By John Lee.

Sharjah-based Dana Gas has announced that its average production for Q1 2019 has increased by 6% year-on-year to 68,700 boepd from 65,000 boepd in Q1 2018.

The first quarter production increase was led by the Kurdistan Region of Iraq (KRI), which leapt to 32,750 boepd in Q1 2019 from 26,300 boepd in Q1 2018.

This increase was principally due to additional production from the completed debottlenecking project that came on-stream in October 2018 and took gas production in the KRI from 300 MMscf/d to 400 MMscf/d, an increase of over 30%.

On a quarter by quarter comparison, Q1 2019 production grew by 5% from Q4 2018, reflecting the increase in production from the KRI and supported by having brought the Balsam-8 well in Egypt on-stream in Q4.

Dr Patrick Allman-Ward, CEO, Dana Gas, said:

The two major growth projects completed in 2018 – the debottlenecking project in the KRI and the Balsam-8 well in Egypt – have proven to be materially value accretive both operationally and financially. 

“Our production numbers are up 6% in the first quarter 2019 and we expect this increase in production to have a positive impact on the Company’s revenues since we are now realising gas sales in the KRI and we will be benefiting from the steady increase in oil prices since Q4 2018.

(Source: Dana Gas)

As part of the continues support of the United Nations Development Programme (UNDP) to the University of Karbala, a workshop has been conducted for the period 1 to 5 April on the e-learning modules, gathering twenty senior officials and academics from Karbala University, as part of the technical support provided by the Public Sector Modernization (IPSM) Programme to the e-learning units of Karbala University.

UNDP through IPSM Programme has introduced the e-learning approach to two institutions in Iraq; University of Karbala, and National Centre for Management Development and Information Technology (NCMDIT) within the Ministry of Planning (MoP).

DG of the Continuing Learning Center, Prof. Ahmed Hadi Al Yasari said:

“This workshop is very important as it is conducted in conjunction with the launching of the e-learning development plan of Karbala university for the years 2019-2022. The implementation of this plan requires vital efforts and cooperation between the two parties to make Karbala University an advanced university in e-learning, thus improving the quality of education”.

As a result, a team of management and situation analytics specialized in e-Learning has been established in Karbala university, the team will work to explore the best options for transferring into the e-Learning system, depending on international practices provided during the workshop and presentations of global experiences including some of the well-known Egyptian and British universities.

(Source: UNDP)

By Ahmed Gomaa for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News

Cairo hosted a tripartite summit March 24, bringing together Egyptian President Abdel Fattah al-Sisi, Jordanian King Abdullah II and Iraqi Prime Minister Adel Abdul Mahdi.

The summit’s final communique underlined the importance of enhancing coordination between the three countries, and taking advantage of the potential offered by their geographical positions and common strategic and economic interests in order to combat terrorism and confront all those who support terrorist groups by funding, arming or providing safe havens and platforms, particularly in light of the victory Iraq has achieved against the Islamic State (IS).

Click here to read the full story.

By John Lee.

Ride-sharing services Uber, from the United States, and Careem of Dubai, have reached an agreement for Uber to acquire Careem for $3.1 billion, consisting of $1.7 billion in convertible notes and $1.4 billion in cash. The acquisition of Careem is subject to applicable regulatory approvals. The transaction is expected to close in Q1 2020.

Uber will acquire all of Careem’s mobility, delivery, and payments businesses across the greater Middle East region, ranging from Morocco to Pakistan, with major markets including Egypt, Jordan, Pakistan, Saudi Arabia, and the United Arab Emirates.

Upon closing, Careem will become a wholly-owned subsidiary of Uber, preserving its brand. Careem co-founder and CEO Mudassir Sheikha will lead the Careem business, which will report to its own board made up of three representatives from Uber and two representatives from Careem. Careem and Uber will operate their respective regional services and independent brands.

Established in July 2012, Careem operates in 120 cities across 15 countries and has created more than one million economic opportunities in the region.

Careem entered the Iraqi market in January 2018.

(Source: Uber)

Years imprisonment for the former mayor of Baghdad for intentional damage of more than 12 million dollars
1/23/2019

(Al-Mustaqbal) … The Integrity Commission said on Wednesday that the Iraqi Criminal Court of Integrity had sentenced in absentia to seven years in prison for both the Mayor of Baghdad and the Director General of the Department of Parks in the former "Secretariat of Baghdad"

for causing intentional damage to more Of the (12,000,000) million US dollars with the funds and interests of the entity in which they were working.

The Department pointed out in its talk about the details of the case, that the convicted fugitives, they agreed and participate in damage to the funds and interests of the Secretariat of Baghdad during the contract on the project to develop the army channel, indicating that it was contracted with an Egyptian company and local,

based on the decision of the main committee to contract in the Secretariat without preparation The estimated costs of the project, and the amount of damage amounted to (12,165,350) million US dollars.

The court noted that the court, after reviewing the evidence obtained in this case represented by the legal representatives of the General Secretariat of the Council of Ministers and the Secretariat of Baghdad, who requested the complaint against the accused,

in addition to the administrative investigation including their review and referral to the judiciary, Which the Court found sufficient and convincing to convict in accordance with the provisions of Article 340 of the Penal Code in terms of Articles 47, 48 and 49 thereof.

