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The Management team at AMBP Burjessia revealed the completion of the most recent expansion; the expertly designed multisport area.
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Al Majal’s Oil & Gas Market Roundup in Collaboration with Qamar Energy
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Latest in the Iraqi & Global Energy Markets
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Following a 10-month political deadlock, Moqtada al-Sadr announced that he’s retiring from political life, prompting his supporters, Saray Al Salam, to storm the presidential palace and International Zone, leading to a new round of violence against the Coordination Front (Iran-backed, including much of the parties representing the Hashd Al Shaabi militias), which seems to have been supported by the Iraqi security forces.
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Output at Zubair has been averaging just over 500 kb/d since February before it dropped to 450 kb/d in July. Iraqi Drilling Co. (IDC) recently completed drilling the seventh of a programme of wells and the rehabilitation of another, completing 8 wells at Zubair.
In November last year, IDC signed a contract with Schlumberger to provide drilling services for 37 oil wells at Zubair for Italy’s Eni, the field’s operator.
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Iraq’s oil production jumped higher in August, reaching 4.74 Mb/d – the highest since February 2020. This was 89 kb/d over its OPEC+ target.
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Iraq’s countrywide oil exports in August dipped further to 3.667 Mb/d, down from 3.701 Mb/d in July.
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Output from Majnoon fluctuated wildly since the start of the year, falling to 40 kb/d in January then jumping to 210 kb/d in February before falling back to 80 kb/d in April and May.
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Following a meeting with Lukoil’s VP for Central Asia, Middle East and north Africa, Stepan Gorgi, Oil Minister Ihsan Abdul-Jabbar Ismaael said that Iraq is planning to push ahead with the development
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Iraq will implement seismic surveys of the marine blocks in its territorial waters. The ministry had signed a contract for a joint study with China’s CNOOC in 2019 to determine the hydrocarbon prospects.
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TotalEnergies completed the divestment of its 18% interest in the Sarsang oilfield the Kurdistan region of Iraq to ShaMaran Petroleum Corp. for US$ 155 M. Depending on future production and oil prices
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Key Iraq Events – Refinery Updates
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Iraq has begun pumping crude to its new 140 kb/d Karbala refinery, marking the start of its trial operations.
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Top Energy Deals in the Region
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Proton Ventures is awarded a contract to design and build an ammonia terminal in the UAE.
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OPEC has reduced its forecast for 2022 world oil demand by 260 kb/d to account for some regional revisions. World oil demand is expected to
average 100.03 Mb/d, “still healthy growth” which includes the recently observed trend of burning more oil in power generation. The agency expects recovering gasoline and diesel demand in the US and a steady increase in industrial activity in non-OECD regions will support demand figures above 100 Mb/d. 2023 demand is projected to reach 102.7 Mb/d, due to expected improvements in the containment of CoVid-19 in China.
Middle East oil demand declined by 183 kb/d in July from June levels, though demand for diesel and jet fuel remain strong. Middle East oil demand in Q4 2022 is expected to reach 8.22 Mb/d on the back of rising demand for fuel oil and diesel in the transport and industrial sectors.
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Regional Rig Count (1): OPEC+ Pressure to Keep Iraq Rig Count Low
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Middle East oil drilling has still not fully recovered from the sharp drop induced by the pandemic and the related OPEC+ production cuts. However, it is likely to start expanding as quotas increase and production growth plans in the UAE and Iraq get underway. Iraq has 53 active rigs as of August 2022, all drilling for oil. This number has not increased since the start of 2022, but is up 2 on December 2021, and 11 on April 2021. In 2019, prior to the pandemic, Iraq had 77 active rigs targeting oil. Middle East gas drilling is starting to show a moderate recovery, supported by the beginning of Qatar’s LNG expansion projects and renewed efforts by Saudi Arabia towards its 2030 gas ambitions.
Note: Iraqi gas rigs are not reported by Baker Hughes, likely because Iraq reports gas rig figures clubbed with oil rigs and/or lack of response from contractors (drilling for non-associated gas is at minimal levels compared to oil, although it should pick up as Sinopec’s development of Mansuriyah and the Pearl Petroleum consortium’s expansion of Khor Mor, and potentially work by Halliburton at Akkas, move forward).
* End of Qamar Energy’s contribution, for more information about Qamar Energy, please visit www.qamarenergy.com
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Iraq Oil Market Highlights
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