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  • BatmaninIraq's Avatar
    Today, 09:00 PM
    Provide banks with small categories May 22, 2019 The Central Bank of Iraq would like to inform all banks that it is continuing to provide them with small groups of the Iraqi currency by withdrawing the amounts from the current balances with this bank. He explains that if there is an inquiry or notes, banks can contact the Compliance Department in the Issuance and Treasury Department of this bank and by email ( ) 22 May 2019
    38 replies | 13001 view(s)
  • crazyfrank's Avatar
    Today, 06:07 PM
    This forum is "bugged" it is only by pure chance i have been able to post this message somehow now today 5/22/19, as it appears BATMAN is the only one immune to the bug as he has been the only person posting here now for the last 2 months. I tried to generate a new member account, but that option format does no longer exist. As i though if i created a new account it would allow me to post something, but there is no prompt/option/format anymore here to "create a new account". i have submitted a "bug" report to the admin here and gotten zero reply. I have sent word to the web site host server vBulliten, and a official ticket has been generated/recorded but as of yet no reply. if you are reading this and have the same experience with a error message event, please chime in if you can and maybe it can be confirmed and resolved. The error message is a massive blurb of BB code failure text lines that I do not understand but I do understand there is a fatal error at the server level in the codeing.
    11 replies | 2970 view(s)
  • crazyfrank's Avatar
    Today, 06:00 PM
    This forum is "bugged" it is only by pure chance i have been able to post this message somehow now today 5/22/19, as it appears BATMAN is immune to the bug as he has been the only person posting here now for the last 2 months. i have submitted a "bug" report to the admin here and gotten zero reply. I have sent word to the web site host server vBulliten, and a official ticket has been generated/recorded but as of yet no reply. if you are reding this and have the same experience with a error message event, please chime in if you can and maybe it can be confirmed and resolved.
    11 replies | 2970 view(s)
  • crazyfrank's Avatar
    Today, 05:45 PM
    For anyone is still out there surfing these forums, if you have not realized there have been very few new postings in the last few months. As well as no replys to any existing posts, and it seems "BATMAN" has been the only person posting all this time.
    11 replies | 2970 view(s)
  • Investors Iraq News's Avatar
    Today, 04:23 AM
    The Rumaila oilfield produced 1.467 million barrels per day (bpd) in 2018 – the oilfield’s highest annual rate of production for 30 years. 2018 also saw the milestone of four billion barrels of oil produced since the Rumaila Operating Organisation began operating in June 2010. The results were reported in the 2018 Rumaila Annual Report, submitted by the Basra Oil Company (BOC) to the Iraq Ministry of Oil. In accordance with BOC’s objectives, Rumaila continued its journey to becoming a more advanced oilfield in 2018. New infrastructure played an important part in the year’s success, with three major projects completed that help Rumaila’s capacity to produce its current high production rates, as well as contribute to securing the field’s long-term future. The new Rumaila Power Plant began operating, providing 150,000kW of electricity to the Iraq National Grid and supporting Rumaila facilities; three new dehydrator and desalter production trains were commissioned – increasing production capacity by 124,000 bpd; and two degassing facilities installed new large-scale ‘free water knock out’ vessels that ensure oil quality remains high by stripping water from the hydrocarbons. The introduction of new technologies continues to play a vital role in the field’s advancement. In 2018, this included: the further expansion of the ‘digital oilfield’ (with 2,000 digital sensors now providing instant data from wells, facilities and manifolds to guide production performance), the completion of a field-wide TETRA radio communications infrastructure, and new data analytics tools and frameworks that visualize, interpret and reveal meaningful insights to improve day to day working. Underpinning the 2018 results has been the ongoing programme to drill new wells, optimize existing wells, and the