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In our efforts to continually expand our service offerings to cater to our clients’ needs in Iraq, Al Majal recently launched an oilfield integrated projects division; Al Majal Integrated Projects (AMIP).
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AMBP is proud to announce the opening of the new recreation facilities for clients and residents to relax and unwind. In addition to our existing recreation facilities, we now offer a golf sports lounge and gaming room.
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Al Majal’s Oil & Gas Market Roundup in Collaboration with Qamar Energy
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The economy is gradually recovering from the double oil and Covid-19 shocks of 2020. In H1 2021, Iraq’s GDP grew by 0.9% y-o-y. According to the IMF, the economy is expected to have grown 3.6% in 2021 and to grow 10.5% in 2022
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The Iraq National Oil Co. (INOC) will acquire ExxonMobil’s stake in the West Qurna-1 oilfield, following the federal government’s approval of the takeover. Arkan al-Shaibani, Iraq’s minister of Communications, said that Iraq was offering US$ 350 M to ExxonMobil for its stake in the West Qurna-1 contract.
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Al Majal is happy to announce its new, three-year partnership agreement with Iraq Drilling Company (IDC).
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Iraq’s nationwide oil exports rose to 3.681 Mb/d in December, up from 3.678 Mb/d from November levels.
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In mid-January, the Iraq-Turkey Pipeline (ITP) stopped Iraq’s northern oil export flows temporarily due to an explosion on the Turkish side.
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Federal Iraq and the semi-autonomous KRG have reached a notional agreement to implement a revenue-sharing deal that stalled since the ratification of the 2021 budget on March 31.
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Iraq has finalized contract terms with China’s Sinopec to develop the Mansuriyah gas field, though the deal will not be signed until a new government is officially formed.
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UAE-based Dana Gas and it partner Crescent Petroleum mentioned that gas production from their operation at the KRI grew 50% to reach a record 452 MMscf/d by end-2021.
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Key Iraq Events – Refinery
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Ihsan Abdul-Jabbar, Chairman of INOC, laid the foundation stone for the US$ 594 M crude oil processing plant in the exploration Block 9, situated in the Faihaa oilfield near Basra, at a capacity of 100 kb/d along with 135 MMscf/d of gas at a future stage for power generation.
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Iraq’s electricity sector is suffering acute disruptions because of natural gas shortages, reflecting weak energy infrastructure and overreliance on Iranian energy imports.
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Key Iraq Events – Renewable Energy
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Iraq is planning to set up a sovereign wealth fund wherein it will deposit 1% of oil export revenues each month to finance renewable energy projects and develop a cash reserve for future generations.
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Iraq seeks to raise the share of clean energy to 33% by 2030 building on solid expansion in solar capacity, according to the country’s oil minister.
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Key Iraq Events – Politics
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The Ministry of Finance said it is working on preparing legislation for the 2022 budget, which was supposed to be approved on the 1st of October.
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Iraq’s semi-autonomous Kurdistan Regional Government (KRG) resumed oil imports from northeast Syria, solving a diplomatic dispute that threatened an economic lifeline for the Kurdish administration in Rojava.
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Top Energy Deals in the Region
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BP signed a pact with Oman to deliver multiple GW renewable energy and hydrogen projects by 2030.
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