Latest news with #GeoJadePetroleum
Yahoo
26-05-2025
- Business
- Yahoo
Iraq inks integrated energy deal with Geo-Jade
Iraq's oil ministry has formalised an agreement with China's Geo-Jade Petroleum and Basra Crescent, a local firm, to augment the Tuba oil field's capacity and develop a comprehensive set of downstream and power assets. This pact is reflective of Iraq's strategy to engage international partners in integrated energy projects. At the signing ceremony in Baghdad on 21 May, Oil Minister Hayan Abdulghani announced the South Basrah Integrated Energy Project's ambition to increase Tuba's production capacity from 20,000bpd to 100,000bpd. The initiative will also involve processing up to 50 million cubic feet per day of associated gas. The downstream elements of the project encompass a 200,000bpd refinery, a 620,000 tonnes per year (t/yr) petrochemical plant, and a 520,000 t/yr fertiliser facility. Additionally, the energy infrastructure will be bolstered by a 650MW thermal power plant and a 400MW solar plant, as detailed by Abdulghani. Geo-Jade Petroleum is set to channel approximately $848m into the South Basra integrated project, as per reports from Reuters. This agreement signifies Geo-Jade's successful bids in the nation's fifth and sixth licensing rounds. Despite holding several upstream assets in Iraq, Geo-Jade has yet to commence production on any. This deal comes on the heels of a similar multi-billion-dollar contract with TotalEnergies in 2023, which amalgamated gas processing, water treatment, and solar power with the Ratawi field's development. In February, BP solidified terms with the Government of Iraq to invest in the redevelopment of major oilfields in Kirkuk, spanning oil, gas, power, and water sectors, with prospects for additional exploration. Also, the Kurdistan Government's recent energy agreements with US firms HKN Energy and WesternZagros, valued at $110bn over their lifetime, have been declared "null and void" by Iraq's Oil Ministry. This development exacerbates the longstanding contention over regional resource governance and the ongoing tensions between Iraq and the semi-autonomous Kurdistan region. "Iraq inks integrated energy deal with Geo-Jade" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
23-05-2025
- Business
- Reuters
Iraq and China's Geo-Jade sign deal for Tuba oilfield expansion
May 23 (Reuters) - Iraq has signed a contract with a consortium consisting of China-based Geo-Jade Petroleum Corp and Basra Crescent to implement an integrated energy project aimed at ramping up Iraq's Tuba oilfield's production to 100,000 barrels per day from 20,000 barrels. The South Basra project will also include the construction of a refinery with a capacity of 200,000 barrels, a petrochemical plant and a fertilizer plant, Iraq Oil Minister Hayan Abdel-Ghani said, describing the project as a "leap" in developing the country's oil wealth. Geo-Jade Petroleum plans to invest about $848 million in the South Basra integrated project, the company said on Friday. Geo-Jade Petroleum won a bid last year to develop the Jabal Sanam oil field and the Zurbatiya oil and gas field in Iraq. Iraq is the second-largest producer within the OPEC+ group that includes the Organization of the Petroleum Exporting Countries and allies including Russia.
