Latest news with #NorthGasCompany
Shafaq News
26-03-2025
- Business
- Shafaq News
Iraq signs deal with BP to boost Kirkuk oil production
Shafaq Newson/ On Wednesday, the Ministry of Oil and British company BP signed a contract for the development and production of four oil fields in Kirkuk in presence of the Iraqi Prime Minister Mohammed Al-Sudani According to a statement from Al-Sudani's media office, the contract included the rehabilitation and development of the four fields (Kirkuk, Bai Hassan, Jambur, and Khabbaz) to enhance hydrocarbon reserves and increase crude oil production, with the goal of reaching a peak production rate of 420,000 barrels per day. The contract included also the utilization of associated gas, by upgrading and expanding the North Gas Company's facilities to produce 400 million standard cubic feet per day, as well as establishing a 400-megawatt power plant, the statement noted. Last month, the Iraqi PM's office announced signing an agreement with BP to develop and rehabilitate the same fields.
Iraqi News
11-03-2025
- Business
- Iraqi News
Iraqi Oil Ministry signs deal with BP to develop oilfields in Kirkuk
Baghdad ( – The Iraqi Ministry of Oil said on Monday that a deal was signed with British Petroleum (BP) to develop four oilfields in the northern Iraqi province of Kirkuk. The Iraqi Minister of Oil, Hayan Abdul-Ghani, said in a statement that the North Oil Company (NOC) and the North Gas Company had inked a deal with BP on Monday to develop the Kirkuk oilfields, the Iraqi News Agency (INA) reported. Abdul-Ghani emphasized the ministry's commitment to maximizing the state's oil and gas resources, which will have a positive effect on optimizing the federal budget's financial resources. The deal relies on the memoranda of understanding agreed upon during Al-Sudani's recent visit to the United Kingdom, which intended to secure the best contractual conditions and maximize advantages for Iraq. The deal was reached following comprehensive negotiations with the Ministry of Oil to ensure the best use of energy resources, secure crude oil supply for Iraq's northern refineries, and minimize reliance on southern oil. The deal involves the development of the Bai Hassan, Kirkuk, Jambur, and Khabbaz oil fields. This comprehensive strategic project comprises the utilization of associated gas, the restoration and extension of gas infrastructure at North Gas Company, and the construction of a 400-megawatt power plant. Besides increasing oil and gas production, the project will offer job opportunities in different domains, engage local businesses, and undertake social benefit initiatives. Sources revealed in early February that BP might spend up to $25 billion over the course of the project, according to Reuters. BP will contribute between $20 billion and $25 billion under a profit-sharing arrangement that would last more than 25 years, according to the source.
Shafaq News
27-02-2025
- Business
- Shafaq News
Iraq's NGC struggles with 'deteriorating" operations, unused sulfur
Shafaq News/ North Gas Company (NGC) operations are deteriorating noticeably, Iraqi lawmaker Arshad Al-Salihi said on Thursday, warning that "mountains of sulfur" remain unused in the company's yards. Al-Salihi, who represents Kirkuk in parliament, urged a complete review of the company's operations, stressing the need for technical expertise to boost gas production. "Iraq has significant gas reserves yet continues to import from Iran and Turkmenistan,' he told Shafaq News. Appointments within the company, he emphasized, should be based on qualifications rather than political affiliations, as placing qualified professionals in the right positions 'will directly improve NGC's production capacity.' The MP also pointed to massive sulfur stockpiles left unutilized, describing them as "mountains of sulfur' sitting in the company's yards without any effort to sell or invest in them, urging the government to develop a strategy to market these resources. Recently, Iraq signed an agreement with BP to develop four oil and gas fields in Kirkuk meant to enhance oil production, expand North Gas Company's facilities, and establish a 400-megawatt power plant.
Shafaq News
30-01-2025
- Business
- Shafaq News
First of Its Kind: Iraq's Kirkuk to build oil refinery, boost production
Shafaq News/ Iraqi Prime Minister Mohammed Shia al-Sudani and the Ministry of Oil approved the establishment of the first oil refinery in Kirkuk, Governor Rebwar Taha announced on Thursday. Taha stated, "Kirkuk has signed its first investment contract to build an oil refinery with a capacity of 70,000 barrels per day… It will be located near the North Gas Company (NGC), southwest of Kirkuk," adding that the executing company is Rania International. "The refinery will create job opportunities for young people." In turn, oil expert Ali Khalil told Shafaq News, "The implementation of this project, the first of its kind, will help supply Kirkuk with oil products, especially since it is one of the country's key oil-producing provinces." The designed capacity of the Kirkuk refinery is 60,000 barrels of white oil, Kerosene, and black oil. The refinery lacks distillation and hydrogenation towers, which, if available, would reportedly allow workers to boost production and enhance product quality. 'Kirkuk currently depends on the Baiji refinery and others. Establishing a new refinery would enhance local production and supply neighboring provinces with oil derivatives," Khalil clarified. In October 2017, the Ministry of Oil announced plans to construct a new refinery in Kirkuk and boost oil production from existing fields to over one million barrels per day. It also revealed intentions to involve foreign companies in enhancing production. Meanwhile, the federal government pledged to take legal action against the Kurdistan Region if it hinders oil exports from Kirkuk.
