Page 12 - MEOG Week 07 2023

MEOG NEWS IN BRIEF MEOG

global markets. “To be honest, the stance Turkey has in factor that will first, provide the needed
This creates a significant differentiated terms of entering Iraq, whether through security for Lebanon to exploit all of its
income stream, fundamentally separate to gas army or aircraft, has embarrassed the resources with partners that would otherwise
derived revenues. The cargo has been sold as Iraqi government, the Kurdistan Regional not be encouraged to participate … [while
part of a multi cargo marketing agreement Government, and both the Iraqi and Kurdish also] not giving up any of our resources,”
with Vitol; the first of a new source of East people; they all disapprove of this in every Fayad said.
Med energy to reach Europe. way,” Rashid said. With this deal, Lebanon managed to
ENERGEAN In November 2022, Turkey launched its “seize a very fortunate moment in history,
aerial operation, ‘Claw-Sword,’ in northern when we had the global demand, soaring gas
Iraq sends oil to Syria, Iraq to combat Kurdish separatists from prices, and everybody wanting gas from the
the Kurdistan Workers’ Party (PKK), which
Mediterranean”, he said.
Turkey Ankara holds responsible for the Istanbul QatarEnergy (QE) to join TotalEnergies and
This new stability encouraged state-owned
bombing that took place that same month.
The Iraqi government disclosed on 15 According to a report from The Cradle, Italy’s Eni in both block 9 and the nearby
February that Baghdad will dispatch 60,000 Turkey has 38 illegal bases in Iraq to create block 4, effectively replacing Russia’s Novatek
tons of fuel oil to Syria and 30,000 tons to a 40km-deep security belt between the two which pulled out of the joint venture late last
Turkey, following last week’s 7.7 magnitude countries. Turkey has also occupied parts of year for what it described as “economic and
earthquake that reportedly took over 41,000 northern Syria in an effort to combat Kurdish financial” reasons and “political risk”.
lives. forces. QE now holds a 30pc stake in the two
In a statement released by the Iraqi THE CRADLE licences, with TotalEnergies and Eni each
government, shipments of humanitarian aid holding 35pc stakes.
will be delivered to Syria from Iraq via the Lebanon has now “achieved the maximum
Al-Mikhtaf area, located in Iraq’s territorial GAS that could be achieved at this stage”, Fayad
waters, to help mitigate the earthquake’s said. “We can always dream of more, but you
impact. Lebanon eyes block 9 have to think of what’s achievable.”
The Iraqi Red Crescent Society (IRCS) had ARGUS
already sent its first batch of humanitarian exploration results by year
aid to Syria on 6 February via Iraqi Air Saudi gas production rises
Force planes. The shipment included 60 end
tons of food, medical supplies, and 150 Iraqi close to 3% in 2021
Red Crescent volunteers, including several Lebanon aims to complete drilling the first
paramedics. exploratory well in its offshore block 9 before Saudi Arabia’s natural gas production in
Baghdad also affirmed that it would send or by the end of this year, the country’s 2021 increased by 2.9% to 126 million
30,000 tons of fuel oil in solidarity with energy minister Walid Fayad told the Egyps tons of oil equivalent or 4,928 billion cubic
Ankara. Business groups in Ankara estimated conference in Cairo today. feet, according to the General Authority of
that the devastating earthquake caused as Drilling of the first exploratory well is Statistics.
much as $84 billion in damages in Turkey, expected to begin “at the end of the summer”, In a report released on Sunday, GASTAT
which amounts to more than a tenth of the Fayad said, in line with recent comments further revealed that natural gas reserves
country’s GDP. from TotalEnergies’ chief executive Patrick increased by 0.91% in 2021 compared to 2020,
Iraq’s aid to Turkey comes despite recent Pouyanne on its aim to start drilling in the reaching 8,293 million TOE or 329,081 billion
tensions between the two countries. Over third quarter. cubic feet.
the past year, Turkey has regularly bombed The plans to drill in the block were Crude oil reserves increased by 0.04%
positions in northern Iraq to combat the formalised after a much-anticipated deal in 2021 compared to 2020, reaching 37,065
presence of Kurdish armed groups, which between Lebanon and Israel was struck in million TOE, equivalent to 267,192 million
Ankara deems as terrorist organisations. the third quarter of last year to delineate the barrels.
Last month, the Iraqi President Abdul maritime border between the countries. The However, crude oil production decreased
Latif Rashid informed Turkey that the southern part of block 9 covered an area that by 1.23%, reaching 462.01 million TOE or
normalisation of relations between Ankara had been contested by both sides for many 3,331 million barrels.
and Baghdad could not happen while Turkish years. Likewise, crude oil export decreased by
forces continue to violate Iraq’s sovereignty. The agreement was “a historic stabilising 6.11%, reaching 315.31 million TOE or 2,273

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