Iraq may finalise a gas deal with US oil company Halliburton to drill wells in the western gasfield of Akkas next month as Opec’s second-biggest producer seeks to boost production.
Iraq's Cabinet may reactivate the agreement with the company to help the Oil Ministry obtain clear data on the output capacity of Akkas field, Iraq's Oil Minister Ihsan Abdul-Jabbar said in an interview with Al-Forat Network TV channel on Saturday.
The agreement “will depend on the data we get from the exploration and well-drilling operations”, Mr Abdul-Jabbar said.
Iraq is trying to increase its oil and gas output to capitalise on higher energy prices. The country relies heavily on the sale of hydrocarbons for revenue to fuel its economy and benefits from price increases to accelerate growth.
Oil prices, which rose 68 per cent last year amid a faster-than-expected economic rebound, have been extremely volatile this year, rocked by the Russia-Ukraine conflict.
Brent, the global benchmark for two thirds of the world's oil, is up more than 40 per cent since the start of this year after falling from a 14-year high when it nearly touched $140 per barrel last month.
Brent settled 2.68 per cent higher at $111.70 a barrel at the close of trading on Friday. West Texas Intermediate, the gauge that tracks US crude, closed 2.59 per cent higher at $106.95 a barrel.
Iraq is aiming to sell its oil for an average of $106 to $107 per barrel this month if prices remain at current levels, Mr Abdul-Jabbar said.
The country exported $11.07 billion worth of oil in March, the highest level in 50 years, as crude prices soared amid supply concerns due to Russia’s military offensive in Ukraine, the oil ministry said.
Iraq is also keen to tie up with more international energy companies to invest in its energy sector after oil majors such as ExxonMobil and Lukoil considered leaving the country due to political instability and security concerns.
In September, Iraq signed an agreement worth $27bn with France's TotalEnergies for four oil and gas projects.
TotalEnergies will make an initial investment of $10bn, with engineering investment on projects to start “immediately”, the company's chairman and chief executive Patrick Pouyanne said.
South Korea's state-run Korea Gas (Kogas) had signed a deal to develop the Akkas field in Al Anbar province in 2011, but the field was seized by ISIS and recaptured by Baghdad in late 2017. The field is believed to have reserves of 5.6 trillion cubic feet of gas.
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Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
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Euro 2020
Group A: Italy, Switzerland, Wales, Turkey
Group B: Belgium, Russia, Denmark, Finland
Group C: Netherlands, Ukraine, Austria,
Georgia/Kosovo/Belarus/North Macedonia
Group D: England, Croatia, Czech Republic,
Scotland/Israel/Norway/Serbia
Group E: Spain, Poland, Sweden,
N.Ireland/Bosnia/Slovakia/Ireland
Group F: Germany, France, Portugal,
Iceland/Romania/Bulgaria/Hungary
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More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Hili 2: Unesco World Heritage site
The site is part of the Hili archaeological park in Al Ain. Excavations there have proved the existence of the earliest known agricultural communities in modern-day UAE. Some date to the Bronze Age but Hili 2 is an Iron Age site. The Iron Age witnessed the development of the falaj, a network of channels that funnelled water from natural springs in the area. Wells allowed settlements to be established, but falaj meant they could grow and thrive. Unesco, the UN's cultural body, awarded Al Ain's sites - including Hili 2 - world heritage status in 2011. Now the most recent dig at the site has revealed even more about the skilled people that lived and worked there.
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MATCH INFO
Wales 1 (Bale 45 3')
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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.
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RESULT
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