GPS News  
OIL AND GAS
Russian company brings more oil online in Iraq
by Daniel J. Graeber
Moscow (UPI) Jun 9, 2016


disclaimer: image is for illustration purposes only

Production from three new wells brought online at the Badra oil field add to the total daily output from OPEC-member Iraq, a Russian field operator said.

Russian energy company Gazprom Neft, which operates the field in Iraq's eastern Wasit province, said the three new wells are producing around 24,000 barrels of oil per day.

"The total number of wells at the Badra field has now reached nine, all of which are in free-flow operation, with total production increasing to 64,000 bpd," the company said in a statement.

Among the 13 members of the Organization of Petroleum Exporting Countries, crude oil production in April increased the most from Iran and Iraq. Production from Iraq was around 4.4 million bpd in April, a 33 percent increase from the average rate for full-year 2014.

In May, the Iraqi government and the International Monetary Fund agreed on the terms of a $5.4 billion loan arrangement with low interest rates to help offset the economic woes emerging from conflict and lower crude oil prices.

Iraq called on international oil companies from BP to Exxon Mobil to cut their investment plans for the country in order to clear debt. This has a spillover affect, however, as it reduces oil-generated revenue in the Iraqi budget, which in turn starves the country of the funds needed to support military operations against the Islamic State terrorist group.

Wasit province is far from conflict that's been centered in Sunni-dominated western parts of Iraq. Gazprom Neft said it's in the process of drilling three new wells in the Badra field and a fourth should be commissioned by August.

According to Gazprom Neft, the field holds an estimated 3 billion barrels of oil.


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


.


Related Links
All About Oil and Gas News at OilGasDaily.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

Previous Report
OIL AND GAS
House moves bill to ensure oil, gas pipeline safety
Washington (UPI) Jun 9, 2016
House leaders announced the passage of a bill that would help fund federal regulatory efforts and authorize inquiries into leaks like the one in California. U.S. Rep. Fred Upton, R-Mich., chairman of the House Energy and Commerce Committee, said the so-called PIPES Act, which passed by a unanimous vote, moves to strengthen regulations that impact how more than 60 percent of the nation's ... read more


OIL AND GAS
Dartmouth team makes breakthrough toward fish-free aquaculture feed

Study links irrigation to inaccurate climate perception

EU proposes temporary approval of weedkiller glyphosate

Ecologists advise an increase in prescribed grassland burning to maintain ecosystem

OIL AND GAS
Spintronics development gets boost with new findings into ferromagnetism in Mn-doped GaAs

Skyrmions a la carte

Scientists build gene circuits capable of complex computation

'Weak' materials offer strong possibilities for electronics

OIL AND GAS
Exelis gets Navy contract for fighter jet jammer

Mass Production: China to Build 1,000 220-Ton Planes

Harris Completes Production of All Aireon ADS-B Hosted Payloads

Liebherr to supply air system for Antonov AN-132D

OIL AND GAS
Car giants see road to riches in sharing

GM's Canada labs to develop self-driving car technology

Google co-founder fuels flying car labs: report

Germany probes VW staffer for 'destroying proof' of fraud

OIL AND GAS
German minister wants EU to curb foreign investors

China imports fall slows in May

Panama Canal lifts restrictions on ship depth

Lew raps China on excess steel production

OIL AND GAS
Guatemalan drug lords burning forests to land planes

Beetles, the axe: double trouble for prized Polish forest

Survey describes values, challenges of largest shareholder in US forests: Families

Shock as Honduras national park cleared to halt bugs

OIL AND GAS
New cheap method of surveying landscapes can capture environmental change

What sustains Earth's magnetic field

SpaceDataHighway: first laser transmission of an image taken by the Sentinel 1A satellite

Ironing out the mystery of Earth's magnetic field

OIL AND GAS
Technique reveals atomic movements useful for next-generation devices

Nanotubes' 'stuffing' as is

Nanocars taken for a rough ride

Dentin nanostructures - a super-natural phenomenon









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.