Arab Today, arab today shell mulls bid in iraq oil auction
Last Updated : GMT 12:25:09
Arab Today, arab today
Arab Today, arab today

Shell mulls bid in Iraq oil auction

Arab Today, arab today

Arab Today, arab today Shell mulls bid in Iraq oil auction

London - Arabstoday

Royal Dutch Shell is weighing making a bid in an Iraqi auction of exploration rights that Baghdad has promised to make more lucrative for foreign investors. In Iraq's last tender, not a single western oil major made a bid, and only three of 12 contracts were ultimately awarded, mostly to smaller independent companies. Last week the Iraqi oil ministry said it was revamping the economic terms for its fifth auction since 2003. "The licence terms have to be attractive and they have to be competitive," said Mark Carne, the executive vice president of Shell for the Middle East and North Africa. "We have to decide where to best use our human resources and our financial capital on a global basis, so we will bid for licences in those places that are competitive and, if they're not competitive, then we will use our resources elsewhere." Iraq is strategically key for Shell, which won a service contract to boost capacity at the Majnoon oilfield in 2009 and in November secured approval for a US$17.2 billion (Dh63.17bn) joint venture to capture gas being flared across southern Iraq. Shell's expansion of its relationship with Baghdad came even as other oil majors such as ExxonMobil and Total were working on deals in the autonomous Kurdistan region, which offers contracts that let companies take an equity share of oil rather than just a per-barrel service fee. The Iraqi oil ministry, which asserts such contracts signed with Erbil are illegal, has blacklisted companies entering Kurdistan and threatened to expel them from projects in southern Iraq. But its promise to make the terms of its fifth auction more attractive signals a willingness to make concessions to foreign companies to compete with Erbil. "Every government, in a way, has the same dilemma," said Mr Carne. "Every government wants to ensure that they get the largest possible slice of the pie for the national resource holder but, at the same time, they have to attract international investment because they need the expertise, technology and skills that international investment can bring." A deadline of the end of the year looms for Shell to boost production at Majnoon to 175,000 barrels per day (bpd) from a first-quarter average of 18,600 bpd, under a deal with the Iraqi oil ministry. In its gas venture with Mitsubishi and the Iraqi government's South Gas Company, by 2017 it hopes to recover all gas being flared. "There's far more gas in south Iraq than can currently be [used for] domestic power demand alone," said Mr Carne. "So the choice that needs to be made by the Iraqis in the longer term as to whether they use the gas for local industralisation and/or for export." That opens possibilities to build new pipelines or export terminals that could supply gas-short countries such as the UAE. From: The National.

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 shell mulls bid in iraq oil auction Arab Today, arab today shell mulls bid in iraq oil auction

 



Arab Today, arab today
Arab Today, arab today Saudis await visitors but will they come?

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Blind sheikh buried in Egypt

GMT 06:32 2017 Thursday ,23 February

Blind sheikh buried in Egypt
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

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

GMT 05:23 2017 Tuesday ,21 February

Oil rises, but growing US output threatens rally

GMT 00:24 2017 Tuesday ,21 February

OPEC daily basket price announced for Thursday

GMT 16:12 2017 Sunday ,19 February

Oil prices still under pressure from North America

GMT 12:06 2017 Sunday ,19 February

Iran discovers two-billion-barrel shale oil reserves
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
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 Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
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 Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Salma Rashid happy for 'A Whisper of Love'

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
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