Thread: Archive News - Iraqi Dinar Think Tank - 22/06/2010 - 04/10/2010

Oil discoveries, the goal of global companies

Created the developments on the oil industry all the details of new data where there should be consideration to the oil sector or the energy sector to the general meaning as a single or number one.

The talk about the huge development at the level of technologies used in the process of prospecting, exploration or talk about the great development in size and type of international companies specialized in this area, or the amendment that occurred on the contractual mechanisms and partnerships through the rapid change seen by the square of supply and demand from day to day up to the competition taking place Between producers and importers at the level of pricing and development, relationships and acquisitions, all that must be addressed to a single non- fragmented perspective when talking about the oil industry and detail.

More accurately, the energy sector is witnessing a clear focus by the international companies specialized in the exploration of data quality and geographical statistics for estimating the size of reserves and the accuracy and reliability of those results are clearly in the current period and the next, in order to facilitate strategic decision-making faster and more accurate to ensure the highest Degree of consistency between the reservoirs replace screening and geologists to enable them to carry out the tasks without interpretative afford more and more responsibility. On the other hand, we find that countries that attract high reserves of oil and gas discovered and undiscovered moving towards the development of market analytical solutions to them. In order to stimulate activities in the field of oil and gas at the level of exploration and development and to address issues of low reserves estimated decline in the sources and supplies a long-term, these trends will lead the oil and gas industry to obtain the advantages of more competitive and the ability to make decisions quickly and strengthen the capacity utilization of resources optimally.

The reports issued by major international companies interested in the oil sector GCC company that Black Gold UAE and wholly owned group of companies Zarouni proceeded to enter the field of oil exploration and production in northern Iraq. The company has invested between 80 and 100 million dollars in the project in northern Iraq, is scheduled To be launched excavations in 2010, while expected to begin production stage in early 2011. The company "Black Gold" had entered into partnership agreements eligible to participate in the work of prospecting for oil and gas and the development of their fields in the Kurdistan region of Iraq that will be implemented by a coalition of international companies in the region. Activities include the share of operating at 40% of the participation contract production in Erbil run by Norwegian oil company, "DNA or", and share operational reach 80% of the participation contract Khalkaan productivity, which was launched recently and consists of two blocs, formerly known by K28 and K29.

In the same context, a company which Gulf Keystone Petroleum to drill for oil and gas a significant oil discovery in the Kurdish region in Iraq. Ranging initial estimate for the amount of oil discovered between 300 000 500 million barrels. The company also found oil in the non-deep exploratory well Shikan 1. The flow of oil in quantities between 5000 and 8000 barrels per day and plans to drill deeper in the same well to reach configurations may contain more than 1.5 billion barrels of oil.

The United Arab Emirates, the Al "KBR" on the contract from each of the Conoco Phillips oil company Saudi Aramco to provide engineering services and management for the package of public services and systems to link machines and pipes to a refinery project Yanbu export the joint between the two companies, the project is in currently in bidding engineering, procurement and construction Pending investment decision final by the owners of the project, which is refinery manufacturing card 400000 barrels per day in Yanbu Industrial City in Saudi Arabia, is for "KBR" on the contract extension to hold the current management of the project with ConocoPhillips, Saudi Aramco, comes in the wake of complete engineering services, integrated design Yanbu refinery project by KBR.

In Saudi Arabia, entered Saudi Arabian Oil Company (Saudi Aramco) Memorandum of Understanding with Oilfield Services Contractors (OSCC) and aimed to create a new complex of energy in the city of Dammam, eastern Saudi Arabia where he will Oilfield Services Construction planning the establishment of the pool and run on an area 1.5 million square meters in the Second Industrial City Dammam investments worth 250 million dollars.

Reports indicated that these developments on the oil industry because they face the industry challenges at the level of the high costs of research and exploration and studies with the introduction of Abien account the volatility of extreme recorded prices of energy products from time to time, which affects directly the decisions of specialized companies and countries involved in the Direct more spending on exploration results are not guaranteed that the results are not up to the levels of trade volumes and large the feasibility of an exploratory high.

http://www.almowatennews.com/news_view_7231.html

Five investment companies and the Arab world of the Internet compete for the development of service in Iraq

The company announced the public services international network of Internet information in the Ministry of Communications that it reached the final stages in the agreement with five companies to invest in this sector in the country.