injection of industrial-use water to restore pressure to reservoirs in the north of the field. Thanks to the water injection programme and its supporting operations, Rumaila has been able to produce oil from historically harder to access reservoirs: in 2018, the oil produced from the Mishrif reservoir was more than triple the amount of oil extracted from that reservoir in 2010 and generating results never previously achieved at the oilfield. The 2018 Annual Report also highlighted: 59 Iraqi contracted companies won 85 contracts worth $650 million 220,181 training hours were delivered to Iraqi staff 31 new wells were drilled 23.5km2 of land was cleared of unexploded ordnance 206,675m2 of land was remediated $5 million spent on supporting Iraq’s oil and gas industry via the Rumaila Education Fund Rumaila General Manager, Hussein Abdul-Kadhim Hussein, commented: “2018 was a remarkable 12 months in the 70-year history of this oilfield, as well as another exceptional year for the Rumaila Operating Organisation. The partnership goes from strength to strength: our success derives from the way BOC, BP and PetroChina continues to operate as one integrated team.” BOC Director General, Ihsan Ismael, said: “On behalf of BOC, I’d like to thank every single BOC staff member who has ensured that Rumaila continues to deliver successful oil production for Iraq, as well as pay tribute to the support of our partners, BP and PetroChina.” ROO Deputy General Manager, Julian O’Connell, said: “Rumaila is in service to Iraq. Our objective is to provide oil to support Iraq today, as well as create a legacy for the future. Our strategy and programme for field rejuvenation and training Iraqi personnel is helping us to achieve these twin goals and to overcome the multitude of challenges Rumaila faces.” Rumaila Special Deputy General Manager, Fan Jianping, added: “We are very pleased to report another successful year at Rumaila. Equally important is the fact that we have achieved this within a safe working environment. We of course want to increase production, but we also want Rumaila to be the pride of Iraq, which can only be achieved by having safety as the number one priority.” (Source: Rumaila Operating Organisation) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 0 view(s)
  • Investors Iraq News's Avatar
    Today, 04:23 AM
    By John Lee. The Iraq Britain Business Council (IBBC) has welcomed four new members, bringing its membership to 71 companies: Crescent Petroleum: Sharjah-based Crescent Petroleum is the only foreign oil and gas company to maintain a continuous presence in Iraq for three decades, and is the largest private oil and gas investor in the Kurdistan Region of Iraq. Sardar Trading Agencies (STA): One of the core companies of Sardar Group, with more than 50 years of experience in the Iraqi private business field, mainly in the automotive segment. Stirling Education: The Luxembourg-based company is committed to providing excellent affordable education and pastoral care for students in Iraq. Across Iraq, they have around 17,000 students, 42 schools and two university campuses. Tube Tech International: UK-based Tube Tech is a world leader in the removal of fouling from refinery, petrochemical and energy process assets. (Source: IBBC) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 0 view(s)
  • Investors Iraq News's Avatar
    Today, 04:23 AM
    By Aaron Majid, for Foreign Policy. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. These days, Tehran is having trouble getting what it wants from its neighbor—a development Washington can encourage by backing off. It almost goes without saying these days that Iran dominates its western neighbor. On April 27, for example, Bahraini Foreign Minister Khalid bin Ahmed tweeted that Iran’s regime “controls” Iraq. Now-U.S. National Security Advisor John Bolton once compared Tehran’s grip on Iraq to the Soviet Union’s stranglehold over Eastern Europe during the late 1940s. Click here to read the full story. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 0 view(s)
  • Investors Iraq News's Avatar
    Today, 04:23 AM
