DNO ASA, the Norwegian oil and gas operator, today announced that the USD 110 million Peshkabir Gas Capture and Injection Project in its Tawke license in the Kurdistan region of Iraq is onstream and has reached the one billion cubic feet of gas injection milestone.

The project is expected to reduce annual emissions from the Company’s operated production by over 300,000 tonnes of CO2 equivalent, offsetting the emissions from some 150,000 automobiles.

Engineering and construction were launched in mid-2018 and commissioning completed in mid-2020 in what is the first gas capture and storage project in Kurdistan. Some 20 million cubic feet a day of previously flared gas at the Peshkabir field is gathered, treated and transported 80 kilometers by pipeline to the Tawke field where it is injected for storage and reservoir pressure recharging.

Effective June 2020, the project halves the average carbon intensity of the Company’s operated production from 14 kilograms CO2 equivalent for each barrel of oil equivalent produced (kg CO2e/boe) to an average of 7 kg CO2e/boe. This compares to the target set by a group of 12 of the world’s largest oil companies comprising the Oil and Gas Climate Initiative (OGCI) to reduce the average carbon intensity of their aggregated upstream oil and gas operations to between 20-21 kg CO2e/boe by 2025 from a collective baseline of 23 kg CO2e/boe in 2017.

“Gas injection and the associated carbon capture and storage is proven, practical and potentially profitable,” said Bijan Mossavar-Rahmani, DNO’s Executive Chairman. “Our project was completed on schedule and on budget notwithstanding the challenges of working in what is still a frontier oil and gas operating environment and the obstacles posed in the late stages by the Covid-19 pandemic,” he added.

Gas flaring at the Peshkabir field has been reduced by over 75 percent, with work underway to reduce it further. Any Peshkabir field injected gas produced at the Tawke field will be recovered and recycled into the latter or used as fuel to displace diesel.

Reservoir models suggest gas injection will increase gross Tawke field recoverable volume by 15 to 80 million barrels of oil, of which 23 million barrels are included in the gross proven and probable (2P) Tawke field reserves in the DNO 2019 Annual Statement of Reserves and Resources.

DNO’s greenhouse gas emissions increased following commencement of production from the Peshkabir field in 2017 as the oil contains a relatively high associated gas content. Flaring from the Peshkabir field was the largest single contributor to DNO’s total 2019 greenhouse gas emissions of 639,200 tonnes of CO2e.

Mr. Mossavar-Rahmani announced the launch of a new initiative to more actively measure, monitor and mitigate methane leakages at DNO’s operated sites, noting that while CO2 emissions from oil and gas operations receive the greatest attention, methane emissions are a significant but underreported source of greenhouse gas with an impact 25 times greater than CO2 on a 100-year horizon.

DNO operates the Tawke license containing the Tawke and Peshkabir fields with a 75 percent interest; partner Genel Energy plc holds the remaining 25 percent.

The Company will publish its Corporate Social Responsibility Report, which covers greenhouse gas emissions developments and strategies, next week.

(Source: DNO)

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By Antonino Occhiuto, for the Italian Institute for International Political Studies (ISPI). Any opinions expressed are those of the author(s) and do not necessarily reflect the views of Iraq Business News.

What Can Iraq Gain from Kuwait and Saudi Arabia

At first glance, managing and developing ties with Iraq’s neighbours seems to be only one among the many challenges that Baghdad’s new Prime Minister, Mustafa Al-Kadhimi, is facing.

However, as Iraq struggles amid economic turbulences, political divisions and the resurgent terrorist threat posed by Daesh, Kuwait and Saudi Arabia’s involvement in the country appears increasingly important.

Click here to read the full article.

The post What can Iraq Gain from Kuwait and Saudi Arabia? first appeared on Iraq Business News.

By John Lee.

Genel Energy has engaged Pareto Securities to organise a roadshow with international credit investors. The Company may, subject to market conditions and acceptable terms on the new issue, raise a new five-year bond of up to $300 million to replace the Company’s existing bond maturing in December 2022.

Genel had cash in excess of $350 million at 30 August 2020, and net cash of $55 million. Acdording to a company statesment, it “maintains a positive outlook, a strategy of maintaining a robust balance sheet through cycles, and is proactively managing its liquidity runway and debt maturity profile“.

(Source: Genel Energy)

The post Genel Energy considers new Bond Issue first appeared on Iraq Business News.

By Shelly Kittleson, for the Italian Institute for International Political Studies (ISPI). Any opinions expressed are those of the author(s) and do not necessarily reflect the views of Iraq Business News.

