Page 19 - MEOG Week 02 2021

MEOG NEWS IN BRIEF MEOG

off production cuts in 2021, oil fields in Basra having been approved by the former Cabinet. Executive Officer of the Russian gas producer
are ready. And the multi-billion dollar southern Aleksei Miller told reporters on Friday.
After the Oil Ministry ordered roughly 1 infrastructure project, once under direct “Today marks one year since the grand
million bpd of cumulative cuts, many fields negotiation with ExxonMobil, is being split up ceremony of opening of the TurkStream
have already begun climbing back to their into smaller, targeted projects – all necessary offshore gas pipeline. It safely transports the
former capacity, while others can be ramped to be able to increase production and Russian gas via the Black Sea for consumers
up quickly. ultimately move more crude to market. in Turkey and as many as six European states:
The production hiatus has been good for This doesn’t mean ExxonMobil is leaving Bulgaria, Greece, North Macedonia, Romania,
many fields, according to Hassan Mohammed Iraq, said Hassan, who also serves as the head Serbia, Bosnia and Herzegovina. Gazprom
Hassan, the director general of the state- of the joint management committee for West has increased utilization of the gas pipeline
run Basra Oil Company (BOC), whose role Qurna 1, which ExxonMobil operates. since commissioning 2.2-fold, particularly for
includes overseeing all fields under technical IRAQ OIL REPORT European consumers - 2.5-fold,” he said.
service contracts with foreign oil companies In 2020, Turkey, Greece and North
in Iraq’s largest oil province. Macedonia increased gas purchases from
At Majnoon, for example, where GAS Gazprom, CEO added.
production has recently been reduced to The TurkStream export gas pipeline runs
about 130,000 barrels per day (bpd), two TurkStream utilisation up along the bottom of the Black Sea from Russia
new facilities are being built that could bring to the coast of Turkey. Its throughput capacity
capacity up to 450,000 bpd in two years. 2.2-fold in one year is 31.5bn cubic meters of gas per year. The
Still, Iraq has to overcome contracting pipeline is aimed at supplying gas to Turkey
obstacles that are decided in Baghdad but Gazprom increased utilization of and southern and southeastern European
which will impact BOC operations. Bidding the TurkStream gas pipeline since its countries transiting Turkey.
Round 5 contracts awarded in 2018 are still commissioning 2.2-fold, particularly for TASS
“under negotiation,” Hassan said, despite European consumers - 2.5-fold, Chief

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