The Chamber noted that the ruling included issuing an arrest warrant, carrying out a fundamental search of the accused and supporting the seizure of their movable and immovable property, while the affected parties (the General Secretariat of the Council of Ministers and the Secretariat of Baghdad) retained the right to seek compensation before the civil courts. End)

https://mangish.net/%D8%A7%D9%84%D8%…-%D9%84%D8%B6/

World Bank report: Iraq will be the highest Arab economic growth by 2019

January 11, 2019

World Bank report: Iraq will be the highest Arab economic growth by 2019 The Middle East and North Africa (MENA) countries are expected to witness a rise in economic growth to 1.9 percent in 2019, according to a World Bank report. The show report recently released titled Figures (Global Economic Prospects: The Middle East and North Africa “bleak skies”) that growth in the GCC will rise to 2.6 percent , supported by the movement of an active investment at the level of the oil – exporting countries, the bank expects that growth declines in Algeria To 2.3 percent due to slower government spending than in 2018. Egypt will see a growth rate of 5.6 percent in 2019, boosted by investments and reforms in the expected business climate. The growth rate in Morocco and Tunisia will reach 2.9 percent in 2019 if tourism indicators improve and political reforms continue.

Although Iraq recorded modest growth in 2018 at 1.9 percent, reconstruction projects, according to the report, will be an important driver for the growth of its economy and neighboring economies, with an expected 6.2 percent, the highest in the Arab world. Growth in Jordan is likely to see a slight improvement of 2.3 percent. 2018 The 2018 estimates showed an improvement in growth to 1.7 percent amid improved economic activity in oil exporting and importing countries. Algeria registered a growth rate of 2.5 percent last year, Egypt with 5.3 percent, Morocco with 3.2 percent and Tunisia with 2.6 percent.

The World Bank has warned of the dangers facing the region, which can discourage growth, as conflicts can escalate and lead to greater damage to income and economic activity, not to mention health and social well-being.

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Iraq is among the strongest economies in the Middle East for 2018 .. This ranking
1/4/2019

Saudi Arabia exported the Middle East as the largest economy in 2018 in terms of gross domestic product (GDP) at current "nominal" prices of $ 784 billion, while Iraq ranked sixth with a local output of $ 230 billion.

According to the analysis of the report unit in the newspaper "Economic" based on the data of the site spectator index and local statistical bodies of countries, Turkey came second with a nominal gross domestic product of $ 713 billion.

In third place came the UAE with a nominal GDP of $ 432 billion, Iran with $ 430 billion and Egypt with $ 249 billion.

Nominal GDP is the market value of the total final goods and services produced in a given country at current market prices.

Saudi Arabia’s gross domestic product (GDP) is expected to grow at current prices by 6.4 percent in 2019 to 3.13 trillion riyals.

In return for the nominal GDP of the Middle East in 2018, Iraq came sixth with a local output of $ 230 billion, followed by Qatar with $ 188 billion, Kuwait with $ 144 billion and Oman with $ 81 billion.

Lebanon ranked $ 56 billion, followed by Libya with $ 43 billion, Jordan with $ 41 billion, Bahrain with $ 39 billion and Yemen with $ 28 billion.

The Middle East is a geopolitical term for a geographical region located in the western part of Asia and part of North Africa.

These countries are characterized by the Mediterranean, the Red Sea, the Arabian Sea and the Gulf. This term has been used since the 1950s 19th century AD.

http://glgamesh.com/archives/35085

Dana Gas PJSC, the Middle East’s largest regional private sector natural gas company, announces that as a result of the ramp up of production from its debottlenecking project in the Kurdistan region of Iraq, its group production reached 70,000 barrels of oil per day (boepd) on the 19 November and has since been sustained above that level.

The Company’s principal operations are in the Kurdistan Region of Iraq (KRI) and Egypt, where the drilling of the Balsam-8 well has also led to a sharp increase in overall production. Current group production, in excess of 70,000 boepd, represents a significant increase compared to the Company’s 9M 2018 average of 62,250 boepd.

Dr Patrick Allman-Ward, CEO, Dana Gas, said:

“Production in excess of 70,000 barrels oil equivalent per day is a great achievement for Dana Gas. At the start of the year, we planned a drilling programme in Egypt and a debottlenecking project in the KRI that would significantly increase production. We have successfully delivered both projects. The increase in production will help offset the lower realised hydrocarbon prices that have impacted the oil industry in the last quarter and support growth in our revenue and net profit figures for the full year 2018 and beyond.

“We remain excited about the long-term future of our world-class assets in the KRI. Further investment is underway to double current production to 900 MMscf/d over the coming three years, together with an increase in condensate to 36,000 bpd and LPG to 1200 MTpd.”

In the fourth quarter 2018, Dana Gas Egypt completed the drilling of the Balsam-8 well and tied it in to the network. The well was completed ahead of schedule and under budget, adding over 5,000 boepd to the Company’s output.

In the KRI, the Company announced a 30% increase in production capacity at the Khor Mor field (pictured), which it jointly operates on behalf of Pearl Petroleum. The expansion of the gas processing plant consisted of a series of plant additions and modifications to de-bottleneck throughput, raising output capacity from 305 MMscf/d of natural gas to 400 MMscf/d, with over 15,000 barrels per day of condensate. This is expected to add up to $50 million annually to the top line without incurring any additional operational costs.

The Company recently posted a strong set of quarterly financial results. 9M 2018 revenue increased 6% to $351 million (AED1,287 mm) from $330 million (AED1,210 mm) over the same period last year and 9M 2018 net profit was $41 million (AED149 mm) versus a net loss of $6 million (AED22 mm) in 9M 2017, excluding one-off items.

(Source: Dana Gas)