The Future of International Security Assistance in Iraq

Almost three years after Iraq declared victory against the so-called Islamic State (IS), whether and to what extent foreign countries continue to assist Baghdad in maintaining security will affect geopolitical alliances, counterterrorism operations, corruption and, indirectly, numerous other issues in the country.

How new prime minister and Iraqi national intelligence service chief Mustafa Kadhimi deals with domestic demands and balances relations with the US and Iran, especially, will also determine whether progress can be made towards a state monopoly on arms during the roughly one year he is expected to remain in office prior to elections.

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By Christophe Michels, Managing Director of the Iraq Britain Business Council (IBBC).

Engineer Rasmi Al Jabri passed away suddenly yesterday on a walk outside his home in Erbil. He will be missed by his family, his tribe and his many friends, colleagues and admirers.

Rasmi was born 1939 in the city of Qurnah in Southern Iraq, where the two great rivers meet and where, it is said, the Garden of Eden once stood. His long and beautiful life encompasses the rise and fall of Iraq in the 20th century and the struggle for Iraq following the war of 2003. Rasmi was a true patriot who cut across political, ethnic, and religious divisions, which all rather seemed strange and artificial to him. He was a man of exceptional integrity with wonderful humour. He loved being part of the community he happened to be in and spoke to all people around him treating them with equal respect, be they ministers, mullahs, taxi drivers or waiters.

Rasmi was constantly on the move in Iraq, in the Middle East, Europe, and Canada, but he never left his home country for long. This happened only once to complete his studies as chemical and petroleum engineer in Birmingham. He loved and admired the United Kingdom and he fully dedicated his last years to building ties between Iraq and the UK. His work with IBBC was purely voluntary and his achievements were so great that you could not have advertised for someone to do the same.

He started with IBBC as an early member representing his company the Basrah Engineering Group (BEG). After a few years he decided to hand BEG over to his associates and to fully engage with IBBC. He first joined our Executive Committee, and soon afterwards became our Iraq Representative to finally join the IBBC Board and become Deputy Chairman.

He worked tirelessly at resolving problems of our Members in Iraq, but his real delight was to organise large delegations of Iraqi businessmen from all regions of Iraq to attend events in London. This effort culminated in over 400 Iraqi businessmen coming to the UK thanks to his efforts last year alone. There is an argument to be made that these businessmen did little business during their visits but this missed the fundamental point that having them leave Iraq and visit the UK was a crucial achievement in itself. It opened a first door to the wider world for many of them and at the same time created a unique feeling of cohesion and patriotism between these large and diverse groups of Iraqis, who found themselves visiting a western country often for the first time.

For more than a year now Rasmi has been working closely with our Baghdad office manager Muhanad Al Khatab, particularly when it comes to the organisation of these Iraqi delegations. I know that Muhanad who had deep sympathies for Rasmi and resembles him in many ways will continue this important work in the years to come.

In July of last year Rasmi, Brigadier James Ellery and myself visited Ramadi following an invitation of our friend and former MP of Ramadi Jaber Al Jabri. When we arrived at Jaber’s residence we found the great reception hall filled with maybe 50 or 60 dignitaries representing the tribes and the political and academic elites of Anbar. For 2 hours Rasmi spoke to all present about IBBC, the United Kingdom and Iraq, and why we had come to visit, and he listened and responded to all the comments made and questions asked. It was a very lively discussion which Rasmi mastered completely on his own talking to these important people whom he had never met before. Our excursion to Ramadi was indeed successful with the Governor of Anbar visiting IBBC in the UK only a few months later.

The day of Rasmi’s demise I spoke with him as I did almost every day and told him that one of our Members was in advanced discussions with Anbar governorate to engage in a major infrastructure project. This news pleased him, but did not surprise him, after all was it not the logical thing to happen?

Sayyid Rasmi whom I have never seen wearing a black turban and who in bars and cafes amused himself and others by ordering a gin and tonic without gin, will be deeply missed. It was a true privilege and blessing to have known him so well.

The post Rasmi Al Jabri, 1939 – 2020 first appeared on Iraq Business News.

By Al Monitor staff. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News.

Denmark will open embassy to Iraq in Baghdad this year

Denmark will open an embassy in Baghdad this fall. The move comes as the NATO member prepares to assume command of the military alliance’s training mission in Iraq later this year.

The Danish Ministry of Foreign Affairs made the announcement on Thursday. The opening of the embassy shows Denmark’s commitment to a lasting defeat of the Islamic State (IS) so that the group does not threaten Europe in the future, the ministry said.

Click here to read the full article.