An official source in the company in a statement published by news agency Wednesday that the company has prolific activity in the investment by the telecommunications sector and especially the Internet.

"The company is in the process of discussions with other companies, hoping that the number of companies that provide services to citizens, to 15 companies to create competition among them in the market, as well as strengthening the technical and financial company, saying that these companies will offer various services to beneficiaries Kallowayrls and Albroond Band and others.

http://radionawa.com/ar/NewsDetailN....038&LinkID=155

"economic optimism" holding the Arab Summit in Iraq

considered an expert economic Iraqi on Tuesday, the next Arab summit in Iraq will give a splash of life to the economy and the Iraqi market, noting that the economic feasibility of the desired expenditure of more than 276 million dollars earmarked for this summit will be key to run the sectors The Iraqi economy and an important outlet to absorb a large proportion of unemployment.

The peace Sumaisem told Kurdistan News (Akaniwz) The "allocation (276.595) million dollars to host the Arab summit conference to be held in Baghdad or Irbil, hardly will be sufficient to bring about the desired reforms, although that sounds hostile Takrst and expressed displeasure over the allocation of such sums", Pointing out that "a series of reforms intended require a network of facilities and amenities, such as networks of Internet and communications and so on."

She pointed out that "The real motive and economic feasibility of this desired spending far exceeded the amount allocated, as would be the key to run the sectors of the Iraqi economy and an important outlet for the absorption of the sizeable proportion of unemployment prevailing in the labor market" Iraqi .. After thought by saying "in addition to encourage the demand for goods and services to sectors related to structural and financial sectors with the implementation and this will give a splash of life to the economy and the Iraqi market which is important to a lot."

Sumaisem believes that "the interest of the coming Arab summit held in Iraq, not just political, although political affairs at the forefront".. Indicated that "the issue is the interpretation of the will of Arab support for Iraq and the new experience to demonstrate this support a reality and bring in applications from abroad through the land of home and deal with the experience of Iraq realities for real."

Increased to say, "and that reverberate so great to open the doors for investment and stimulate investors through to prove the fact in a good environment to attract inward investment, because it is not obvious impact of international support embodied in the upcoming summit as it means the existence of a new Iraq, and well."

It noted that "the decision to allocate more than 276 million dollars to hold the upcoming summit is an injection of hope for ailing Iraqi economy."

And Iraq's cabinet agreed on the earlier recommendations of the Subcommittee for reconstruction on the preparations for the Arab summit conference to be held in Iraq in March 2011 and the allocation of the amount of (276.595 million) dollars includes assignments for companies and compensation consulting offices and control and the provision and supervision with the amounts speculative for the rehabilitation of the VIP lounge major Baghdad International Airport, guest houses and offices of the president in Jadriya and the Green Zone.

http://www.aknews.com/ar/aknews/2/172478/

Iraqi farmers expect surge in production of dates

Iraqi farmers say they expect a hike in the production of dates in central and southern parts of the country.

They attribute the promising forecast to the extra measures taken this year to combat palm tree diseases.

The good news came from the agricultural department in the religious city of Karbala whose groves and orchards are among the best preserved in the country.

The department, in a statement, said it based its positive forecast on the small agricultural district of al-Khayrat whose groves and orchards include more than half a million date palm trees.

The statement said the district was on its way to harvest more than 9,000 tons this year compared with 4,500 tons last year.

“This almost 100% surge in production,” the statement said.

“The farmers in the district took good care of their orchards, used pesticides and fertilizers,” the statement added.

It is not clear whether all Iraqi farmers with date palm groves have taken similar care of their trees.

Iraq once boasted having more than 30 million date palm trees, but it has lost more than two thirds of them in the past three decades.

Iraq produces 350,000 tons of dates annually, but consumes less than half of the volume. The surge in production expected this year will reduce prices substantially and raise the need to revive exports.

Iraq once was the world’s fifth-largest date producer before the 2003 U.S. invasion destroyed its farms.

