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  • Investors Iraq News's Avatar
    Today, 08:59 AM
    Genel Energy has announced that RPS Energy Consultants, as part of its work on the updated competent person’s reports (‘CPRs’) for the Bina Bawi and Miran West fields (Genel 100% and operator), has finalised its evaluation of the contingent gas resources at both assets: The RPS evaluation confirms a significant upgrade to the combined 2C gross (100% working interest (‘WI’)) raw gas resource estimate for the Bina Bawi and Miran West fields: The RPS assessment of the combined gross 2C raw gas resource for both fields now stands at 14,792 Bscf, a figure which excludes associated condensate volumes attributable to the upstream partners The RPS assessment of the combined gross 2C condensate volumes potentially recovered from raw gas production at both fields totals 137 MMstb As at end-2016 Genel’s reported 2C resources included net raw gas resources from Miran and Bina Bawi totalling 1,421 MMboe1, which related to Genel’s respective 80% and 75% interests in the Bina Bawi and Miran PSCs at that time In February 2017 the Company increased its interest in both PSCs to 100%, resulting in a combined pro-forma end-2016 Genel 2C resource of 1,815 MMboe (10,530 Bscf2) The 2018 RPS estimates of combined 2C resources from both fields have increased c.40% compared to the pro-forma end-2016 2C resource The revised Bina Bawi 1C gross raw gas resource estimate is more than 50% higher than the gas volume agreed to for the field under the Gas Lifting Agreement (‘GLA’). The revised Miran West 1C gross raw gas resource estimate is in line with the volume agreed to for the field in the GLA A comparison of the revised 2C gross contingent resource numbers for both fields and the Company’s end-2016 number, which was based on the 2013 RPS reports plus the addition of the Company’s assessment of non-hydrocarbon gases, is summarised in the following table. Further detail is provided in an appendix to this announcement. Gross (100% WI) 2C Contingent Resources Raw gas (Bscf) Previous Revised change Bina Bawi 6,472 8,230 27% Miran West 3,688 6,562 78% RPS’s updated analysis of the raw gas resources on both fields has benefitted from updated reservoir simulation modelling combined with analogue analysis jointly created and developed by the Company and Baker Hughes since the original reports were produced. As a consequence, the recovery factors for the gas reservoirs in both fields have, in most resource categories, been increased to reflect a better understanding of potential reservoir performance. Further appraisal activity, which is currently under consideration, could help refine reservoir performance and these recovery factor estimates. Volumes agreed under the GLAs total 2,800 Bscf from Bina Bawi, and 2,000 Bscf from Miran West over a 12 year period, consisting of a two year build-up period and 10 year plateau period. The revised 2C and 3C raw gas resources for both fields significantly exceed these volumes. Following the completion of the upstream field development plans (‘FDPs’), sufficient progress on the midstream facilities and sales gas export route, and subsequent final investment decision, the Company expects that a percentage of the contingent raw gas resources will be converted to reserves, dependent on the volumes set to be produced under the FDPs. * The upstream FDPs for the gas and oil fields in the Bina Bawi and Miran PSCs, which are being carried out by Baker Hughes, are expected to be completed shortly. RPS is continuing its evaluation of the oil bearing reservoirs at both fields, the results of which will be announced once finalised. Appendix Summary of Contingent Resources – Development unclarified (Gross 100% working interest basis) attributable to the Bina Bawi and Miran West fields as of 31 December 2017 Gross (100% WI) Contingent Resources Gross (100% WI) Contingent Resources BINA BAWI Raw gas (Bscf) Condensate (MMstb) MIRAN WEST Raw gas (Bscf) Condensate (MMstb) 1C 4,651 34 1C 1,967 18 2C 8,230 62 2C 6,562 75 3C 13,036 99 3C 18,429 233 1 Genel figure based on the 2013 RPS reports plus the addition of the Company’s assessment of non-hydrocarbon gases 2 Based on a conversion factor of 5.8 MMscf/bbl (Source: Genel Energy) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 27 view(s)
  • Investors Iraq News's Avatar
    Today, 01:05 AM
