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  • Wolverine's Avatar
    Yesterday, 01:03 PM
    6688 replies | 468094 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 09:11 AM
    DNO ASA, the Norwegian oil and gas operator, today announced expansion and acceleration of operations in the Kurdistan region of Iraq while building up its North Sea exposure. First quarter revenues, the highest in nearly four years, stood at USD 142 million and net profit at USD 18 million. The Company exited the quarter with cash balances of USD 518 million plus USD 76 million in treasury shares and marketable securities. The Company added a third license in Kurdistan following government and partner approvals of the previously announced transaction with ExxonMobil. Effective 10 April 2018, DNO assumed operatorship of the Baeshiqa license with a 40 percent (32 percent participating) interest alongside ExxonMobil, Turkish Energy Company and the Kurdistan Regional Government. At the Tawke license, the Company fast tracked development of the Peshkabir field with three new wells. The recently completed Peshkabir-4 well will shortly undergo production testing and the Peshkabir-5 well is drilling ahead at 2,250 meters. The Peshkabir-6 well was spudded as a development well last week and will also explore the field’s deeper Triassic formation. “We have the wind on our back,” said DNO’s Executive Chairman Bijan Mossavar-Rahmani, “with higher oil prices, timely export payments in Kurdistan, a growing portfolio of quality assets, efficient drilling and bold strategy execution.“ On the DNO-operated Tawke license containing the Peshkabir and Tawke fields, 15,000 barrels of oil per day (bopd) of production from two Peshkabir wells are comingled with 90,000 bopd from the flagship Tawke field for export through Turkey. A new Tawke Cretaceous well was brought onstream earlier this month at more than 5,000 bopd. The Company will drill additional Tawke development wells in 2018 following mobilization of a fourth rig. Elsewhere, the Company acquired 28.71 percent of North Sea-focused Faroe Petroleum plc at a price of GBP 1.25 per share through four separate transactions in April, complementing DNO’s existing portfolio of 19 exploration licenses offshore Norway and the United Kingdom. DNO’s current cash balance stands at USD 356 million plus USD 280 million in treasury shares and marketable securities. The Company’s outstanding bond debt remains at USD 400 million and the equity ratio at 61 percent. (Source: DNO) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 34 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 07:06 AM
    By*Omar al-Jaffal for*Al-Monitor.*Any opinions expressed are those of the author, and do not necessarily reflect the views of*Iran Business News. Saudi Arabia is considering investing in 2.5 million acres of agricultural land in Iraq’s western province of Anbar, which has suffered*both economically and otherwise after the bitter war to regain control of the province from the Islamic State.*If such an investment is made, it would be facilitated by the*Saudi-Iraqi Coordination Council, which was formed in October. The Iraqi Ministry of Commerce*announced the potential investment in a brief statement to the press April*4, but*did not disclose any further details on the matter. Iraqi-Saudi relations have remarkably improved since mid-2017, particularly after Iraqi Prime Minister Haider al-Abadi visited Riyadh in October. During that visit, an announcement was made on establishing the*Saudi-Iraqi*Coordination*Council, in the presence of Abadi, Saudi King Salman bin Abdul-Aziz Al Saud and then US Secretary of State Rex Tillerson. The*council aims to*develop*economic relations at all levels between Iraq and Saudi Arabia after nearly three decades of estrangement. It also seeks to open land borders, encourage investments, review the customs cooperation agreement and study the establishment of a trade zone. The*Ministry of Commerce’s media office declined to provide Al-Monitor with any details on the potential Saudi investment in Anbar. However, Yahya al-Mohammadi, a member of the Anbar provincial council, told Al-Monitor that officials in Anbar were indeed in contact with the Saudi Embassy in Baghdad, adding, “Provincial officials have noticed a Saudi desire to broadly invest in Anbar.” Meanwhile, Salman al-Ansari, chairman of the Washington-based*Saudi American Public Relation Affairs Committee, told Al-Monitor that the investment project in Anbar “will be launched soon.” A Iraqi political source told Al-Monitor on condition of anonymity about the nature of the investment project in Anbar, its economic feasibility, and all related security and political aspects. The source said the prospective investment will largely be “in the area of*Nukhayb, which lies on the borders of the province of Karbala and is also adjacent to the Saudi border.” The project “aims to build fields for breeding calves, as well as producing dairy products and drinking water.” Large dairy companies will likely be*established, mimicking a number of successful projects in Saudi Arabia. The source did not deny the*security objectives behind the project. “This area is lacking in security,” he said.*“It is located on Saudi Arabia’s border, and the two countries are trying to turn it into a labor-intensive business center, which brings stability to it rather than it posing a permanent threat to both countries.” He said that, politically, “Saudi Arabia certainly seeks to expand in Iraq, but will not follow the Iranian example, which occupies the Iraqi market without employing the labor force in Iraq.”*Saudi Arabia, he said, “seeks soft dominance in Iraq by creating jobs for Iraqis,” which will make its*“presence and influence in the political scene acceptable within the Iraqi society.” Nukhayb has long been a disputed area between Anbar and Karbala. Nukhayb is administratively affiliated with*Anbar province, but Karbala demands that it be annexed to its administrative borders. Security tension is common there, but the area has been relatively stable for nearly two years now. Mohammadi denied “an actual start of investment operations in Anbar.” He said, “Saudi Arabia and Iraq only discussed the projects put forward,” noting that*“this is due to the security and political instability in Iraq.” In fact, not many political forces and Shiite factions welcome the idea of Saudi Arabia coming to Iraq and establishing business operations*there. This rejection was demonstrated in March, when*the media reported an upcoming visit to Iraq by Saudi Crown Prince Mohammed bin*Salman*and, in response, Shiite factions and parties organized protests*in a number of cities in Iraq. Some Iraqi parliamentarians*from Shiite blocs are seeking to pass a law similar to the American Justice Against Sponsors of Terrorism Act*to sue Saudi Arabia for allegedly allowing its citizens to enter Iraq and commit acts of terrorism on its territory. Mohammadi ruled out the possibility that this would*intimidate*Saudi Arabia and stop*it from launching projects in Anbar. “The Iranian-Saudi conflict has a wide impact on the countries of the region,” he said, “but Iraq’s neutral policy has been boding well so far, and I hope it continues to achieve what is in the interest of Iraq.” Addressing*whether Saudi Arabia fears*for its investments in Iraq from pro-Iranian factions, Ansari said, “Saudi Arabia does not fear anyone and is capable of protecting its interests by all means, be it in the region or anywhere in the world.” Iraq needs a very balanced policy in dealing with its conflicting neighbors*Iran and Saudi Arabia, a fact that ought to be taken into account when either of these two countries wants to invest in Iraq, especially since both Iran and Saudi Arabia believe that*investments are also a gateway to influence Iraq’s political situation. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 35 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 07:06 AM
    By John Lee. Iraq could transport up to a million barrels of oil per day through the Jordanian port of Aqaba (pictured), according to a report from The National. Ali Nazar Faeq Al Shatari, deputy director general for the State Oil Marketing Organization (SOMO) told The National: “That project is still in place and we’re going to go ahead with it. We need another outlet for our crude oil,” There has been little detail on the scheme’s timeline for completion or the scope of the project. More here. (Source: The National) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 33 view(s)
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