    By Joe Macaron for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. Will the Trump administration abort Iran’s land bridge to the Mediterranean?As the showdown between Washington and Tehran escalates elsewhere*in the Gulf, Iran is giving high priority to an effort to secure, control and reopen the al-Bukamal border crossing at Qaim, the only Syrian-Iraqi border crossing under Iranian control, to solidify its influence in the Levant and mitigate the impact of US sanctions. It remains to be seen, however, whether Iran will pull off this move and how the Donald Trump administration might react. Click here to read the full story. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 0 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 08:23 PM
    By John Lee. The Netherlands has resumed its training mission in Iraq, following a brief suspension due to security concerns resulting from US-Iranian tensions in the region. The Dutch Ministry of Defence announced that, after a re-assessment of the situation, its courses can be re-started. A number of Dutch people are training Iraqi commandos in Baghdad. Peshmerga’s are trained at the northern Erbil. The Kurdish fighters are taught, among other things, marksmanship, leadership and the protection of large areas. Since 2015, the Netherlands has been participating in the international coalition that is fighting against terrorist organization ISIS in Iraq. (Source: Dutch Ministry of Defence) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 0 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 08:23 PM
    By Adnan Abu Zeed for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. Iraqi factions a wild card in US-Iran blame gameIt’s hard to tell what’s really on the minds of*Iranian and US officials in the flurry of words they’ve exchanged this week, but Baghdad has been*perfectly clear about any potential confrontation between the two: not in my backyard. Amid prolonged*dares and double-dares between Tehran and Washington —*punctuated with claims from both sides that they don’t want a war —*Iraq has made it known it won’t become a proxy battleground. Click here to read the full story. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 0 view(s)
  • BatmaninIraq's Avatar
    Yesterday, 10:44 AM
    Abdul Mahdi and Haddad discuss normalization of the disputed areas and the implementation of Article 140 Political | 01:27 - 21/05/2019 BAGHDAD - Prime Minister Adel Abdul Mahdi on Tuesday, with Deputy Speaker Bashir Haddad normalization of the disputed areas and the implementation of Article 140. The Information Office for mourning, in a statement received / Mawazine News, a copy of it, "Bashir Haddad Vice President The House of Representatives visited with the heads and representatives of the Kurdish blocs Government Palace and met the Prime Minister Adel Abdul Mahdi. The statement added that "the meeting was held during which the latest developments in the situation and events on the Iraqi arena in the political and security sides were reviewed, and the work of the House of Representatives was discussed in the next stage and the efforts of the legislative institution in passing laws and activating its oversight role in combating corruption and promoting stability throughout the country" . He added that "the meeting also discussed a number of issues and files of common concern, including the need to normalize the situation in the disputed areas and the implementation of Article 140 of the Iraqi Constitution, and continuing dialogues between the federal government and the Kurdistan region of Iraq in order to resolve the differences and problems accumulated between Baghdad and Erbil. The Haddad and the Kurdish blocs, according to the statement, "the need for coordination between the federal forces and the Peshmerga forces to maintain security and stability in the disputed areas and provide the necessary services for all components in those areas."
    38 replies | 13001 view(s)
  • BatmaninIraq's Avatar
    05-20-2019, 10:31 PM
    Saleh discusses with a senior US official the development of the Iraqi economy The President of the Republic, Dr. Barham Salih, received at the Peace Palace in Baghdad on Monday 20-5-2019, Assistant US Treasury Secretary Marshall Blingsley. During the meeting, they discussed the bilateral relations between Iraq and the United States of America, especially in the economic and financial fields, and the need to enhance the prospects for cooperation between Iraqi and US banks, thus contributing to the development and revitalization of the Iraqi economy. It also reviewed the latest political developments at the regional and international levels and the importance of consolidating the foundations of peace and stability in order to achieve progress and prosperity for the peoples of the region.
