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Iraq working on getting a 30-year contract that could bring US$53 billion investments

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Iraq will soon finalize a large-scale, long-term deal for the development of oil fields in the South with Exxon and PetroChina. The 30-year contract will involve investments of US$53 billion and potential returns for Baghdad of as much as US$400 billion over its lifetime, Prime Minister Adel Abdul Mahdi told media this week.

The plan will involve using seawater from the Persian Gulf to boost oil production, Prime Minister Adel Abdul-Mahdi announced Tuesday. Water injection is key to boosting production from oil fields around Basra, in southern Iraq, as decades of extraction have sapped the subterranean pressures that push crude naturally toward the surface.

The southern mega-project involves the development of the Nahr Bin Umar and Artawi oilfields and an increase in production from the two fields, Abdul Mahdi said.

Ghadhban said on Wednesday the deal with Exxon and PetroChina would allow Iraq to generate 750 million standard cubic feet of gas from the two oilfields per year.

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Drilling

The Second largest oil-producing state? North Dakota

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Texas is by far the largest oil-producing state in the United States, but number two?

North Dakota, Is the nation’s second-largest oil-producing state, Produced 1.42 million barrels of oil per day, a rise of 2% over May, according to data released Thursday by the North Dakota Department of Mineral Resources

The Bakken boom has propelled North Dakota into the top ranks of oil-producing states. As recently as 2007, North Dakota ranked 8th among the states in oil production. In 2008, the state overtook Wyoming and New Mexico; in 2009 it outproduced Louisiana and Oklahoma. North Dakota surpassed California in oil production in December 2011, then in March 2012 overtook Alaska, to become the number two oil-producing state in the country.

The state’s natural gas output in June stood at 2.88 million MCF per day, also up 2% over May. An MCF is 1,000 cubic feet of natural gas.

During the Boom days, North Dakota had 212 rigs at its peak. now the state averages around 60 rigs.

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Drilling

Permian Continues to See Loss of Oil Drilling Rigs

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In its weekly release, Baker Hughes, a GE company BHGE reported a decline in weekly rig count in the United States.

More on the Rig Count

Baker Hughes’ data, issued at the end of every week since 1944, helps energy service providers gauge the overall business environment of the oil and gas industry.

A change in the Houston-based oilfield services player’s rotary rig count affects demand for energy services like drilling, completion and production provided by the likes of Halliburton Company HAL, Schlumberger Limited SLB, Diamond Offshore Drilling, Inc DO and Transocean Ltd. RIG.

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US Removes One Oil Rig: Oil rig tally was 788, down from 789 in the week ended Jun 7. With this, the tally for crude-drilling rig declined for two successive weeks.

Moreover, the current total, far from the peak of 1,609 attained in October 2014, is lower than 863 a year ago.

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