The post Denmark will Open Embassy in Baghdad first appeared on Iraq Business News.

By Al Monitor staff. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News.

Iraqi prime minister forbids state bodies from classifying Iraqis by sect

Iraqi Prime Minister Mustafa al-Kadhimi ordered state institutions to stop classifying Iraqis by religious sect following a social media outcry on Wednesday.

“The blood that was spilled for Iraqi soil was all the color of martyrdom and heroism,” said Kadhimi’s office in a tweet. “Their classification was not asked.”

Click here to read the full article.

The post PM forbids State Bodies from Classifying Iraqis by Sect first appeared on Iraq Business News.

After an intense collaboration between Al-Burhan Airways and Al-Burhan BIAP Hotel, a fruitful result has finally been obtained by the establishment of the first licensed Heliport in Iraq (Heliport #001).

An opening Ceremony took place on the 10 of Sep, which was attended by the ICAA Director General, BIAP Airport Director, GCANS General Manager and several other parties.

Al-Burhan Group GM Mr. Imad Burhan and Al-Burhan Airways Accountable Manager Mr. Saad Al-Khafaji had both given a brief overview of the new established heliport specs and invited the attendance to witness the heliport first touchdown.

After the successful touch down ABA commercial manager and designer of the Heliport, Noor Hamanadi, gave the following statement:

“This Heliport follows the International Civil aviation organization standards (ICAO annex 14 VII) and the ICAR 12 VII regulations, we certainly hope this heliport adds an extra star to the classy Al-Burhan BIAP hotel and encourages other hotels and establishments to include such a classy facility within their grounds.”

(Source: Al Burhan Group)

The post Al-Burhan Group Launches Iraq’s first licensed Heliport first appeared on Iraq Business News.

Advertising Feature

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 10th Sept 2020).

Please click here to view a table of listed companies and their associated ticker codes.

The RSISX index ended the week at IQD648 (+0.6%) / $679 (+0.6%) (weekly change) (-1.6% and -3.2% YTD change, respectively). The number of week traded shares was 43.6 bn and the weekly trading volume was IQD18.3bn ($14.7mn).

ISX Company Announcements

  • The ISX will hold its AGM on Oct. 26, 2020 to discuss and approve 2019 annual financial statements, the board of governors’ 2019 report on the ISX’s activity, to discuss ISX program for the year 2020, elect a representative for the listed companies, and elect the rest of the board members in the 2020 – 2021 session of the Board of Governors.
  • ISX will suspend trading of Al-Ameen Estate Investment (SAEI) starting Oct. 1, 2020 due to the AGM that will be held on Oct. 6, 2020 to discuss and approve 2019 annual financial statements.
  • ISX will suspend trading of Al-Mosul for Funfairs (SMOF) starting Sep. 29, 2020 due to the AGM that will be held on Oct. 4, 2020 to discuss and approve 2019 annual financial statements.
  • ISX will suspend trading of Ashur International Bank for Investment (BASH) starting Sep. 16, 2020 due to the AGM that will be held on Sep. 21, 2020 to discuss and approve 2019 annual financial results, distributing dividend from 2019 profits and take appropriate decisions.
  • Trans Iraq Bank for Investment (BTRI) announced that the shares of Moyad Ali Al Eidy, Ahlam Younis Farhan, Dhilal Al-Jazeera Company For General Trading and Asalat Al-Janoub Company For General Trading has changed to 0, 15.3 bn, 21 bn, and 17.8 bn shares respectively.

The post Iraq Stock Market Report first appeared on Iraq Business News.

By Hayder Al Shakeri, for the Italian Institute for International Political Studies (ISPI). Any opinions expressed are those of the author(s) and do not necessarily reflect the views of Iraq Business News.

The Al-Kadhimi Government and the Future of Iraq’s Protests

In October 2019, Iraqi youth took to the streets en masse to protest against government corruption and lack of essential services. The protests later developed to call for a total overhaul of the political system, including a new electoral law, early elections held under UN supervision and constitutional reform, among other issues.

The protest movement continues to persist, despite the use of indiscriminate and excessive force by the government and associated militias resulting in the killing of hundreds of protesters in addition to tens of thousands of injuries.

The demonstrations have shaken the political class, forcing changes in the political system, including the resignation of the former government, changes to the election law and the electoral process.

However, due to the limited political movements independent from the current political elite and the resistance of the current political class, it was impossible to form a short-term government that would satisfy both the protesters’ demands and the current political class.

Click here to read the full article.

The post The Al-Kadhimi Govt and the Future of Iraq’s Protests first appeared on Iraq Business News.