Petrobras May Compete for Iraqi Oil Deal


Iraqi Oil Fields
(Click to Enlarge)

AMMAN (Dow Jones Newswires), Mar. 26, 2009

Brazil's state-run oil company Petrobras could join a U.S. firm and two European companies in competing for a contract to develop Iraq's Nahr Bin Umar oil field, a senior Iraqi oil official involved in talks with international oil companies told Dow Jones Newswires Thursday.

"Petrobras had carried out studies on Nahr Bin Umar during the 1970s and the Oil Ministry may invite it for negotiations," the official said.

Earlier this week, an Iraqi oil official said Baghdad had invited a consortium of Total SA and Chevron Corp. to compete against StatoilHydro ASA and a fourth company which he didn't name.

In the 1990s, Total signed a tentative agreement with Saddam Hussein's regime to develop Nahr Bin Umar, but no final deal was signed due to the then economic sanctions.

The field has about 6.6 billion barrels of reserves and a potential production of 440,000 barrels a day.

Petrobras worked in Iraq in late 1970s and it actually discovered the current super giant Majnoon oil field with proven oil reserves of around 12 billion barrels, according to former Iraqi officials.

The Nahr Bin Umar field's contract would be similar in format to a contract in the southern Nasiriyah field for which Japan's Nippon Oil Corp., Italy's Eni SpA and Spain's Repsol YPF SA are vying.

The contracts would be in addition to two current bidding rounds for service contracts in Iraqi oil fields, which hold the world's third-largest reserves but are underexploited due to decades of war, sanctions and underinvestment.

Development of Nahr Bin Umar is part of a 'Crush Plan' launched earlier this month by the Oil Ministry to increase Iraqi oil production by 500,000 barrels a day in two years time. Iraq is currently producing around 2.3 million barrels a day.  

Copyright (c) 2009 Dow Jones & Company, Inc.

Related Companies
 Company: Petrobrasmore info


 - Brazil's Petrobras Breaks Drought In LatAm Market (Jan 9)
 - Brazil's Petrobras, Joint Venture Hand Back Piracuca Oil Concession (Jan 3)
 - Brazil's Petrobras Finalizes Sale of Nansei Sekiyu for $165M (Dec 29)
 Company: Total S.A.more info
 - Big Oil Back On The Acquisition Trail As Outlook Brightens (Jan 19)
 - Oil, Gas Firms Make Global 100 Most Sustainable Corporations List (Jan 19)
 - Norway Awards 56 Oil And Gas Licences In Mature Areas (Jan 17)
 Company: Chevron Corporationmore info
 - Argentina Clinches Deal to Attract Investment in Vaca Muerta Shale (Jan 11)
 - Oil, Gas Conflicts throughout Africa in 2016 (Jan 4)
 - SOCAR, AIOC Agree to Develop ACG Field (Dec 23)
 Company: ENImore info


 - Oil, Gas Firms Make Global 100 Most Sustainable Corporations List (Jan 19)
 - Norway Awards 56 Oil And Gas Licences In Mature Areas (Jan 17)
 - Eni: Oil, Gas Discovery in Norwegian Sea (Jan 17)
 Company: Repsol more info
 - Poll: US, Foreign Oil Companies to Prosper in Trump's USA (Nov 10)
 - European Industry Says Trump Must Define Energy Policy (Nov 9)
 - Repsol Raises Cost-Savings Target, Cuts Investments (Nov 3)
 Company: Nippon Oil Explorationmore info
 - Canadian Oil Sands Halts Syncrude Production After Fire, Prices Spike (Aug 31)
 - Tap Updates Zola-1 Drilling in Carnarvon Basin (Dec 22)
 - Iraq-Nippon Talks on Nassiriya Oil Field Deadlocked (Mar 1)
 Company: Iraq Ministry of Oilmore info
 - Exxon Spearheads Iraqi Water-Injection Project (Apr 19)
 - Iraq to Alter Signature Bonuses on 2 Oil Field Deals (Apr 15)
 - Iraq Plans New Licensing Auction for 3 Gas Fields (Apr 14)
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Attorney I
Expertise: Contracts Administration|Legal
Location: Houston, 
 
United States Odessa: Field Engineer - Logging and Perforating
Expertise: Field Development
Location: Odessa, TX
 
US Houston: Sr. EDI Logistics Specialist (Electronic Data Interchange)
Expertise: Logistics Management
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $53.92/BBL 2.79%
Light Crude Oil : $51.08/BBL 2.66%
Natural Gas : $3.3/MMBtu 3.22%
Updated in last 24 hours