    38 replies | 13001 view(s)
  • Investors Iraq News's Avatar
    05-20-2019, 05:11 PM
    By Padraig O’Hannelly. Last week, the US Embassy in Baghdad ordered the departure of non-emergency U.S. Government employees from Iraq, as tension mounts between the Trump administration and neighbouring Iran. In the meantime, several other organisations have taken similar moves. While this has made headlines, has there been any real change on the ground? Iraq Business News spoke with Martin Aggar, General Manager of Al-Burhan Security, to get his perspective on developments. He says that while some people have changed their travel plans in response to the increased tensions, in practice little has changed in Baghdad: “Our operations team is closely monitoring the situation, and apart from one minor incident last night, there has not been a significant increase in security-related activity or general threat levels. “Nevertheless, some clients have chosen not to leave our secure accommodation at the Al-Burhan Centre. “But with meeting facilities on site, and also at our villa in Al-Mansour, we can still help them to see the people they need to see while visiting Iraq. We’re equipped for all situations.” The events of the past week seem to many to be at odds with the general trend in Iraq. Aggar explains: “This all comes against a background of steadily improving conditions in Iraq; people feel safer, infrastructure is improving, and international companies are taking more of an interest in the opportunities to be had here. “That’s why we’ve invested in the newest and best armoured vehicles, a VIP meet-and-greet service at the airport, and the full package of services that executives need and expect when they come here to do business. “And our sister company Al-Burhan Airways is the only private operator licensed to fly helicopters in Iraq, so we can bring visitors quickly and safely wherever they need to be in the country.” Asked how he expects this to play out, he says: “The current tensions are the result of Iran-US relations, and while they don’t originate in Iraq, they do of course influence this country. * “However, the Iraqi government is very focussed on developing the economy and moving Iraq forward. “The opportunities are huge and the people are determined to succeed; I think in future we’ll look back on this as the early stage of a boom period for Iraq.” Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 0 view(s)
  • Wolverine's Avatar
    05-20-2019, 01:18 PM
    Iraq says ExxonMobil evacuation of staff is `unacceptable' By Khalid Al‐Ansary on 5/19/2019 BAGHDAD (Bloomberg) ‐‐ The evacuation of some ExxonMobil Corp. workers is “unacceptable and unwarranted” because it has nothing to do with the security situation in southern Iraq, according the country’s energy minister. “This withdrawal may send the wrong message about the situation in Iraq, and that’s something we reject,” Iraq’s Oil Minister Thamir Ghadhban said in a statement on Saturday. The minister sent a letter to Exxon officials seeking clarification about the decision and asking that the workers return to Iraq. Ghadhban said in an interview on Saturday that ExxonMobil pulled about 80 people from Iraq. Oil and gas output continues unabated from all fields in the country. “No single personnel from other foreign companies withdrew,” he said. ExxonMobil’s decision to pull staff is “precautionary and temporary,” said Abdul Jabbar Abbas Mohammed, who heads the operations committee of West Qurna‐1 field which is a partnership with the U.S. company. The field is producing between 450,000 to 480,000 bopd and its daily functions are managed by Iraqi engineers, he said. ExxonMobil didn’t provide specifics about its staffing in Iraq. “ExxonMobil has programs and measures in place to provide security to protect its people, operations and facilities,” the company said in an emailed statement. The U.S. ordered its non‐emergency government staff to leave Iraq this week amid increasing Middle East tensions that American officials are blaming on Iran. Attacks on energy facilities, including a Saudi Arabian pipeline and several vessels including Saudi oil tankers, as well as a U.S. military buildup, are raising fears that the region may be heading toward another conflict. “For us, there is no reason calling them to withdraw,” Ghadhban said in the interview, referring to Exxon. Lukoil PJSC, BP Plc and Italy’s Eni SpA work in nearby fields including West Qurna‐2, Rumaila and Zubair. “The region, south of Iraq, is all secured and peaceful. Work is going on without any halt.” Basrah Gas Co., which operates a major gas field in southern Iraq in partnership with Royal Dutch Shell Plc, also hasn’t made staff changes due to the regional tensions. “So far there is no intention for Shell to withdraw,” Shaalan Al‐Darraji, spokesman for state‐run Basrah Gas, said in an interview.
