Latest news with #KMG
Iraq Business
10-04-2025
- Business
- Iraq Business
Accelerated Development of Akkas Field - Ukrainian Firm Not Mentioned
By John Lee. The Council of Ministers has approved an accelerated plan to develop the Akkas gas field in Anbar as part of the government's strategy to advance the oil and gas sector. The project will be led by the state-owned Midland Oil Company (MdOC), with Schlumberger implementing the first phase. The field is expected to produce 100 million standard cubic feet of gas per day within one year. Rights to the field were originally awarded to a consortium of Kogas and KazMunaiGas (KMG) in the third licensing round (October 2011), but KMG pulled out, leaving Kogas as sole investor and operator on new contract terms. In April 2024, Iraq signed a contract with a little-known Ukrainian company called Ukrzemresurs to develop the field, replacing Kogas. Industry experts, including, Iraq Business News Expert Blogger, Ahmed Mousa Jiyad, have questioned the wisdom of this decision. There was no mention of Ukrzemresurs in Wednesday's announcement from the Prime Minister's Office. (Source: PMO) Tags: Akkas, Anbar, cg, featured, gas production, Schlumberger
Reuters
31-01-2025
- Business
- Reuters
Kazakhstan's KMG awards BGN up to 520,000 tons of CPC Blend per month
MOSCOW, Jan 31 (Reuters) - Kazmunaigaz (KMG) awarded Geneva-based trading firm BGN up to 520,000 metric tons of CPC Blend oil per month in a tender for 2025 supply, sources said. KMG sold CPC Blend oil sourced from its share in Tengizchevroil, an operator of Kazakhstan's giant Tengiz oilfield, for loading in January-December, sources say. Geneva-based BGN won the right to load up to three Aframax (around 80,000 tons each) and two Suezmax tankers (140,000 tons each) per month, traders said. BGN did not respond to a request for comment. Kazmunaigaz declined to comment. KMG holds a 20% stake in Tengizchevroil alongside U.S. firm Chevron with 50%, ExxonMobil with 25% and Lukoil with 5%. The lifter of KMG's share of CPC Blend from its share in Tengizchevroil last year was trading firm Petraco, traders said. here.
