Iraq’s Ministerial Energy Council approved talks with US energy giant Chevron to develop four exploration blocks in the southern part of the country, the oil ministry said.
The development of exploration blocks in the southern province of Dhi Qar is important for “promoting and sustaining national production, and contributing to supporting the national economy and sustainable development projects”, the Energy Council, which is headed by Iraq’s Minister of Oil Ihsan Ismail, said in a statement on Monday.
No additional details on the proposed talks were provided.
Iraq, Opec's second largest producer, is looking to bring more international energy companies to invest in the country’s hydrocarbons sector after oil majors such as ExxonMobil and Lukoil consider leaving the country amid political instability and security concerns.
Last month, Iraq's Cabinet approved plans submitted by BP to spin off the development of the Rumaila oilfield, the country's largest.
In July, Mr Ismael told parliament that BP and Russia's Lukoil were looking to withdraw from the country.
Shell, BP, Exxon Mobil, Lukoil and Italy's Eni are among foreign companies currently working in the south of Iraq.
The dry spell of Iraq’s energy sector investments was broken in September when the oil ministry signed an agreement with France's TotalEnergies for four oil and gas projects worth $27 billion.
TotalEnergies will make an initial investment of $10bn in the country, with engineering investment on projects to start “immediately”, according to the company's chairman and chief executive Patrick Pouyanne.
The French oil major will invest in projects to recover gas being flared across three oilfields in Iraq and use the gas to generate power from a plant with 1.5 gigawatts capacity in the first phase. The move will help the country plug its power deficit and use its energy reserves more efficiently.
Iraq plans to eliminate gas-flaring by 2022. The World Bank estimates about 16 billion cubic metres of gas from Iraqi fields were flared in 2015, costing the economy billions in lost revenue.
The ministerial council on Monday also approved the expansion of the country's Diwaniyah refinery in southern Iraq. The oil ministry statement did not reveal the scope or financial details of the proposed expansion.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
UAE currency: the story behind the money in your pockets
'Gold'
Director:Anthony Hayes
Stars:Zaf Efron, Anthony Hayes
Rating:3/5
Name: Colm McLoughlin
Country: Galway, Ireland
Job: Executive vice chairman and chief executive of Dubai Duty Free
Favourite golf course: Dubai Creek Golf and Yacht Club
Favourite part of Dubai: Palm Jumeirah
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
The National in Davos
We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.
Scoreline:
Everton 4
Richarlison 13'), Sigurdsson 28', Digne 56', Walcott 64'
Manchester United 0
Man of the match: Gylfi Sigurdsson (Everton)
Chatham House Rule
A mark of Chatham House’s influence 100 years on since its founding, was Moscow’s formal declaration last month that it was an “undesirable
organisation”.
The depth of knowledge and academics that it drew on
following the Ukraine invasion had broadcast Mr Putin’s chicanery.
The institute is more used to accommodating world leaders,
with Nelson Mandela, Margaret Thatcher among those helping it provide
authoritative commentary on world events.
Chatham House was formally founded as the Royal Institute of
International Affairs following the peace conferences of World War One. Its
founder, Lionel Curtis, wanted a more scientific examination of international affairs
with a transparent exchange of information and ideas.
That arena of debate and analysis was enhanced by the “Chatham
House Rule” states that the contents of any meeting can be discussed outside Chatham
House but no mention can be made identifying individuals who commented.
This has enabled some candid exchanges on difficult subjects
allowing a greater degree of free speech from high-ranking figures.
These meetings are highly valued, so much so that
ambassadors reported them in secret diplomatic cables that – when they were
revealed in the Wikileaks reporting – were thus found to have broken the rule. However,
most speeches are held on the record.
Its research and debate has offered fresh ideas to
policymakers enabling them to more coherently address troubling issues from climate
change to health and food security.
