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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Iraq continues negotiations with British BP to start developing Kirkuk oil fields

    Rocky
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    Iraq - Iraq continues negotiations with British BP to start developing Kirkuk oil fields Empty Iraq continues negotiations with British BP to start developing Kirkuk oil fields

    Post by Rocky Wed 09 Oct 2024, 5:02 am

    Iraq continues negotiations with British BP to start developing Kirkuk oil fields


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    2024-10-09 01:28
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    Shafaq News/ A responsible source in the North Oil Company stated on Wednesday that the procedures of the Iraqi Ministry of Oil regarding the completion of the contracting deal with the British company (BP) are still in the stage of understandings and agreements on the work formulas, what can be provided to the company in terms of surveys, and the extent to which it will benefit from increasing its oil production and updating the information of the wells and the quantities of production in them.
    The source told Shafaq News Agency, "The British company (BP) was contracted by the Iraqi Ministry of Oil to develop oil wells, conduct surveys on the geographical area within the North Oil Company, and prepare a roadmap supported by numbers for the production volume of each well and what can be developed in it."
    He added that "the North Oil Company is still in ongoing negotiations through the Iraqi Ministry of Oil to proceed with implementing the remaining terms of the contract, meaning that negotiations are ongoing between the two sides for the purpose of determining the points that the North Oil Company wants in terms of surveys and production quantities, and what the British company can do in developing a roadmap that can be implemented."
    The source continued, "What the company wants is to conduct surveys of each oil well, its current production status, how much production can be increased, and other surveys related to oil reservoirs and gas emitted from the wells, and how the British company BP can harness its capabilities to develop the reality of production and benefit from the gas in the company."
    He pointed out that "the North Oil Company has begun developing a work plan to achieve the highest possible production from the Kirkuk, Bai Hassan, Jambur, and Khabbaz fields, before handing them over to the British company (BP)."
    The source noted that "the Fields Authority was directed to implement the drilling and reclamation plan during the current year, and to conduct activities to activate wells without a tower, and to expedite the provision of yards in coordination with the Projects Authority, with the completion period for each yard set at three weeks."
    The source continued, "The company is working on extending the pipes and completing their equipment within the specified time period to connect the wells (Bai Hassan 198 and 199), with implementation to be within one month. It is also working on connecting the valves of five wells in the Khabbaz oil field, completing the repair of damaged pipes in the Shuraw/Qubbat Baba station, and stabilizing the production rates of the wells northwest of Avana, according to the expected plans for the Kirkuk oil field, which will contribute to raising the efficiency of the production process."
    He pointed out that "the North Oil Company will complete all the requirements of the British company within three weeks to a month, and a meeting will be held with the company's representatives in the coming days for the purpose of completing and implementing what was signed, and then following up on the program that the British BP will implement to increase the production of the North Oil Company."
    The economic expert Ali Khalil had previously confirmed to Shafaq News Agency that "the contract of the British company (BP) that was signed by the Iraqi government through the Ministry of Oil must oblige the British company to carry out its work in an integrated manner, and that its work be tangible through an increase in production and results within a specific period."
    He pointed out that "the British company had a previous contract in 2013 with the North Oil Company and ended the contract in January 2020 for $100 million, but it left work with the North Oil Company."
    Khalil explained that “the previous contract included 3D seismic studies of the field’s reservoir to build on the 2D data that was already available, as it is estimated that the Kirkuk field contains about nine billion barrels of recoverable oil.”
    On August 1, Prime Minister Mohammed Shia al-Sudani sponsored the signing ceremony of a comprehensive oil memorandum of understanding between the Ministry of Oil and the British Petroleum Company (BP) to develop Kirkuk fields for oil and gas production.
    The memorandum includes the rehabilitation and development of the four fields of the North Oil Company in Kirkuk, namely the Kirkuk field with its two domes (Baba and Avana), the Bai Hassan field, the Jambur field, and the Khabbaz field, as well as the possibility of agreeing on other fields or exploration areas by agreement of both parties, in light of the government’s efforts to optimally invest in promising opportunities in the energy sector, with the aim of increasing and enhancing oil production and gas and solar energy investments in this region.
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