Arab Today, arab today big energy firms may have to give up iraq gas
Last Updated : GMT 17:02:07
Arab Today, arab today
Arab Today, arab today

Big energy firms may have to give up Iraq gas

Arab Today, arab today

Arab Today, arab today Big energy firms may have to give up Iraq gas

Dubai - Arabstoday

Many of the world\'s biggest energy companies may have to surrender most of the gas from Iraq\'s vast southern oilfields to a processing and export project led by Shell, a final draft contract between Baghdad and Europe\'s biggest company, obtained by Reuters, shows. Oil giants including Royal Dutch Shell, BP, US-based Exxon, China\'s CNPC, and Italy\'s Eni signed technical service contracts to develop three oilfields in southern Iraq in 2009-2010. But the oil deals to develop the Zubair, Rumaila and West Qurna 1 fields near Basra oblige the big oil contractors to surrender the gas they do not use for reinjection or power generation to Iraq\'s state-run South Gas Co (SGC). Under the $17-billion (Dh62.4 billion) gas deal that is to be ratified by the Iraqi cabinet, Baghdad has pledged to do what it takes to ensure these fields supply the Shell-led Basra Gas Company (BGC) joint venture with all the raw gas and natural gas liquids (LNG) it needs, including for an LNG export plant. \"[The] SGC shall [ensure] that all raw gas produced from the dedicated fields [other than utilised gas but including all NGLs]... shall, on and from commencement of operations, be dedicated solely to the venture,\" the contract reads. \"The ministry shall ensure that [the] SGC fulfils its obligation to supply and make available to [the] BGC all committed volumes and planned volumes of raw gas, including by making available deficit volumes as needed,\" said a letter of confirmation from the Energy Ministry attached to the contract. Under the terms of the oil contracts, the SGC owns all the gas not used for oil recovery or power generation at the oil fields. With production from some of the world\'s largest underdeveloped oilfields expected to surge over the next decade, there is likely to be much more gas than the country needs before long. The other big oil companies could propose alternatives for using some of it and some are understood to be considering their own gas projects. But the oil ministry\'s confirmation letter attached to the deal said the government will make sure the SGC meets its side of the supply deal and ensure that other parties do not prevent it from doing so, including \"not permitting any other entity to do a specified thing.\" The quantities of raw unprocessed gas the SGC will deliver to the Shell-led joint venture are not in the draft and will be revised in line with output from the oilfields. But the signatories expect dedicated volumes at plateau of at least 2 billion standard cubic feet per day of raw gas to be available — a vital part of Iraq\'s master plan to boost electricity and domestic industry output.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today big energy firms may have to give up iraq gas Arab Today, arab today big energy firms may have to give up iraq gas

 



Arab Today, arab today
Arab Today, arab today Fadi explains secrets of  Nancy Ajram's newlook

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Zainab al-Maliki reveals herTV presenter models

GMT 18:12 2017 Friday ,24 February

Zainab al-Maliki reveals herTV presenter models

GMT 05:33 2017 Thursday ,23 February

Oil slips but close to multi-week high

GMT 17:44 2017 Wednesday ,22 February

Gasoline 98 octane price surges LL100

GMT 15:37 2017 Wednesday ,22 February

Nakilat Posts QR 955 Million Profit in 2016

GMT 15:32 2017 Wednesday ,22 February

Laffan Refinery 2 Cost QR 3 Billion

GMT 15:31 2017 Wednesday ,22 February

Oil up 2% as OPEC chief sees higher compliance with cuts

GMT 07:00 2017 Wednesday ,22 February

Oil prices rise on high OPEC compliance with output cuts
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Actress Lobna Abdel Aziz proud of her career

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday