Monthly Archives: November 2011

GE Opens New Offices in Iraq

November 25th 2011

www.iraq-businessnews.com

GE marked the opening of its dedicated office in Erbil, the capital of the Kurdistan Region of Iraq, with the first GE Day. The event underlined the company’s focus on strengthening public private partnerships, highlighted by the recent multi-million dollar, multi-year agreement with Mass Global Investment Company to support power distribution in Northern Iraq. GE also committed to enhancing localization by creating new jobs and promoting knowledge transfer through training programs.

At the GE Day, over 200 government dignitaries and customers were present and a high profile panel discussion was held on the importance of ‘Public Private Partnerships to Drive the Growth of Kurdistan’ was held attended by His Excellency Nawzad Hadi, the Governor of Erbil; Nisar Talabany, the Advisor to the Kurdish Government; Diyar Babon, Director General of Kurdish Ministry of Electricity; Ahmed Mufti, Energy Expert to the Kurdish Government; Herish Muharam, Head of the Investment Board of the Kurdistan Region; and Nabil Habayeb, GE’s President & CEO of GE For MENAT.

One of the world’s leading technology providers in energy, aviation, healthcare, transportation and capital, GE put the spotlight on how the private and public sectors can work together to support the growth aspirations of the Kurdistan Government in line with its Strategic Plan, and how these partnerships can promote the economic welfare and well-being of the Kurdish people.

John Rice, Vice Chairman and President & CEO for GE’s Global Growth and Operations, who attended the GE Day, said: “The business friendly policies of the Kurdish government and the focus on infrastructure development are strong drivers for businesses, and have already brought about a transformational change to the region in a short span of time. In driving Kurdistan’s economic growth, public private partnerships have a central role to play, as envisaged by the Government’s Strategic Plan.

“With the opening of our office in Erbil, we are further underlining our commitment to support Kurdistan’s onward journey of development by bringing our advanced technologies, promoting localization and transferring advanced skill-sets.”

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Genel Energy Interested in Acquiring DNO

www.gulfoilandgas.com

Genel Energy group sees Norway’s DNO as a “natural partner” as it seeks to acquire assets, but the company is not in detailed talks with anyone as it completes its own merger, a Genel executive said. Genel Energy, formed by the combination of Vallares Plc and Turkey’s Genel Enerji, has made no secret of its plans to make acquisitions with its $2.2 billion in cash.

“DNO is our natural partner so it makes a lot of sense if we can take them into Genel,” Mehmet Sepil, CEO of Genel Enerji, told Reuters on the sidelines of an oil and gas conference in Arbil, the capital of Iraqi Kurdistan.

Former BP chief executive Tony Hayward said earlier on Sunday that he expected the Genel merger to be completed around Nov. 21.

Sepil said he would remain with the new company but would not be involved in the day-to-day management. “We have to finalise this merger process,” Sepil said. “We are interested in a few companies, (but there are) no detailed talks at this point.”

“I’m sure in the next few months you’ll see a lot of announcements coming from us,” he said.

Hayward told a Norwegian newspaper in late October he was interested in buying DNO and its Kurdish oil licences. DNO chief executive Helge Eide said last week that the company was ready to pursue its own acquisitions as it integrates the Gulf assets of Dubai-based RAK Petroleum. DNO is producing 50,000 barrels per day of crude at its Tawke field in Iraq’s northern Kurdish region and will boost output capacity to 100,000 bpd next year, Eide told Reuters at the conference.

DNO’s stock surged 20 percent on reports that Exxon Mobil had completed a deal with the Kurdistan Regional Government for six exploration blocs. A KRG official confirmed the Exxon deal.

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Is Chevron Also in Talks with KRG?

www.iraq-businessnews.com

Following the confirmation that ExxonMobil will be exploring six blocks in Iraqi Kurdistan, oil major Chevron is said to be in talks with the Kurdish government to begin exploration activity in the region.

KRG’s natural resources minister Ashti Awrami revealed that his government was in talks with 3 major oil companies to begin exploration in the region which is said to hold 45 billion barrels of oil and 100 – 200 trillion cubic feet of natural gas.

According to the report from Forbes, Chevron and Italian major Eni may be in talks with the KRG.

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KRG Confirms ExxonMobil Contract

The National

www.thenational.ae

Nov 14, 2011

ERBIL // Iraqi Kurdistan’s young oil industry is set for a shake-up as the first move by an oil major sends ripples across business dealings and political negotiations.

ExxonMobil, based in Houston, has agreed to explore six blocks in the semiautonomous region in northern Iraq, home to a spectrum of small to mid-size operators from more than 17 countries, according to the regional government based in Erbil.

That landscape is to shift as the move by ExxonMobil, which also pumps oil in southern Iraq, puts pressure on Baghdad to come to a political agreement with Erbil and spurs majors to shoulder their way into the north and Kurdish producers to band together.

“This will make a dynamic change to the region and in the days ahead there will be a lot of consolidations and mergers,” said Ashti Hawrami, the oil minister of Kurdistan. “It is vindicating our policies, and the ball is rolling.”

Recently the heads of DNO, the first foreign company to strike oil in Kurdistan, and Vallares, the investment vehicle that has recently agreed to merge with a Kurdish producer, have said that mergers with other regional producers would be attractive.

Until now Kurdistan’s fields – estimated by the regional government to hold more than 45 billion barrels in reserves – have remained off limits to the majors who are keen to preserve their service contracts in southern Iraq. Baghdad threatens to blacklist companies that sign contracts with Kurdistan that it deems unconstitutional, and as recently as September disqualified the American producer Hess from entering into its first exploratory block auction.

ExxonMobil signed the contract to explore six blocks on October 18, including a “prize block” near the Kurdish president’s house that had been reserved for a yet-to-be-created Kurdish national oil company, Dr. Hawrami said. ExxonMobil has yet to confirm the deal.

The Kurdish contract puts at risk ExxonMobil’s right to pump oil from the 8.7 billion-barrel West Qurna field and a lucrative contract for water injection throughout Iraq.

Click here to read full article on www.thenational.ae