    0 replies | 33 view(s)
  • Investors Iraq News's Avatar
    05-20-2019, 02:13 AM
    By John Lee. Oil Minister Thamer al-Ghadban has criticised ExxonMobil‘s decision to temporarily evacuate staff from the West Qurna oil field as “unacceptable and unjustified”. In a statement on Sunday, he said the move was “political“, and pointed out that other international oil companies are continuing to work freely. According to CNN, the company evacuated about 30 foreign engineers from Basra as a “temporary precautionary measure“. (Sources: Ministry of Oil, CNN) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 0 view(s)
  • Investors Iraq News's Avatar
    05-20-2019, 02:13 AM
    By John Lee. Iraq’s Minister for Electricity has warned of the dangers of politicising the problems in the country’s electicity sector. Luay al-Khateeb told AFP: “Electricity is a national security issue … In the end, any political, economic or security crisis in Iraq will affect the whole region — and the global economy will be open to threat. We’re urging for this file not to be politicised.” The shortage of electricity in the summer months, when people rely on air conditioning to keep cool, has been a source of social unrest in the past. Khateeb added: “On October 25, the week I took office, electricity generation sat at between 9.5 to 10 GW. It is now at 15 GW. will receive no less than 20 hours of electricity per day. This, to be honest, is a level of production the country hasn’t seen in years.” (Source: AFP) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 0 view(s)
  • Investors Iraq News's Avatar
    05-20-2019, 02:13 AM
    The Food and Agriculture Organization of the United Nations, inaugurated its new office In Sulaymaniya under the patronage of the First Lady of Iraq – Ms. Serbagh Saleh; and with the participation of the United Nations Resident and Humanitarian Coordinator for Iraq, Ms. Marta Ruedas; FAO Representative a.i. for Iraq Mr. René Verduijn; the Governor of Sulaymaniyah Dr. Hafal Abu Bakr; the Head of the Provincial Council Azad Mohammed Amin; and the Director General of Sulaymaniyah’s Directorate of Agriculture. The meeting was addressed by the First Lady who thanked FAO for its leading and effective role in combating famine and securing food around the world and in Iraq. She also highlighted the importance of promoting bio-diversity in the region. Also speaking at the ceremony, the UN Resident and Humanitarian Coordinator for Iraq, Ms. Ruedas, said that, “the inauguration of the new FAO Office symbolizes the interest of the UN to support the people of Sulaymaniya in achieving long-term, sustainable development.” “It also shows the importance of investing in the Agriculture and Water Sectors, but we should be reminded to also reduce the water pollution the sector generates,” she added. On his part, the FAO Resident Representative, a.i., Mr. Verduijn, expressed his gratitude to the First Lady for her contribution to promoting bio-diversity, in particular her work as a co-founder of the Kurdistan Botanical Foundation that is committed to establish a gene/ seed bank in Sulaymaniya and her efforts as an activist in defense of women’s rights. “FAO in Iraq is keen on promoting agriculture to help achieve economic growth, a stable society, food and nutrition security for all and improving bio-diversity. We feel strongly towards supporting Iraq in face of the numerous challenges it faces in terms of agriculture and water through promoting Good Agriculture Practices and improving smallholder farmers’ livelihoods”, said Mr. Verduijn. The new office comes at a significant moment as the country moves away from emergency towards more development to provide structural support to the sub-sectors, and people’s livelihoods. The new UN office is located within the Directorate of Agriculture in Sulaymaniyah. In April, FAO celebrated its 40th anniversary of the establishment of FAO in Iraq in 1979. Assistance has targeted a wide range of sub-sectors, including crops, livestock, fisheries and forestry, and has proved to be successful in supporting agricultural research and extension institutes over years of stability, sanctions and conflict. The inauguration of the new office is another landmark in the organization’s efforts to reinforce its technical programs for the benefit of the people of Iraq. (Source: UN) (Picture credit: Diyar Muhammed) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 0 view(s)
  • Investors Iraq News's Avatar
    05-20-2019, 02:13 AM
    By John Lee. The U.S. Senate has confirmed the nomination of Ambassador Matthew Tueller to be the Ambassador to Iraq. Tueller has most recently served as U.S.*Ambassador*to*Yemen. A native of Utah, Utah, his other overseas assignments have included Ambassador to Kuwait, Deputy Chief of Mission at Embassy Cairo; Political Minister Counselor at Embassy Baghdad; Deputy Chief of Mission at Embassy Kuwait; Political Counselor at Embassy Riyadh; Chief of the U.S. Office in Aden, Yemen; Deputy Chief of Mission at Embassy Doha; Political Officer at Embassy London; and Political Officer and Consular Officer at Embassy Amman. His Washington assignments have included Deputy Director in the Office of Northern Gulf Affairs and Egypt Desk Officer. (Sources: US Embassy, US State Department) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 0 view(s)