    The U.S. government strongly supports holding the Iraqi national elections in May 2018, in line with the Iraqi constitution. Postponing the elections would set a dangerous precedent, undermining the constitution and damaging Iraq’s long-term democratic development. To that end, the United States is providing assistance that will help ensure that all Iraqi voices are heard and counted, including the approximately 2.6 million Iraqis who remain displaced from their homes in the liberated areas. USAID is assisting in the training of local civil society groups in election monitoring and providing Iraq’s Independent High Electoral Commission (IHEC) with six elections advisors who will help IHEC strengthen its electoral systems, personnel, and processes in the following ways: Enfranchise internally displaced Iraqis by focusing on voter registration and ensuring electronic voting systems are effective. Improve provincial electoral administrative capacity to support voting in recently liberated areas. Help the new IHEC Board of Commissioners finalize a sound operational plan for the May 2018 elections. Support for Iraq’s democratic institutions is a key part of the United States’ ongoing commitment to a federal, democratic, prosperous, and unified Iraq. *By exercising their constitutional right to vote, Iraqis will signal their commitment to governance through peaceful processes rather than through violence. (Source: US Embassy in Baghdad) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 31 view(s)
  • Investors Iraq News's Avatar
    Today, 01:05 AM
    This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of*Iraq Business News. By Sarchin Salih. Kurdish Crises Drive Kurdish Investors to put their Money Elsewhere It’s not only Iraqi and international investors getting their money out of Iraqi Kurdistan. Financial and political problems are also leading locals to invest further south. Ahmad Ali is an Iraqi Kurdish businessman who’s been living in the Erbil province, in Iraqi Kurdistan, for years. In the past Ali often looked at the semi-autonomous northern region of Iraqi Kurdistan as the best place to invest his money. Not anymore. Currently Ali is looking into building a mall and supermarket in the Kirkuk province, outside of Iraqi Kurdistan’s official borders, at the cost of US$50 million. He is also working on a residential project in the southern province of Dhi Qar. “As an investor, I look for the best opportunities. I don’t care about geography,” Ali told NIQASH. “At the moment southern and central Iraq are the best places to put my money.” The market in Iraqi Kurdistan is dead right now, Ali says, thanks to the financial and political crisis here. “The last few years we have dealt with a financial crisis, a slowdown and a significant decline in investment,” Yassin Mahmoud Rashid, the spokesperson for the*Kurdistan Investors’*Union, told NIQASH. “About 20 percent of investors have now left this market thanks to a decline in demand and the losses being incurred by some projects.” In the past the Iraqi Kurdish government had guaranteed investment projects a steady supply of electricity and tax cuts for certain time periods, Rashid pointed out. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 29 view(s)
  • Investors Iraq News's Avatar
    Today, 01:05 AM
    By John Lee. US-based Chevron plans to resume drilling at the Sarta 3 block in Iraqi Kurdistan. According to a report from Bloomberg, the company had temporarily halted exploration work in October*after the Kurds*voted in favour of independence. Chevron acquired Reliance Exploration & Production DMCC‘s 80 percent interest and operatorship of the production sharing contracts (PSCs) covering the Rovi and Sarta blocks in 2012; Austria’s OMV holds of the other 20 percent interest. The blocks are located north of Erbil and cover a combined area of approximately 490 square miles (1,124 square kilometers). (Sources: Bloomberg, Reuters) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 29 view(s)
  • Investors Iraq News's Avatar
    Today, 01:05 AM
    By John Lee. Oil Minister Jabar Ali al-Luaibi has signed on Thursday a memorandum of understanding with BP to rehabilitate the oil fields in Kirkuk governorate. Michael Townsend, CEO of BP, said that the company is going to prepare the necessary studies to increase production at the Kirkuk oil fields to 750,000 bpd. The two men inspected the Kirkuk fields on Thursday and ordered a speeding-up of rehabilitation operations. (Source: Oil Ministry) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 35 view(s)
  • calstar's Avatar
    Yesterday, 06:17 PM
    calstar replied to a thread Warka Bank news? in Warka Bank News
    Me too!!!!!
    2 replies | 158 view(s)
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