ISTANBUL, Oct 19 (Reuters) – Iraq is poised in the coming
weeks to sign a series of deals that promise to lure the tens of
billions of dollars it needs to become one of the world’s elite
In addition to signing contracts already being negotiated,
the world’s largest energy companies will face off in December
in a second fierce competition to develop some of the country’s
largest untapped oilfields.
ISTANBUL (Reuters) – Iraq will hold a second auction of contracts to develop some its prized oilfields on December 11-12, and plans to meet oil majors in coming weeks to seal deals rapidly renegotiated after a lackluster first bidding round.
If finalized, the three revised deals would catapult Iraq to number three among world oil producers from its current 11th spot. The second bid round in December would offer more deals on untapped oilfields, with potential to produce millions of barrels more that could take Iraqi production higher still.
DUBAI, Oct 14 (Reuters) – Iraq has lured big oil firms into
new service contracts on some of its giant oilfields by cutting
taxes and sweetening terms to make the deals more profitable,
industry sources said on Wednesday.
International oil companies are close to striking deals that
would almost triple Iraq’s output and catapult it up the table
of global producers. The firms walked away from those deals at
an auction just over three months ago.
ISTANBUL/DUBAI, Oct 14 (Reuters) – UAE firms Dana Gas
<DANA.AD> and Crescent Oil are looking to build a gas city in
Iraq’s western province of Anbar that they hope would draw $60
billion in investment, said Province Governor Qassim al-Fahdawi.
The gas could come from the province’s Akkas gas field,
which al-Fahdawi said Dana and Crescent were also keen to
develop with the central Oil Ministry.
The Muslim holy month of Ramadan has disrupted one of the wackier tasks for OPEC reporters: running around Vienna’s beautiful inner ring road with Saudi Arabia’s Oil Minister Ali al-Naimi, who likes to keep himself and the press corp fit. He often uses the 45 minute walk-cum-jog to give media a background briefing of his view on the oil market as he and the bizarre group of security, aides and reporters trot past the city’s stunning palaces and bemused Viennese on their way to work (or home from a night’s revelling).
(Photo: al-Naimi with journalists in Cairo, 28 Nov 2008/Amr Dalsh)
The daylight fast for Muslim delegates and ministers means that most meetings are taking place late at night, making an early morning run less practical. Naimi ran on Tuesday afternoon, accompanied only by security. He didn’t go at all on Wednesday morning, much to the chagrin of the reporters on the early shift. The run is sometimes the only chance for media to get Naimi’s insight. It is a blessing and a curse for reporters on the beat, who have to be up at the crack of dawn to take part but are often rewarded with the biggest oil story of the day. Maybe Naimi figures this time there’s no need for a background briefing. With the oil price where it is, he seems relaxed enough to put it all on the record.