  • Investors Iraq News's Avatar
    05-19-2019, 11:48 PM
    From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. An apparent rocket attack has hit the high-security Green Zone. The area houses key government buildings and the United States embassy. Iraq’s state-run news agency says a Katyusha rocket crashed in the area without causing any casualties. Al Jazeera’s Charles Stratford joins us from Baghdad to discuss the latest updates: Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 0 view(s)
  • Investors Iraq News's Avatar
    05-19-2019, 11:48 PM
    By John Lee. Plans by Iraqi Airways to resume flights between Baghdad (pictured) and Damascus have reportedly been postponed. Syria’s Ministry of Transportation said it had been informed of the “decision to postpone the trip of two Iraqi Airways planes today… until further notice,” according to Rudaw. The Iraqi Embassy is said to have notified the Syrian foreign ministry that “the completion of some administrative and organizational steps between the company and the Syrian civil aviation” authority is needed before flights can resume. (Sources: Rudaw, Facebook) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    05-19-2019, 10:17 AM
    GardaWorld, a global leader in comprehensive security and risk management, has made its weekly security report available to Iraq Business News readers. Prepared by GardaWorld’s Risk Analysis Team in Iraq, this essential report includes short- and medium-term outlooks on the security situation, reports and commentary on recent significant events, and a detailed overview of developments across the country. Please click here to download the latest report free of charge. For more information on how GardaWorld’s services can support your business in Iraq, please contact Daniel Matthews, Senior Director Iraq, at daniel.matthews@garda.com Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 0 view(s)
  • Investors Iraq News's Avatar
    05-19-2019, 08:03 AM
    By John Lee. Oil Minister Thamer Ghadhban (pictured) has reportedly said on Thursday that Iraq has contingency plans in place to cope with any stoppage of Iranian gas imports. His comments come as the US increases sanctions pressure on Iran. According to Reuters, Ghadhban added that he hopes no such disruption will take place. (Source: Reuters) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 0 view(s)
  • Investors Iraq News's Avatar
    05-19-2019, 08:03 AM
    By John Lee. Iraqi Airways will reportedly resume flights to the Syrian capital Damascus for the first time since 2011. According to AFP, Iraq’s national carrier will operate a weekly service from Baghdad to Damascus starting on Saturday. (Source: AFP) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 0 view(s)
  • BatmaninIraq's Avatar
    05-18-2019, 11:45 AM
    BatmaninIraq replied to a thread 10-18-2018 in Warka Bank News
    We should see an updates from AL WARKA very soon......
    14 replies | 3992 view(s)
  • Wolverine's Avatar
    05-18-2019, 01:24 AM
    635 replies | 51808 view(s)
  • Wolverine's Avatar
    05-17-2019, 02:33 PM
    Gazprom Neft produces its two-millionth ton of oil in Kurdistan, Iraq 5/16/2019 MOSCOW -- Gazprom Neft subsidiary Gazprom Neft Middle East B.V. has produced its two-millionth ton of oil since starting commercial production at its Sarqala field in the Kurdsitan Region of Iraq. Sarqala field in the Kurdsitan Region of Iraq First oil was obtained at the Garmian block, which includes the Sarqala field, in 2011. Commercial oil shipments commenced in 2015, with the commissioning of the Sarqala-1 well. The second production well was launched in 2018. A third well, with production capacity of 12,000 bopd, has now gone into operation at the field — the launch of which has seen total daily production volumes increase by 25%, reaching 35,000 bbl. Total cumulative production at the field now stands at two million tons, or more than 15 MMbbl of oil since the start of commercial production four years ago. Field infrastructure has seen considerable expansion throughout this asset’s development, with a new high- and low-pressure separation processing line constructed here, together with two 17,000-barrel-capacity reservoirs (tanks), and the reconstruction of the oil-tanker loading systems — this modernization providing transportation and storage capacity for significantly higher oil production. A reservoir-water utilization unit will be built at the Sarqala field this year, with throughput capacity of 5,000 bpd. Gazprom Neft Middle East B.V. CEO Sergei Petrov commented, “The production of the two-millionth ton of oil at Sarqala marks a significant point in developing this important and promising asset. We’ve made great strides in our four years’ working at the Garmian block, commissioning three wells and putting in place cutting-edge and highly developed infrastructure. In moving into a new phase in developing this field we already have detailed information on the geological characteristics of the region. This means we will, very shortly, be able to determine the direction of the further development of this asset in the Middle East.”
