVM Oil Associates. Oil prices were also supported by a larger-than-expected drawdown from U.S. crude stockpiles in the last week, indicating strong demand. U.S. crude stockpiles fell 6 million barrels in the week ended August 15, the U.S. Energy Information Administration reported on Wednesday, while analysts had expected a draw of 1.8 million barrels. "These tight domestic stockpiles stand in contrast to the oversupply outlook projected by both the IEA and EIA for 2026, challenging traders' broader market expectations," StoneX analyst Alex Hodes told clients. Investors were also looking to the Jackson Hole economic conference in Wyoming for signals on a possible Fed interest rate cut next month. The annual gathering of central bankers begins on Thursday, with Fed Chair Jerome Powell scheduled to speak on Friday.
