Latest news with #Schlumberger
Iraq Business
3 hours ago
- Business
- Iraq Business
Schlumberger to Develop Akkas Gas Field; Ukrainian Contract Cancelled
By John Lee. The Ministry of Oil has signed a contract with US-based Schlumberger to increase natural gas production at the Akkas gas field in Anbar province. Speaking at the signing ceremony, Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul Ghani, described the project as a major milestone in Iraq's gas development strategy. He confirmed that Midland Oil Company has been tasked with overseeing the implementation of the project, which targets increasing production at the field to 100 million standard cubic feet per day (mmscfd). The new contract follows the cancellation of a previous agreement with the Ukrainian company Ukrzemresurs. Minister Abdul Ghani said the project will include: Drilling new wells by Schlumberger; A forthcoming contract for the construction of surface facilities; A parallel contract with the State Company for Oil Projects (SCOP) to build a pipeline network linking wells to central processing units. to build a pipeline network linking wells to central processing units. The gas produced will be directed to the Anbar Combined Cycle Power Plant, currently under construction by the Ministry of Electricity. The Minister stressed the urgency of delivering the project on schedule, noting that the initial 60 mmscfd addition will bring the total processed volume to 100 mmscfd out of an expected full capacity of 400 mmscfd. Gokhan Yarim, President of Integrated Projects at Schlumberger, expressed satisfaction at signing the agreement and affirmed the company's commitment to the project timeline. Deputy Oil Minister for Extraction, Bassem Mohammed Khudair, said the deal reflects Iraq's commitment to ending gas flaring, expanding domestic gas production, and providing a secure investment environment in Anbar. He highlighted the project as a key step in the ministry's strategy to develop gas fields like Akkas and Mansouriya through national efforts, supported by international expertise. Mohammed Yaseen, Director General of Midland Oil Company, emphasised the strategic and economic dimensions of the project, noting the use of a new economic model and a more direct role for service companies. (Source: Ministry of Oil)
Al Etihad
3 hours ago
- Business
- Al Etihad
Schlumberger secures carbon storage contract for North Sea project
22 July 2025 19:07 NEW YORK (dpa)The US energy company Schlumberger has secured a technologies and services contract for a carbon storage site development in the North Sea, the company announced on infrastructure is set to transport and permanently store up to an initial 4 million metric tons of carbon dioxide (CO2) per year, with start-up expected in contract, agreed with the Northern Endurance Partnership (NEP), includes drilling, measurement, cementing, fluids, completions, wireline, and pumping noew rebranded as SLB, will use its Sequestri carbon storage solutions portfolio featuring technologies designed for carbon storage site development to build six carbon storage is a joint venture formed by BP, Equinor, and TotalEnergies. It is developing both onshore and offshore infrastructure to transport CO2 from carbon capture projects in Teesside and the Humber, together called the East Coast Cluster, for permanent storage under the North Sea. Schlumberger shares were 0.34% higher on Tuesday at $33.66 on the New York Stock Exchange.
Shafaq News
3 hours ago
- Business
- Shafaq News
Iraq signs major deal with US Schlumberger to develop Akkas field
Shafaq News – Baghdad Iraq signed a new agreement on Tuesday with US energy giant Schlumberger to ramp up production at the Akkas gas field in al-Anbar—the Middle East's second-largest—aiming to boost domestic supply and relieve the country's worsening energy crisis. According to the Oil Ministry, Minister Hayan Abdul Ghani, who is also Deputy Prime Minister for Energy Affairs, described the deal as central to Iraq's gas strategy, with Schlumberger set to drill new wells alongside the Midland Oil Company to initially produce 100 million standard cubic feet per day (mmscfd), targeting 400 mmscfd long-term. The contract, which replaces a previous deal with a Ukrainian firm, also covers surface infrastructure and pipeline construction to connect Akkas to central processing units and power the al-Anbar Power Station now under development. Abdul Ghani urged Schlumberger to meet all deadlines, underscoring Iraq's urgent need to expand gas production. Schlumberger's Integrated Projects President, Gokhan Yarim, welcomed the partnership and pledged full compliance with the schedule while reaffirming the company's long-term commitment to Iraq. Deputy Oil Minister for Extraction Affairs Bassem Mohammed Khudair praised the deal as a strategic leap that combines domestic capabilities with global expertise, citing Akkas and Mansuriya as top priorities for cutting gas flaring and raising output. Midland Oil Director General Mohammed Yassin endorsed the initiative, highlighting its technical impact and its role in enabling direct cooperation between Iraqi firms and major international service providers.
The National
4 hours ago
- Business
- The National
Iraq and US company Schlumberger sign deal to develop Akkas gas field
Iraq signed a major contract with US oilfield services company Schlumberger on Tuesday to develop the Akkas gas field, as the country seeks to boost domestic gas production. Under the deal, Schlumberger will drill wells at the Akkas field, aiming to raise production levels to 100 million standard cubic feet per day, the country's Oil Minister, Hayan Abdel Ghani, said after the signing ceremony. The production target from the field, in the western province of Anbar, is estimated at 400 million standard cubic feet per day, from the current 40 million level, he added, without giving a timetable. 'This is a long-awaited and big achievement,' the minister said. Additional contracts will be signed to build surface installations and lay pipelines connecting the wells to central processing units, he added. The gas produced at Akkas will be used to fuel the Anbar combined cycle power plant, which is under construction by the Ministry of Electricity, Mr Abdel Ghani said. Rights to develop the field were first awarded to South Korea's state-run Korea Gas in 2010. Kogas signed a deal to develop it in 2011 but withdrew when the field was captured by ISIS, then retaken by Baghdad in late 2017. In 2024, Ukraine's Ukrzemresurs was contracted to develop the field, but the government terminated the deal months later due to delays. Despite being Opec's second-biggest producer, Iraq is dependent on Iran for about a third of its electricity needs. It buys 50 million cubic metres of natural gas and 500 megawatts of electricity a day from Iran. Baghdad has been under pressure from the US to wean itself off Iranian energy imports, which have been subject to US sanctions since 2018. In recent years, Iraq has taken measures to develop its natural gas resources and reduce the shortfalls in the electricity sector. The country's natural gas reserves stand at about 3,714 billion cubic metres, according to oil ministry figures.
Al Arabiya
5 hours ago
- Business
- Al Arabiya
Iraq signs contract with Schlumberger to develop production at Akkas gas field
Iraq has signed a contract with US energy company Schlumberger to develop the production at the Iraqi Akkas gas field, the Iraqi oil ministry said on Tuesday.
