Latest news with #oilfields
Yahoo
4 days ago
- Business
- Yahoo
ExxonMobil negotiating return to Iraq's oilfields
ExxonMobil is reportedly in negotiations with Iraq to make a comeback to the nation's oilfields, according to a report by ZAWYA, citing state officials. This development comes just a year after the company withdrew from one of Iraq's largest producing fields. In 2024, ExxonMobil ceased operations at the West Qurna 1 oilfield in southern Iraq, transferring its responsibilities to PetroChina, which now holds the primary stake. This field is among the world's most significant oil reservoirs, with more than 20 billion barrels (bbbl) of proven crude deposits and a production rate of nearly 550,000 barrels per day (bpd). The company's decision to exit the West Qurna 1 oilfield followed its earlier departure from the Pirman gas block in Kurdistan, north Iraq. Oil Ministry Undersecretary Bassim Khudair was quoted as saying: 'ExxonMobil has conveyed its willingness to return to Iraq.' He further elaborated that the company is exploring new opportunities within Iraq's oilfields, indicating a growing interest from the US and other international companies in the Iraqi oil industry. Concurrently, discussions are ongoing with Chevron for development contracts in the Southern Nasiriyah oilfield and the Balad field in the North-Central Saladin governorate. Iraq is actively seeking foreign investment in its oil sector as the country aims to increase its crude output capacity by 50% to more than six million barrels per day by 2028. With approximately 145bbbl of oil reserves, the country is aiming to increase its reserves to more than 160bbbl through various development projects. In the past two years, Iraq has awarded nearly 30 contracts to companies such as TotalEnergies, BP and various Chinese operators in its fifth and sixth oil licensing rounds, with plans for another round this year. Recently, US-based HKN was awarded a contract to develop the Hamrin oilfield in the Northern Saladin governorate, with the goal of more than doubling its production. This field had been severely impacted by ISIS during conflict a decade ago. In related news, the State Oil Company of Azerbaijan Republic has entered into new agreements with ExxonMobil and BP for oil and gas exploration, aiming to maintain Azerbaijan's oil output at around 582,000bpd for the next five years with the support of Western energy investments. "ExxonMobil negotiating return to Iraq's oilfields" 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. Sign in to access your portfolio
The National
6 days ago
- Politics
- The National
Iraq investigates drone attacks on military radars and Kurdish oilfields
Iraq said on Friday that it was investigating a series of attacks on Kurdish oilfields, while a separate search determined that drone strikes against military radar systems last month were launched from within its borders. Oilfields, military bases, airports and a camp for internally displaced people in the Kurdish Region of Iraq have been targets of a spate of drone attacks this month. The attacks cut production from several foreign-owned oilfields. Iraqi security forces announced an operation in the western Nineveh and Salah Al Din provinces to find the saboteurs. 'The recent attacks on oil installations and fields, along with attempts to target military bases and camps, are considered sinful and dangerous acts that undermine all efforts towards Iraq's stability, reconstruction, and development campaigns,' Iraq's Security Media Cell said in a post on X. The operation is being carried out by several units and groups, including the Popular Mobilisation Forces (PMF). No group has claimed responsibility but the Kurdistan Regional Government (KRG) has blamed the attacks on the PMF, an umbrella of Iran-backed groups. The Iraqi government has denied the accusation against 'an official Iraqi security institution'. The former paramilitary groups are now integrated into Iraq's armed forces. The US embassy in Iraq condemned the attacks, urging the Iraqi government to 'investigate who is behind these attacks and hold them accountable'. It said in a statement that Baghdad 'must exercise its authority to prevent armed actors from launching these attacks against sites within its own territory, including locations where Iraqi and international companies have invested in Iraq's future'. The latest series of drone attacks come at a time of heightened tension between Baghdad and Erbil on resuming oil exports, halted since 2023 over legal disputes, technical issues and Kurdistan's share in the federal budget. The last attack was on Thursday morning, hours before the Iraqi cabinet approved a long-anticipated agreement with the KRG that could reset their strained relationship over oil exports and public sector salaries. Erbil's airport has been hit by rockets and drone attacks over the years. Iraq has been a battleground for such attacks, often linked to regional proxy struggles. Last month, drones struck military radar systems in Iraq in the backdrop of the 12-day war between Israel and Iran. On June 24, the Iraqi government said that several small suicide drones targeted Iraqi military sites and bases, including the radar systems at Camp Taji, north of Baghdad, and Imam Ali Base in Dhi Qar Province in southern Iraq. Sabah Al Numan, the military spokesman for the prime minister, said that Iraq identified 'the origin of the drones used in the attacks,' adding that they were 'equipped with warheads of varying weights and were manufactured outside Iraq.' The drones were also launched from several locations inside Iraq. They were all of the same type, which indicates 'a single executing party,' he said, adding that the government had identified 'the entities' involved in the attacks.
