Jordan to resume crude imports from Iraq in April
Jordan says it will resume overland imports of 10,000 b/d of Iraqi crude in early April, roughly two months after flows were halted following the expiry of the initial supply agreement between the two countries.
Iraq had been exporting crude oil by truck from its northern Kirkuk fields to Jordan's only refinery, a 150,000 b/d plant at Zarqa, since the signing of the original one-year agreement on 28 January 2021. But the flows ended in early February after its expiry, prompting the two sides to begin discussions over its renewal.
The Jordanian energy ministry made the announcement late yesterday following a meeting with an Iraqi delegation in Amman.
Jordan said imports from Iraq averaged around 9,899 b/d between 1 September 2021 and 30 January this year.
Iraq had been supplying Jordan with similar volumes of crude for years. But overland shipments were interrupted on 2 February 2014 because of deteriorating security conditions in the Iraqi province of Anbar, and only restarted five years later in September 2019.
The Iraqi government has also recently backed the construction of a 1mn b/d crude export pipeline from Haditha in the west of Iraq to Aqaba in Jordan. The project has been under discussion for a decade, but has never materialized due to cost and financing barriers.
Related news posts
China’s CNOOC gets record gas results from Bohai well
China’s CNOOC gets record gas results from Bohai well
Singapore, 17 July (Argus) — Chinese state-controlled oil firm CNOOC has achieved what it described as record gas production results from a test well at its Longkou 7-1 (LK7-1) oil and gas field in the eastern region of China's Bohai Sea. The LK7-1-1 exploration well could produce almost 1mn m³/d of natural gas and about 210m³/d (1,320 b/d) of crude oil, the company said on 15 July. The former set a record for natural gas tested productivity in the Bohai Sea, according to CNOOC. China produced 123.6bn m³ of natural gas in January-June, up by 6pc from a year earlier, according to the National Bureau of Statistics of China (NBS). The country produced 4.15mn b/d of crude in 2023, NBS data showed. The potential output adds to CNOOC's reserves and production in the Bohai Sea, which stood at 1.97mn b/d of oil equivalent (boe/d) and 599,847 boe/d as of the end of 2023, according to CNOOC. The region represents 29pc of the company's total reserves and approximately 32pc of its production. CNOOC, along with other state-controlled firms like PetroChina and Sinopec, dominates China's domestic oil and gas production. CNOOC has also separately started production at an oilfield offshore China. The Wushi 23-5 oilfield development project — located in the Beibu Gulf of the South China Sea — is expected to produce light crude, and achieve peak production of 18,100 boe/d in 2026. "The project will realise full-process recovery and utilisation of the associated gas through integrated natural gas treatment," the company said on 1 July. CNOOC in November 2023 started production at its Bozhong 19-6 condensate gas field in the Bohai bay. The gas field is currently producing an estimated 37,500 boe/d, exceeding an initial expectation of peak production of about 37,000 boe/d, the company said on 11 July. CNOOC in March 2023 discovered the Bozhong 26-6 field with over 100mn t of oil equivalent reserves, also in the Bohai Sea. By Joey Chan Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Tanker owner denies Houthi attack in Med
Tanker owner denies Houthi attack in Med
London, 16 July (Argus) — The owner of a tanker reported attacked today in the Mediterranean Sea has said there was no such incident. Petronav Ship Management said its tanker, Olvia , was not targeted as claimed by Yemen's Houthi militants. An attack in the Mediterranean would be a big step outside the Houthi's region of operations, which is limited to the area in and around the Bab el-Mandeb strait at the southern end of the Red Sea. The Houthis claimed two other attacks today in the Red Sea, on crude tanker Chios Lion and oil product tanker Bentley I . By Ben Winkley and Bob Wigin Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
New Libyan firm starts exporting crude
New Libyan firm starts exporting crude