The suspension of exports forces farmers to feed the excess production to animals.

Experts say much of Iraqi date harvest is the poor quality and unfit for export and the average produce of a date palm tree in Iraq is among the lowest in the word.

Mature date palms can produce up to 100 kilograms of dates a year.

http://www.azzaman.com/english/index...08-10\kurd.htm

UAE's Damac eyes project completions, in Iraq talks

Dubai's largest private developer, Damac Properties, is focused on completing projects in the Middle East and North Africa but also in talks about work in Iraq after a big project there was shelved, an executive said.

"The focus now is not on launching new projects. We have to consolidate what we started," General Manager Ziad El Chaar told Reuters in an interview on Tuesday.

Its main developments are at home in the United Arab Emirates and Egypt and the company expects to hand over seven projects, totaling 3,900 units of residential, retail and commercial space in Dubai by the first quarter of 2011, Chaar said. It has delivered 3,500 units this year, he added.

Damac is building 12,500 units across its markets in the Gulf Arab region, Egypt and Lebanon, most set to be handed over by early 2013. It also has projects in Qatar and Saudi Arabia.

In July, Damac awarded a $120 million contract in Jeddah to Drake & Scull International, as more UAE property firms tap huge demand in Saudi Arabia.

Several developers in the United Arab Emirates have changed their portfolios since the economic downturn to include building homes for middle and low income sectors, but Damac is staying with the luxury segment.

"This is the core competence of the company," Chaar said.

Dubai, the tourist and business hub of the Gulf, was hit hard by the financial crisis.

Billions of dollars worth of projects were also put on hold or cancelled and property prices slumped some 50 percent from their peaks.

"With prices moving towards a more affordable arena, I think from all the countries where we originally had buyers, we are seeing those buyers coming back," Chaar said, adding typical buyers were now buying properties for living and leasing purposes rather than quick sales.

Damac cut a number of jobs as a result of the economic downturn but has been hiring "for some time" in the project management department as it looks to complete projects, he said.

The developer is still in talks with the Kurdistan government in northern Iraq over opportunities in the country, after a 55 billion dirham ($14.97 billion) Damac project there was stopped last year, Chaar said.

Damac announced the Tarin Hills residential, commercial and hospitality development in 2008.

"It was an amicable decision between both parties that the product in its format wouldn't be feasible, so the licence expired," said Niall McLoughlin, senior vice president for marketing and corporate communications.

"We are in negotiations about how we can work with the government to bring in a product to the market that fits with customer demands. We are looking at a whole host of possibilities."

Its key projects in the Middle East and North Africa include The Waves, a two-tower residential project in Dubai Marina, Business Square in Doha, Qatar, and Gamsha Bay, a retail, residential and luxury development on the Red Sea in Egypt.

http://www.arabianbusiness.com/59466...-in-iraq-talks

Iraq to Produce Natural Gas in 2 Years

Iraq will produce natural gas in two years, and will become one of the most important gas exporters to Europe, according to a report from Aswat al-Iraq.

As we recently reported, the fate of the three gas fields of Akkas, Mansouriya and Siba will be decided in October.

A source from the Iraqi Oil Ministry told Aswat al-Iraq news agency on Monday that factors such as production levels and costs will be considered in evaluating the bids.

“Iraq will use only about 50% of the produced gas to generate electricity, while the rest will be exported,” the source added.

http://www.iraq-businessnews.com/201...as-in-2-years/

Korean Firm Hits Oil in Northern Iraq

South Korea’s state-run petroleum company said on Tuesday that it has discovered crude oil reserves in two blocks in northern Iraq.

AFP reports that the Maeil Business Newspaper said the reserves in the Bazian and Sangaw North blocks in the Kurdistan autonomous region are estimated to total two billion barrels.

But the Korea National Oil Corp (KNOC) said in a statement it was too early to estimate the size of the reserves. It said a formal announcement of the discovery would be made only after consultation with local authorities.

The Bazian block, in which a KNOC-led South Korean consortium has a 100 percent stake, holds an estimated 1.27 billion barrels, the newspaper said, quoting sources at KNOC and the Ministry of Knowledge Economy.

