LUKOIL Starts Returning Investment on West Qurna-2

A crude carrier chartered by LITASCO (LUKOIL’s international marketing and trading arm) arrived today (Wednesday) in South Iraq’s port of Basra to receive the first batch of oil as part of the recovery of LUKOIL’s costs from phase one (“Early Oil”) of the West Qurna-2 project.

The vessel will spend several days in the port to load one million barrels (about 160 thousand tons) of oil. It is the first crude carrier to transport buy-back oil that belongs to LUKOIL in accordance with the terms of the West Qurna-2 Service Contract.

Meanwhile production at West Qurna-2 has reached a level of 280 thousand barrels per day. The project is continuing according to plan with LUKOIL successfully fulfilling its contractual obligations.

The loading of this crude carrier provides further evidence of the reliable partnership between LUKOIL and the Iraqi side in developing the country’s oil industry,” said Andrey Kuzyaev, Vice President of LUKOIL and President of LUKOIL Overseas.

(Source: LUKOIL)

Iraq Business News » Oil & Gas
KRG Challenges Texas Court

The KRG Minister of Natural Resources, Ashti Hawrami (pictured), commented today (Wednesday) on the Iraqi federal government’s petition to a US court to seize crude oil produced in the Kurdistan Region.

The KRG’s lawyers sent a letter to a court in Texas to explain the misrepresentations of the Iraqi federal government. The Iraqi federal government has petitioned a Texas court for an order to seize crude oil legally produced, exported, and sold by the KRG in accordance with the Iraqi constitution and law. The letter indicates the possibility of massive counterclaims against the federal government,” said Minister Hawrami.

The federal government of Iraq is trying to achieve in foreign courts and in the Iraqi supreme court what is denied to the federal government by the Iraqi constitution. The federal government cannot win, because our crude is legally produced, shipped, exported, and sold in accordance with the rights of the Kurdistan Region as set forth in the Iraqi constitution,” continued Minister Hawrami.

Our claims for unpaid compensation, which must be paid as provided in the Iraqi constitution and the law, will also be before any foreign court in which the federal government is seeking to attack us,” Minister Hawrami continued.

Click here to view the letter sent to the federal court in Texas.

(Source: KRG)

Iraq Business News » Oil & Gas
Federal Judge Rules On Kurdish Oil

By Patrick M Schmidt.

Despite a ruling yesterday that allowed United States Marshals to seize Kurdish oil onboard the United Kalavrvta, a federal judge overturned their own decision. Given the distance of the tanker from American shores, the United States Marshals could not have legally seized the cargo.

The judge instead suggested that the dispute regarding the tanker’s cargo be solved in a court in Iraq.

The United Kalavrvta contents would only be at risk of seizure if the ship came within 13 miles of the American shores. In May, one load of oil was delivered to a buyer in the United States from the Kurdistan Regional Government (KRG). Four other tankers have successfully offloaded oil shipments to Israel.

(Source: Reuters)

Iraq Business News » Oil & Gas
Talisman Energy Updates in Kurdistan Operations

By John Lee.

As port of its operating and unaudited financial results for the second quarter of 2014, Talisman Energy Inc. (TSX:TLM) (NYSE:TLM) has given the following update on its operations in Iraqi Kurdistan:

In the Topkhana Block, testing continues on the T-2 well and is expected to be complete in the coming days.

“In the Kurdamir Block, Talisman continues to evaluate next steps after the completion of the K-2 extended well test.

(Source: Talisman Energy)

Iraq Business News » Oil & Gas
Det norske Gets Drilling Permit from NPD in Production Licence 553
The Norwegian Petroleum Directorate has granted Det norske oljeselskap ASA a drilling permit for wellbore 34/7-36 S, cf. Section 8 of the Resource Management Regulations. Wellbore 34/7-36 S will be...

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