Organization of Arab Petroleum Exporting Countries
Volume 40 Issue 5
8
OAPEC Member
Countries
Iraqi Oil Ministry Oil Declares its
March 2014 Oil Export
Shell has announced exporting the first oil shipment from Majnoon Oil
Field which is run jointly with South Oil Company, Petronas, and Missan
Oil Company. This step has come after Majnoon Field oil production rate hit
21,0000 b/d. The rate is far much higher than agreed commercial quantities
required for starting commercial investment and expense recovery, which
are 175,000 b/d. 18 new wells have been drilled in the field since 2013.
Iraq
The Iraqi Ministry of Oil announced its
crude oil exports for March 2014 which reached
74.3 million barrels with revenues of about
$7.507billion, according to SOMO statistics.
The exports were distributed as follows:
Basra oil exports were 73.5 million barrels
with revenues of $ 7.429 billion, and Kirkuk
exports were 0.8 million barrels with revenues
of $74 million. Oil price was set at $101.036
per barrel.
Mr. Assim Jihad, Ministry of Oil
Spokesperson, said that March 2014 figures
were lower than February because of the
repeated attacks against Ceyhan – Kirkuk
pipeline.
Mr. Jihad pointed out that the above
quantities were shipped by 30 different
international oil companies from ports of
Basra, Khor Al Amia, SPM of the Arabian
Gulf as well as the Turkish Ceyhan port on
the Mediterranean and by the tanker trucks to
Jordan.
Terraseis will be carrying out a 3D seismic survey
involving 3C technique for the first time in Iraq‘s
Kurdistan. LUKOIL Overseas started 2D surveys in
Block 10 Southern Iraq. The Block’s size is 5,600km²
and stretches from Muthanna Governorate till Dhi Qar,
120km west Basra. The operations involve carrying
out surveys across an area of 2,000 linear kilometers
within a period of 16 months as a mandatory part of
the Block’s exploration programme that lasts for five years with a 2 years extension option.