    0 replies | 48 view(s)
  • Investors Iraq News's Avatar
    05-17-2019, 06:03 AM
    Stephen Whyte, Chairman of Genel Energy, gave the following update on the business at the Company’s Annual General Meeting, held in London on Thursday: Genel had a very successful 2018, with free cash flow generation of $164 million even while making significant investment in growth. 2019 has seen us continue this success. We are delivering year-on-year production growth, we have made portfolio additions that perfectly complement our existing asset base, and our cash position continues to strengthen. Genel is participating in 20 wells this year, the most of any IOC in the Kurdistan Region of Iraq (‘KRI’). Drilling on the Tawke and Peshkabir fields is ongoing, with activity ramping up as we progress through 2019. Year to date production from the Tawke PSC is currently c.126,800 bopd, with Peshkabir driving impressive growth compared to the prior year’s period. The drilling programme at Taq Taq has now delivered three successful wells, and year to date production is currently c.13,300 bopd, an increase from the 2018 average of 12,350 bopd. We are continuing to achieve successful results from the flanks of the field, and are drilling ahead at pace. Total Genel working interest production across all assets is 37,600 bopd, running slightly ahead of our expected 10% increase in year-on-year production. Even as we invest to deliver this production increase we continue to improve our cash position, generating almost $50 million in free cash flow in the first four months of the year. We expect to keep up this impressive run rate. Our current expectation is that we will generate well over $100 million in free cash flow over the course of 2019, prior to the payment of the dividend, even after increasing expenditure on our growth opportunities. The results at Peshkabir show the significant success that can be obtained from our low-cost, rapid return operations in the KRI. While investing to increase production from 12,000 bopd to 55,000 bopd over the course of the year, Genel still generated $50 million of free cash flow from the asset. This level of return is hard to match anywhere else in the world, and illustrates why we continue to look for further opportunities in the KRI. Put simply, the KRI is a very good place in which to operate. Payments have been made on a monthly basis for over three and a half years now, the political situation continues to improve – with Baghdad having made budget payments to the Kurdistan Regional Government for over a year – and the low-cost of operations helping to set a breakeven oil price at an asset level of $20/bbl. We are still looking to diversify the portfolio, but we will not ignore further opportunities in the KRI – and indeed continue to focus on these where our presence on the ground and regional expertise mean we can maximise their value potential for shareholders. In that context, as you are probably aware by now, we were delighted to add Sarta and Qara Dagh to the portfolio. They tick all of the boxes, as we partner with Chevron on assets that offer a mixture of near-term production and long-term growth potential. Sarta is expected to enter production in the middle of 2020, and we will develop the field utilising a similar strategy to the one that was so successful (and cash-generative) at Peshkabir. While we do not want to get ahead of ourselves there are hydrocarbons throughout the structure in all of the typical KRI reservoirs, from the Tertiary down to the Triassic. We are focused on building an even stronger business with material growth potential, providing a clear and compelling investment case that offers the opportunity for a significant increase in shareholder value. As we prioritise that growth, we have also initiated a material and sustainable dividend, providing investors with a compelling mix of growth and returns. I am delighted that Bill Higgs is now sitting alongside me as CEO, and that Esa Ikaheimonen, our CFO, has also joined the Board. On a personal level, the transition that I was keen to oversee is now complete. As such I have