Latest news with #Geo-Jade
Iraqi News
04-08-2025
- Business
- Iraqi News
Chinese oil firms push into Iraqi market
Baghdad ( – Independent Chinese oil firms are increasing their investments in Iraq, proposing multibillion-dollar projects to tap the country's massive reserves, posing a threat to international and Beijing-backed major state oil corporations that dominate output in OPEC's second-largest producer. United Energy Group (UEG), a large-scale independent comprehensive energy firm registered in Hong Kong that produces oil and gas in Pakistan and China's Liaohe oilfield, produces around 120,000 barrels of oil per day in Iraq's block 9, making it the largest of China's independent enterprises, according to Reuters. In 2024, UEG received permission to explore the Fao block in southern Iraq, close to the Kuwaiti and Iranian borders. Zhongman Petroleum and Natural Gas Group began as an oilfield service firm with producing assets in China and Kazakhstan. In 2024, the Shanghai-listed company received licenses to explore the East Baghdad (North) and Middle Euphrates blocks. The group said in June that it will invest $481 million for the two blocks. An alliance led by Geo-Jade agreed in May to invest in the South Basra integrated project, which includes increasing the Tuba oilfield in southern Iraq to 100,000 barrels per day and developing a 200,000-barrel-per-day refinery. This is a unique integrated project awarded to a Chinese independent oil company. Geo-Jade, a Shanghai-listed company, has planned to invest $848 million to boost output at the mainly inactive Tuba field to 40,000 barrels per day by mid-2027. The Chinese firm also intends to begin producing oil in early 2027 at block Naft Khana in central Iraq, which it won in a 2018 auction, with a target production of 15,000 barrels per day by 2027. Additionally, the business is developing the Huwaiza field in Meysan province, with plans to pump 10,000 barrels per day by the second half of 2027.
Gulf Insider
23-05-2025
- Business
- Gulf Insider
Iraq Seals Major Oil Deal With Chinese Company
Iraq's government has signed a deal with Chinese Geo-Jade Petroleum to expand production at the Tuba oil field, build a refinery and two power plants. Per an AFP report, the deal will also involve the construction of a petrochemicals facility and a fertilizer plant. The refinery that Geo-Jade Petroleum will build will have a capacity of 200,000 barrels daily. One of the power plants will have a capacity of 650 MW and the other, a solar power facility, will have a capacity of 400 MW. 'These projects with Geo-Jade represent a big leap in the development of Iraq's oil wealth and supporting of the national economy,' Iraq's oil minister, Hayan Abdel Ghani, said, adding that the deal would create thousands of jobs. Geo-Jade Petroleum already operates in Iraq – it is in charge of the Khana field, which is slated to begin expanded production in 2026. Chinese companies as a whole have built a solid presence in OPC's number-two, driven by Beijing's strategy to expand supply availability through both domestic and international investments. To date, more than a third of Iraq's proven oil and gas reserves and as much as 66% of production are under the management of Chinese firms, Simon Watkins reported earlier this year. The Iraqi government's ambition to boost production significantly, to as much as 7 million bpd, Chinese companies are among the best placed to take advantage of the opportunity. Currently, Iraq produces around 4 million barrels daily—above its OPEC+ production quota, which has created tensions with OPEC's number-one, Saudi Arabia. Chinese companies' entry into Iraq's oil and gas sector is a result of an agreement inked back in 2019 and dubbed 'Oil for Reconstruction and Investment', under which Chinese companies are granted entry into Iraq's energy infrastructure sector as investors in return for oil supplies.
Zawya
02-05-2025
- Business
- Zawya
Iraq develops new oil field
Iraq has completed 2D and 3D seismic surveys at the Naft Khana oil field in the Northeastern Diyala governorate, paving the way for exploratory drilling under the fifth licensing round, a senior Iraq oil official has said. Deputy Oil Minister for Extraction Affairs Basim Mohammed Khudair described the field as a 'promising site for oil and gas development,' He said the project, carried out by Iraqi technical teams on behalf of the Chinese firm Geo-Jade, is now entering the drilling phase, with plans underway to draft a full development strategy aimed at boosting national energy output. 'The government seeks to transform all provinces into oil-producing regions as part of a broader energy strategy, which also targets an end to gas flaring and expansion of current oil blocks,' he told local reporters on Thursday. Khudair revealed that Iraq is also finalising agreements to establish a floating terminal to diversify its gas supply sources. 'We are prepared to offset any decline in Iranian gas by activating new fields or importing through this terminal.' (Writing by Nadim Kawach; Editing by Anoop Menon) (
Shafaq News
01-05-2025
- Business
- Shafaq News
Beyond Iran: Iraq secures gas alternatives with new fields, terminal
Shafaq News/ Iraq has completed 2D and 3D seismic surveys at the Naft Khana oil field in Diyala, paving the way for exploratory drilling under the fifth licensing round, Deputy Oil Minister for Extraction Affairs Basim Mohammed Khudair announced Thursday. Speaking at a press conference, Khudair described the field as a 'promising site for oil and gas development,' stating that the project, carried out by Iraqi teams on behalf of the Chinese firm Geo-Jade, is now entering the drilling phase, with plans underway to draft a full development strategy aimed at boosting national energy output. 'The government seeks to transform all provinces into oil-producing regions as part of a broader energy strategy, which also targets an end to gas flaring and expansion of current oil blocks.' On the gas supply front, he revealed that Iraq is finalizing agreements to establish a floating terminal to diversify its sources, clarifying, 'We are prepared to offset any decline in Iranian gas by activating new fields or importing through this terminal.' Khudair also underscored the strategic importance of the Mansouriya gas field, which has been awarded for development, projecting production to exceed 400 million cubic feet per day