Sangaw North, in which KNOC has a 20 percent stake, is believed to have 790 million barrels, it said.

Under a production-sharing contract with Kurdistan, South Korea would have some 410 million barrels, it added.

KNOC secured five exploration blocks in northern Iraq (Kurdistan autonomous region) in November, 2008.

The five blocks, located in the Zagros basin of northern Iraq, are estimated to have 7.2 billion barrels of petroleum resources. KNOC operates three of these blocks – Qush Tappa, Sangaw South, Bazian – and is a partner in the Sangaw North and Hawler blocks.

Canada’s Heritage Oil has already discovered a large crude reserve just three kilometres from Bazian, Yonhap news agency said.

The Iraqi central government has lodged a protest over KNOC’s development of oilfields in Kurdistan and excluded it from its own oil development projects.

http://www.iraq-businessnews.com/201...northern-iraq/

Kuwait, Iraq Close to Deal on Shared Oilfields

Iraq and Kuwait are expected to reach an agreement soon setting guidelines for investing in oilfields which cross their desert border, The Kuwaiti Al Jarida daily reported on Monday, according to Reuters.

When Iraq invaded its Gulf Arab neighbour 20 years ago, Iraq accused Kuwait of stealing billions of dollars worth of oil from these fields through horizontal drilling. Kuwait denied the charge.

The Al Jarida daily said in an unsourced report that a committee from the two countries met on Sunday in Kuwait to discuss the matter, and that an agreement was imminent.

The newspaper said Kuwait and Iraq will assign a “third party” it did not name to determine the size of these fields and each country’s share in them.

http://www.iraq-businessnews.com/201...red-oilfields/

Iraq ‘Loses 150 Oil Wells’ in Border Demarcation

A former member of the Iraqi parliament has announced that Iraq lost oil wells in the border demarcation with Iran and Kuwait.

Some other oil wells are located in the common Iraqi-Iranian borders in Faw and Khanaqin, but they are not divided between both parties. The Iraqi government has lost a great amount of its natural resources to Kuwait because the oil wells close to the Kuwaiti borders (Umm Qasr area) are the richest, and are expected to yield between 20 and 30 million barrels.

Former MP Ali Hussein told AKnews on Tuesday, “The Iraqi government can not contest the lost oil wells because the current border formation is approved by the United Nations and neighbouring states.”

“Iraq will loose mpre oil wells by re-drawing its border with both Iran and Kuwait, but the scale of oil production from the oil wells located between Iraq and Iran is quite different from those between Iraq and Kuwait,” he added.

The oil wells between Iraq and Iran borders produce about 5,000 barrels per day (BPD), but they are managed by a joint mutual commission of both countries.

Concerning the U.N. demand to complete the demarcation of the border, he said, “The Iraqi government can not finish it because Iraq is still subject to Article VII of the UN Charter, so the central government accepted the U.N. new border delimitation.”

Muhtasam Akram, the deputy of the Iraqi Oil Ministry said on the other hand, “Iraq agreed to determine its border with Kuwait under the supervision of the U.N. observers.”

“We have not allowed to give details about this matter because it is related to the mutual contract between both parties”, he concluded.

http://www.iraq-businessnews.com/201...r-demarcation/

Iraq needs US military support until 2020: army chief

The Iraqi army will require American support for another decade before it is ready to handle the country's security on its own, Iraq's army chief of staff told AFP on Wednesday.

Lieutenant General Babaker Zebari said Iraq's politicians had to find a way to "fill the void" after American troops withdraw from the country at the end of next year under a bilateral security pact.

"At this point, the withdrawal (of US forces) is going well, because they are still here," Zebari said.

"But the problem will start after 2011; the politicians must find other ways to fill the void after 2011, because the army will be fully ready in 2020.

"If I were asked about the withdrawal, I would say to politicians: the US army must stay until the Iraqi army is fully ready in 2020."

Zebari's remarks came as US forces were in the process of withdrawing thousands of soldiers from Iraq to meet an August 31 declaration of an end to combat operations by US troops.

By that point, Washington has committed to having 50,000 troops stationed in Iraq, from about 64,000 now.

http://www.zawya.com/Story.cfm/sidAN...20army%20chief