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  • Investors Iraq News's Avatar
    Today, 01:03 AM
    Abu Dhabi National Energy Company PJSC (TAQA) has announced that its subsidiary, TAQA Atrush B.V. (TAQA Iraq), has set a new production record from the Atrush oil field in the Kurdistan Region of Iraq. For the first time since the field commenced production operations in July 2017, the total monthly production volume exceeded 1 million barrels of oil in July 2019. The 1 million barrel mark is a key milestone in TAQA Iraq’s ongoing production improvement and expansion plans for the Atrush block and is a testimony to the effort, professionalism, and commitment to deliver safe and efficient operations in Iraq. The current rate of gross production at the Atrush block is approximately 34,000 barrels of oil per day, which is line with the company’s targets for Q2 2019. The increase in production was largely due to new wells coming on stream and the impact of de-bottlenecking work over the past few months, which has increased the capacity of volumes handled by the production facility. The facility has continued to meet targets at minimal spend and is a result of a focus on integrated planning and optimization. Speaking on the milestone, TAQA Chief Executive Officer Saeed Al Dhaheri said: “This significant achievement is a direct result of our Iraq team’s technical expertise and strategic planning efforts. As a global energy player with operations spanning four continents, our operations in Iraq have allowed us to strengthen our expertise as a leading developer of greenfield projects. “We look forward to building on this achievement to continue to deliver energy to our strategic partners in the Kurdistan region, and to continue to forge strong relationships with local communities around the Atrush block.” AbdulKhaliq Al Ameri, Managing Director of TAQA Iraq, added: “Our focus for the past two years has been to improve the value of our asset while ensuring cost-optimization and uphold our commitment to health and safety. I am particularly proud of our team, which comprises more than 300 people, many of whom are from the Kurdistan region. This achievement is a result of their hard work and dedication to TAQA’s vision.” The Atrush field is located 85 km northwest of Erbil and is one of the largest new oil developments in the Kurdistan Region of Iraq. The field was first discovered in 2011 and production started in 2017. In its two years of production, the Atrush field has produced of 17 million barrels of oil, with increasing efficiency. In May 2019, TAQA Iraq completed the acquisition of an additional 7.5% working interest in the Atrush block from Marathon Oil KDV B.V. With this acquisition, TAQA Iraq’s working interest in the Atrush block increased from 39.9% to 47.4% and represents an AED 116 million addition to the company’s assets. TAQA Iraq is the operator of the Atrush block and has a 47.4% working interest under the Atrush block Production Sharing Contract. TAQA Iraq’s partners in the project are the Kurdistan Regional Government (25%) and General Explorations Partners, Inc. (27.6%). (Source: TAQA) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    Today, 01:03 AM
    By John Lee. Scottish-based engineering firm Wood Group plc has said that its operations in Iraq will see increased activity. In its half-year results for the six months ended 30 June 2019, the company said: “Growth in 2019 will be led by Operations Solutions, where we expect increased activity in Iraq with customers including Basra Gas, and in Papua New Guinea and Australia with Exxon.” The company combined with Amec Foster Wheeler in 2017. (Source: Wood Group) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • BatmaninIraq's Avatar
    Yesterday, 09:32 AM
    What's the use of coins at the moment Economy | 08:10 - 20/08/2019 BAGHDAD - Mawazine News commented member of the Iraqi Economic Council Sadiq al - Mashat, on the statements of the Parliamentary Finance Committee on the Iraqi government 's quest to re - work coins. Al-Mashat said in a statement received / Mawazine News / a copy of it, that "the Iraqi government going at the moment to re-work coins is not positive because the financial developments in most countries of the world go to electronic currencies," indicating that "the work of electronic currencies in Iraq has been in great demand during Last few years. " He added: "More useful to the state is to reduce the use of currencies in general and urged the Iraqi consumer to pay electronically," indicating that "this measure provides the state the value of minting coins and the value of printing paper currency." Al-Mashat called through the statement to "the importance of working in electronic currency rather than return to cash and metal," noting that "electronic currency can include small cash categories from one fils to one dinar and thus numbers upward for small cash categories." Al-Mashat said, "The banknotes will disappear after 30 years because of the high demand for electronic currency." The "Finance Committee in the Iraqi Council of Representatives announced on Monday (19-August-2019) the" government direction to reinstate the currency and delete zeros from paper currency in order to strengthen the national economy.
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