Latest news with #BassemMohammedKhudair
Shafaq News
22-05-2025
- Business
- Shafaq News
Iraq, Gazprom ink deal to boost Badra oil and gas output
Shafaq News/ Iraq's Midland Oil Company (MdOC) signed the first amendment to the Badra oil field service contract on Thursday with Russia's Gazprom and its consortium partners, to increase oil and gas production from the field. The signing ceremony was attended by Deputy Oil Minister for Extraction Affairs Bassem Mohammed Khudair, Russian Ambassador to Baghdad Elbrus Kutrashev, and several senior officials from Iraq's oil sector. Khudair emphasized the Oil Ministry's commitment to sustaining production operations across national oilfields and supporting the work of international companies operating in Iraq. MdOC Director General Mohammed Yassin said the amendment is intended to raise production rates during the remaining term of the contract, thereby maximizing state revenues.
Iraq Business
22-05-2025
- Business
- Iraq Business
Gazprom Signs Amendment to Badra Oilfield Service Contract
By John Lee. Russia's Gazprom and its consortium partners have signed the first amendment to the service contract for the Badra oilfield with Iraq's Midland Oil Company (MdOC). The signing ceremony, held on Thursday, was attended by Bassem Mohammed Khudair, Deputy Minister for Upstream Affairs; Russian Ambassador Elbrus Kutrashev; the Director General of Dhi Qar Oil Company (DQOC); the Director General of the Petroleum Contracts and Licensing Directorate (PCLD); the Director General of the Reservoirs and Field Development Directorate; and the Deputy Director General of the Technical Directorate. Khudair affirmed the Ministry's commitment to supporting production continuity in Iraq's oilfields and to facilitating the work of international oil companies operating in the country. Mohammed Yassin, Director General of Midland Oil Company, said that the company is working with the contractor to boost production rates within the remaining term of the contract to enhance state revenues. According to a statement from the Ministry, the amended contract includes provisions on gas production and expected financial returns for the remaining life of the project, but no details were provided. (Source: Ministry of Oil)
Iraq Business
03-05-2025
- Business
- Iraq Business
Seismic Survey of Naft Khana Field Completed
By John Lee. The Iraqi Oil Exploration Company has completed a seismic survey of the Naft Khana oil field in Diyala province, achieving the milestone in record time, according to the Ministry of Oil. The announcement was made during a ceremony on Thursday, which also coincided with International Workers' Day. Representing the Minister, Deputy Minister for Extraction Affairs Mr. Bassem Mohammed Khudair highlighted the Ministry's commitment to advancing exploration projects, calling this achievement a critical step in reinforcing Iraq's regional and international standing in oil and gas exploration. The event was attended by senior figures including the Director General of the Midland Oil Company (MdOC), the Director General of the Reservoirs and Field Development Department, members of parliament, security leaders, and representatives from China's Geo-Jade Petroleum, the field's project partner. Dr. Osama Raouf Hussein, Director General of the Oil Exploration Company, commended the technical and engineering teams of Seismic Teams 1 and 6 for executing the project as part of Iraq's fifth licensing round. He noted that the teams overcame harsh environmental conditions in the rugged Hamrin mountain range, including deep valleys, unstable weather, and the presence of unexploded ordnance. The ceremony concluded with awards and certificates presented to the teams in recognition of their exceptional efforts. (Source: Ministry of Oil) Tags: cg, China, Diyala, featured, Geo-Jade Petroleum, Hamrin, Iraqi Oil Exploration Company, Midland Oil Company, Naft Khana field, Nafthkhana oil field, oil exploration, seismic surveys
Zawya
27-03-2025
- Business
- Zawya
Iraq to speed up development of 2 gas fields
Iraq is seeking to speed up the development of its Akkas and Mansouriya gas fields to meet rising domestic energy needs, a senior oil official has said. Bassem Mohammed Khudair, Iraq's Deputy Oil Minister for Extraction, emphasized the urgency of investing in the two fields during a visit to the Midland Oil Company, where he reviewed ongoing production projects and infrastructure development, according to a ministry statement. The Mansouriya gas field holds an estimated 4.5 trillion cubic feet of natural gas and could produce over 300 million cubic feet per day if fully developed, he said. Last month, Iraq's cabinet authorized the Oil Ministry to sign a development contract for the field with a consortium led by China's Jereh Group and Petro Iraq. Previous agreements with other foreign firms, including Chinese and Turkish companies, had stalled without explanation. Iraq has four major non-associated gas fields: Akkas in Al-Anbar, Mansouriya in Diyala, Siba in Basra, and Khor Mor in Al-Sulaymaniyah. In mid-2023, Baghdad signed four contracts with France's TotalEnergies to boost oil and gas production. The urgency to secure domestic gas supplies has intensified after US President Donald Trump revoked Iraq's sanctions waiver for importing electricity and gas from Iran. For years, Iraq has relied on Iranian energy imports, particularly during peak summer demand, benefiting from repeated US exemptions. In response, Baghdad has sought alternative sources, including a deal to import gas from Turkmenistan. However, the arrangement, which involves routing gas through Iran, has faced logistical and financial hurdles, delaying implementation. (Writing by Nadim Kawach; Editing by Anoop Menon)
Yahoo
03-03-2025
- Business
- Yahoo
Iraq Talks With Oil Firms Hit Snag, Delaying Kurdistan Exports
(Bloomberg) -- Iraq and oil companies operating in the country's semi-autonomous Kurdistan failed to reach an agreement during a meeting on Sunday meant to help restart crude oil exports from the northern region. The talks, which were brought forward from Tuesday, hit a snag over the potential role of an international consultant to oversee contracts, costs and payments, according to people with direct knowledge of the situation who asked not to be identified because the discussions are private. While the federal oil ministry is seeking a significant role for the consultant, the producers of the Association of the Petroleum Industry of Kurdistan are concerned this would give the adviser the right to manage contracts and profits in Baghdad's favor, they said. The potential restart of the crude export pipeline after a halt of about two years following a payments dispute has weighed on oil prices. Iraq has pledged the country will remain within its overall OPEC+ quota despite the new supplies, but hasn't clarified how it will achieve that. Oil Exports Turkey has informed Iraq that the pipeline that runs to the Turkish port of Ceyhan on the Mediterranean sea has been inspected and is now ready to receive oil, Bassem Mohammed Khudair, Iraq's oil ministry undersecretary, said in an interview on Monday. 'We have fulfilled all our obligations and are waiting for the green light from the region to set a date for exporting oil according to what was agreed upon at a rate of 185,000 barrels a day, reaching the capacities agreed upon according to the federal budget,' Khudair said. On Wednesday, a technical delegation from Iraq's state-run North Oil Co. and the country's oil marketing company SOMO, is due to visit the Ceyhan port to discuss some of the pending issues related to the pipeline, according to another official who asked not to be identified because they aren't authorized to speak to media. While Iraq has repeatedly announced progress for the restart of the northern export pipeline, the group representing oil producers in the country's north have said they needed more clarity on compensation and that the contracts to resume exports aren't yet in place. Apikur includes founding members DNO ASA, Genel Energy Plc, Gulf Keystone Petroleum Ltd., HKN Energy Ltd. and ShaMaran Petroleum Corp. and Hunt Oil Co. Other producers have since joined. Rich People Are Firing a Cash Cannon at the US Economy—But at What Cost? The US Is Withdrawing From Global Health at a Dangerous Time Trump's SALT Tax Promise Hinges on an Obscure Loophole Walmart Wants to Be Something for Everyone in a Divided America Snack Makers Are Removing Fake Colors From Processed Foods ©2025 Bloomberg L.P.