Reuters
18-07-2025
- Business
- Reuters
Chevron entry to Guyana oilfields solves company's top challenge
HOUSTON, July 18 (Reuters) - Chevron's (CVX.N), opens new tab imminent entry into Guyana's rich offshore oilfields solves one of the biggest problems dogging the U.S. major: where its growth will come from beyond the next few years. On Friday, the U.S. oil producer closed its $55-billion acquisition of Hess - among the largest ever oil and gas deals - and gained the latter's stake in Guyana's Stabroek Block after prevailing in a legal fight against larger rival Exxon Mobil (XOM.N), opens new tab. Before the deal closed, concerns had been rising about Chevron's financial and production growth prospects, with its reserves of oil and gas dropping to the lowest in at least a decade. The Stabroek Block holds at least 11 billion barrels of oil equivalent and is one of the most significant oil discoveries in decades. "The combination enhances and extends our growth profile well into the next decade," Chevron CEO Mike Wirth said about closing the Hess acquisition. Some investors cheered the development as boosting the company's long-term prospects. "The acquisition plugs a free cash flow hole that Chevron had looming at the end of this decade into the 2030s," said David Byrns, a portfolio manager at American Century Investments, which has a $351-million position in Chevron, according to LSEG data. Without Hess, it was unclear how Chevron could maintain free cash flow, he said, adding the acquisition is also expected to help Chevron sustain its dividend into the 2030s. The closure is a much-needed win for Chevron after several tough months during which it announced global layoffs, faced rising safety issues, and lost exports from Venezuela. Its shares fell 7.5% over the past year. On Friday, they declined 2% in midday trading. Chevron's oil and gas reserves, or the amount it can potentially extract from its oil and gas fields, fell to 9.8 billion boe at the end of 2024, the lowest point in at least a decade. Its organic reserve replacement ratio, a measure of how much new oil and gas was added to reserves compared to the amount it produced, and which excludes acquisitions and sales, was just 45%. A ratio of 100% or more means the company is replacing its reserves at the same rate that it depletes them. By comparison, UK-based oil major Shell and French oil major TotalEnergies both have average reserve replacement ratios over the past three years of more than 100%. Chevron production volumes after combining with Hess could reach 4.31 million boe/d in 2030, significantly higher than what Chevron would produce as a standalone company, said John Gerdes, president of Gerdes Energy Research. Chevron produced 3.3 million boe/d in 2024. Exxon, which operates the Stabroek Block, and CNOOC, the other minority partner in the field, filed arbitration claims against Hess last year, arguing they had a contractual right of first refusal to purchase Hess' stake. The battle was pivotal to Chevron, given that the Guyana field was the most coveted asset in Hess' portfolio. If the arbitration had gone against Chevron, the acquisition would have collapsed. Another long-term question that Chevron faces is whether it will extend its contract to operate the giant Tengiz oilfield in Kazakhstan, which expires in 2033. Chevron has a 50% stake in the Tengizchevroil joint venture that it operates. The company told Reuters in January the field would produce about 1 million boe/d after an expansion project reached full capacity.
LBCI
17-07-2025
- Business
- LBCI
Baghdad and Arbil agree to resume Kurdish oil exports: Government
The Iraqi government announced Thursday an agreement to resume crude exports from the autonomous Kurdistan region after a more than two-year halt and amid drone attacks on oil fields. The Kurdistan Regional Government shall "immediately begin delivering all oil produced" in the region's fields to Baghdad's State Oil Marketing Organisation (SOMO) "for export", the Iraqi government said in a statement. The quantity should be no less than 230,000 barrels per day, and Baghdad will pay an advance of $16 a barrel. AFP
Al Arabiya
17-07-2025
- Business
- Al Arabiya
US condemns drone attacks on oilfields in Iraqi Kurdistan
The US State Department on Wednesday condemned recent drone attacks targeting oilfields in the Iraqi Kurdistan region. Security sources told Reuters earlier in the day that an oilfield operated by US company Hunt Oil became the latest site in a series of attacks in recent days. 'These strikes target international companies that are working with Iraq to invest in Iraq's future,' said department spokesperson Tammy Bruce, who called the attacks a threat to Iraq's stability and economic future.