London, 16 July (Argus) — A little known Libyan upstream company has begun exporting crude with its first shipment heading to China, according to sources, official documents and ship-tracking data seen by Argus . Arkenu Oil Company, which describes itself as a private oil and gas development and production firm, exported 1mn bl of Sarir/Mesla blend crude from Libya's Marsa El Hariga oil terminal on 10 July on Suezmax-class tanker Zeus . Shipping agent and port reports list Chinese trading firm Unipec as the vessel's charterer. The tanker's bill of lading lists Libyan state-owned NOC as the sender of the consignment on behalf of Arkenu. Libyan crude sales have historically been the reserve of NOC and a handful of international oil companies that hold equity stakes in production assets in the country, including Italy's Eni, TotalEnergies and Austria's OMV. Turkey-based commodities trader BGN, which does not have any upstream production in Libya, also regularly appears on loading programmes as a seller of the country's crude. A document dated 10 July showed NOC had allocated to Arkenu an unspecified share of production from its subsidiary Agoco's Sarir and Mesla fields, in return for carrying out upstream development work on the fields. The arrangement implies Agoco is paying for Arkenu's services in the form of crude. Arkenu's 1mn bl cargo is worth around $84mn at current market rates, Argus estimates. Arkenu, set up in early 2023 in the eastern city of Benghazi, says it owns modern drilling rigs and has a team of experts "who have held high positions in major oil production and development companies". It is unclear what work Arkenu has carried out for Agoco. Sarir and Mesla accounted for most of Agoco's 279,000 b/d of output in 2023. Libya is politically divided between an internationally recognised administration in the west, which has historically controlled oil revenues, and a rival administration in the east, which is home to around three-quarters of the country's oil production capacity. Agoco is based in the east, and NOC in the west. Libya produces just over 1.2mn b/d of crude. Its oil export revenues were $30.7bn in 2023, according to Opec. Arkenu, NOC and Unipec have been contacted for comment. By Aydin Calik Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Trump taps Vance as running mate for 2024
Trump taps Vance as running mate for 2024
Washington, 15 July (Argus) — Former president Donald Trump has selected US senator JD Vance (R-Ohio) as his vice presidential pick for his 2024 campaign, elevating a former venture capitalist and close ally to become his running mate in the election. Vance, 39, is best known for his bestselling memoir Hillbilly Elegy that documented his upbringing in Middletown, Ohio, and his Appalachian roots. In the run-up to the presidential elections in 2016, Vance said he was "a never Trump guy" and called Trump "reprehensible." But he has since become one of Trump's top supporters and adopted many of his policies on the economy and immigration. Vance voted against providing more military aid to Ukraine and pushed Europe to spend more on defense. Trump said he chose his running mate after "lengthy deliberation and thought," citing Vance's service in the military, his law degree and his business career, which included launching venture capital firm Narya in 2020. Vance will do "everything he can to help me MAKE AMERICA GREAT AGAIN," Trump said today in a social media post. Like Trump, Vance has pushed to increase domestic oil and gas production and criticized government support for electric vehicles. President Joe Biden's energy policies have been "at war" with workers in states that are struggling because of the importance of low-cost energy to manufacturing, Vance said last month in an interview with Fox News. Trump made the announcement about Vance on the first day of the Republican National Convention in Milwaukee, Wisconsin, and just two days after surviving an assassination attempt during a campaign event in Pennsylvania. Earlier today, federal district court judge Aileen Cannon threw out a felony indictment that alleged Trump had mishandled classified government documents after leaving office. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
![](/_next/image?url=%2F-%2Fmedia%2Fproject%2Fargusmedia%2Fmainsite%2Fimages%2F14-generic-hero-banners%2Fherobanner_1600x530_generic-c.jpg%3Fh%3D530%26iar%3D0%26w%3D1600%26rev%3D-1%26hash%3DFC2BEDE406483FEF5FDB9549159BAC11&w=3840&q=75)
Business intelligence reports
Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.
Learn more