An initial agreement between Iraq and Syria to build a pipeline to the Mediterranean including one crude pipeline with a capacity of 1.5 million barrels per day and a second with 1.25 million bpd capacity, the Iraqi government said.
Official in Iraq’s North Oil Company, based in the city of Kirkuk, said that the rehabilitation of the pipeline to export crude oil from northern fields to the Syrian port of Banias on the Mediterranean Sea in need of more than a year to complete the repairs and rehabilitation because of the stop since 2003.
Iraq’s oil minister said Wednesday his country would work with OPEC to ensure stability of oil prices, even as he stressed new production from Iraq’s vast fields would help meet growing oil demand in the future.
An official source on Monday welcomed Syria’s signing of the minutes of the meeting which took place in Damascus on 25 August 2010 between the ministries of oil in Iraq and Syria on the transport of Iraqi crude oil and gas to the Mediterranean coast through Syrian territory.
Sudan aims to increase oil production to 1 million barrels per day within three years relying on new finds and more efficient oil extraction methods, Petroleum Minister Lual Deng said on Wednesday.
Egypt reduced its gas exports to Syria recently, to the extent of 800 or 900 thousand cubic meters per day after it was imported 2.5 million cubic meters per day through the Arab gas pipeline that runs from Jordan.
Halliburton , the No. 2 oilfield services group, said on Tuesday it won a contract from Italian oil company Eni to help squeeze more oil from 20 wells in the Zubair field in southern Iraq.
Iraq’s oil ministry said on Sunday the agreement Germany’s RWE signed with the Kurdish Regional Government, which included possible future gas supply for the Nabucco pipeline project, is illegal.
Iraq’s oil minister said Sunday that Baghdad will consider abiding by OPEC quotas once its crude production increases to at least 4 million barrels a day in two to three years.
Kuwait and Iraq have agreed “in principle” on a deal to regulate production from the border oilfields that once caused conflict between the two Arab states, the Kuwaiti oil minister said Wednesday.