decided that this will be my last AGM as Chairman of Genel, and I will leave the Company for new challenges once a suitable successor has been identified. When I joined the Board two years ago the share price was under 80p, production was declining, Genel had unpaid oil receivables of over $400 million and $142 million in net debt. Genel’s production and net cash position is now rising, the portfolio is positioned to provide material organic growth, and Genel now has the right team to deliver that growth. Management has a wealth of experience in the sector, experience that can also be utilised to make further value-accretive portfolio additions and optimise our growing cash pile to generate value for shareholders.” Genel will announce results for the six months ending 30 June 2019 on Tuesday 6 August 2019. (Source: Genel Energy) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 0 view(s)
  • Investors Iraq News's Avatar
    05-17-2019, 06:03 AM
    By John Lee. General Dynamics Ordnance and Tactical Systems has been awarded a $92,400,000 modification (P00003) to Foreign Military Sales (Iraq) contract W15QKN-18-D0020 for 120mm munition high explosive with tracer tank ammunition cartridges. Work locations and funding will be determined with each order, with an estimated completion date of Oct. 16, 2022. According to Defense World, the ammunition will be used for Iraqi Army M1A1 Abrams tanks, such as the one pictured. (Sources: US Dept of Defense, Defense World) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 0 view(s)
  • Investors Iraq News's Avatar
    05-17-2019, 06:03 AM
    DNO ASA, the Norwegian oil and gas operator, has completed the private placement of USD 400 million of new, five-year senior unsecured bonds with a coupon rate of 8.375 percent. The bond placement received strong investor demand across international markets and was oversubscribed. The bond issue is expected to be settled on or about 29 May 2019, subject to customary conditions precedent. An application will be made for the bonds to be listed on the Oslo Stock Exchange. In connection with the bond placement, the Company has agreed to buy back USD 60 million in nominal value of DNO01 bonds (ISIN NO 0010740392) at 104.16 percent of par plus accrued interest and USD 10 million in nominal value of FAPE01 bonds originally issued by Faroe Petroleum plc in 2017 (ISIN NO 0010811268) at 107.50 percent of par plus accrued interest. In addition to partial refinancing of the DNO01 and FAPE01 bonds, net proceeds from the new bond issue will be used for general corporate purposes. Danske Bank and Pareto Securities AS acted as joint lead managers and bookrunners with SpareBank 1 Markets AS as co-manager and bookrunner. (Source: DNO) (Picture: Bonds, from Alexskopje/Shutterstock) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    05-17-2019, 03:52 AM
    Advertising FeatureRabee Securities Iraq Stock Exchange (ISX) market report (week ending: 16th May 2019). Please click here to download a table of listed companies and their associated ticker codes. The RSISX index ended the week at IQD622 (+4.3%) / $669 (+4.3%) (weekly change) (-5.7% and -5.7% YTD change, respectively). The number of week traded shares was 7.1 bn and the weekly trading volume was IQD2.6 bn ($2.1 mn). ISX Company Announcements Fallujah for Construction Materials (IFCM) will hold an AGM* on May. 29, 2019 to discuss and approve 2013, 2014, 2015 and 2016 annual financial results. The company has been suspended from trading since Jul. 6, 2015 by an ISC decision due to not disclosing 2013, 2014, 2015 and 2016 annual financial results. According to the Board of Insurance, Ahliya for Insurance (NAHF) will resume trading on Sunday (May. 19, 2019). Dar Al-Salam for Insurance (NDSA) completed its capital increase procedures from IQD5.0 bn to IQD7.0 bn through 40% rights issue. Babylon Hotel (HBAY) invited its shareholders on May. 14, 2019 to receive their cash dividend for the years between 1997 and 2001 as well as the year of 2016. Source: Iraq-BusinessNews.com. Post your commentary below.
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