By John Lee.

The state-owned Trade Bank of Iraq (TBI) is reported to be planning to expand its operations in China and the Gulf.

Chairman Faisal al-Haimus [al-Haimus] told Reuters that the bank want to increase revenues from retail banking and international operations from 25 percent to 30 percent by 2022.

He added that it plans to open a representative office in China in 2020, and will upgrade its license in Abu Dhabi from a “representative office” to “asset management company“.

More here.

(Source: Reuters)

By John Lee.

Pearl Petroleum is reportedly planning to raise additional funding for its drilling and development in Iraqi Kurdistan,

According to Reuters, Patrick Allman-Ward, the chief executive of Dana Gas, which is the majority owner of Pearl Petroleum, told reporters that the funding will “comprise a mix of bank debt, a bond, Exim bank financing as well as contractor and vendor financing.

The company is developing that Khor Mor and Chemchemal gas fields in Iraqi Kurdistan.

(Source: Reuters)

By John Lee.

Dana Gas has said it has received $43.8 million in dividends from Pearl Petroleum Company Limited for condensate and LPG sales in the Kurdistan Region of Iraq (KRI) in the first half of 2018, including a $7 million payment for the month of June.

The company added that the capacity to process gas and condensate from the Khor Mor field (pictured) will increase by 580 MMscf/d and 20 mbbld, respectively, with the expansion programme is on track to deliver an increase in output of 80 MMscf/d by Q3 2018.

(Sources: Rudaw, Mubasher)

By John Lee.

Zawya reports that the Iraqi cabinet has asked the National Investment Commission (NIC) to go ahead with the huge Al-Rashid City project planned for Baghdad.

The $10-billion development is to be carried out by Dubai’s Emaar Properties and Abu Dhabi’s Eagle Hills, and will include the building of “up to” (sic) 64,000 new homes, has previously been estimated by Iraqi officials to have an investment value of about $10 billion.

Emaar Properties told Thomson Reuters that it will make appropriate disclosures when the agreements are finalised.

(Source: Zawya)

(Picture: Construction at Bismaya New City)

By John Lee.

UAE-based Crescent Petroleum is reportedly planning a significant increase in its production of natural gas at its Pearl Petroleum operations in Iraq.

President Badr Jafar (pictured) is quoted as saying that there will be an investment of $1 billion to boost production to 500 million cubic feet of gas per day by 2020, up from about 330 million cubic feet  and about 20,000 barrels per day of condensates at present.

According to Reuters, Pearl is owned 35 percent by Crescent Petroleum, 35 percent by Crescent’s affiliate Dana Gas, 10 percent by Austria’s OMV, 10 percent by Germany’s RWE, and 10 percent by Hungary’s MOL.

(Sources: Gulf News, Reuters)

By John Lee.

The Abu Dhabi National Energy Company PJSC (TAQA) has confirmed that production from the Atrush Block in the Kurdistan Region of Iraq is expected to ramp up towards the 30,000-barrel-per-day project capacity (gross) in 2017.

Oil production at Atrush started in July.

TAQA is the operator of Atrush and has a 39.9% working interest in the Production Sharing Contract. The other co-venturers are the Kurdistan Regional Government (25%), General Explorations Partners, Inc. (a wholly owned subsidiary of ShaMaran Petroleum Corp) (20.1%), and Marathon Oil KDV B.V. (15%).

(Source: TAQA)

By John Lee.

Oil production at the Atrush block is expected to start “around late June to August“, according to a report from Rudaw.

The pipeline (pictured) from the oilfield, in Kurdistan’s Duhok governorate, is reported to be nearing completion, with initial production expected to be about 30,000 bpd.

The website of the Abu Dhabi National Energy Company (Taqa), which paid $600 million four years ago for an initial stake of just more than 53 percent in the project, states that it is estimated to have between 1.5 billion and 2.8 billion barrels of oil in place with recoverable oil columns of 670 million barrels.

(Source: Rudaw)

The Abu Dhabi National Energy Company PJSC (TAQA) has announced the appointment of AbdulKhaliq Al Ameri as acting project director TAQA Iraq with immediate effect.

Mr Al Ameri, previously deputy project director TAQA Iraq, will be responsible for the development of the Atrush block in the Kurdistan region of Iraq. He will report to Saeed Al Dhaheri, acting chief operating officer and will continue to be based in Abu Dhabi.

Saeed Al Dhaheri said:

As per our succession planning, AbdulKhaliq has successfully developed a strong track record while deputising for this role and become an integral member of the Iraq leadership team.

“He is excellently positioned to take on responsibility for the safe, efficient and environmentally responsible delivery of first oil and establishing the team for operating this asset thereafter.

AbdulKhaliq succeeds Craig Webster who will remain in Abu Dhabi for a few months to provide for an effective transition prior to assuming his new role with TAQA in Canada.

Mr Al Ameri, a UAE national, joined TAQA in 2012 and held the role of deputy project director TAQA Iraq since July 2015. Prior to joining TAQA, AbdulKhaliq held a number of reservoir engineering-related positions with Abu Dhabi Marine Operating Company (ADMA-OPCO), Abu Dhabi National Oil Company (ADNOC) and Mubadala Petroleum. He is a 1998 graduate of the University of Tulsa’s petroleum engineering programme.

(Source: TAQA)

By John Lee.

In its results for the first quarter of 2016, the Abu Dhabi National Energy Company PJSC (TAQA) has said that its Atrush oil project in Iraqi Kurdistan is expected to commence oil production this year with a maximum gross capacity of 30,000 barrels per day.

(Source: TAQA)

Canadian-based ShaMaran Petroleum and TAQA, the Abu Dhabi National Energy Company, are in dispute regarding the Atrush block in Iraqi Kurdistan.

In a statement to the markets on Monday, ShaMaran said that its wholly owned subsidiary, General Exploration Partners (GEP), has received a Default Notice from TAQA Atrush B.V., the Operator of the Atrush Block, claiming that GEP has failed to pay its full participating interest share of July and August cash calls pursuant to the Atrush Block Joint Operating Agreement (the “JOA”) between TAQA, GEP and Marathon Oil, the other non-operating Atrush partner which it says has also received a similar Default Notice from TAQA.

GEP and TAQA are in disagreement as to the correct interpretation of participating interest share of Atrush cash calls which are due and payable by GEP under the JOA and the Atrush Block Production Sharing Contract (the “PSC”). GEP has paid, and will continue to pay, all cash calls in full in accordance with its participating interest.

GEP intends to respond to the Default Notice by providing TAQA with a written Notice of Dispute in which GEP disputes that it is in default on the basis that it has paid in full its share of cash calls in accordance with the terms of the JOA, and that TAQA has breached certain contractual and equitable obligations under the JOA including implementing the terms of the PSC.

GEP will seek to recover all losses, costs, expenses, compensation and damages in law and equity caused directly or indirectly by TAQA’s breach of its contractual and equitable obligations as Operator and will also take all available and necessary interim measures to protect its interests under the JOA and the PSC.

The Atrush Block is operated by TAQA Atrush BV (“TAQA”) and is held 39.9% by TAQA, 20.1% by ShaMaran Petroleum Corp through its wholly owned subsidiary General Exploration Partners, Inc., 15% by Marathon Oil KDV B.V., (a wholly owned subsidiary of Marathon Oil Corporation (NYSE: MRO)), and 25% by the Kurdistan Regional Government of Iraq.

(Source: ShaMaran)