x Abu Dhabi, UAEFriday 21 July 2017

Energy firms lead the way for foreign deals in Iraq

Most foreign contracts in Iraq so far have been in the petrochemicals sector, after the successful auction of upstream oil contracts last summer.

Iraq’s natural resources are the main draw for overseas investors.
Iraq’s natural resources are the main draw for overseas investors.

RAK Petroleum

Ras al Khaimah's RAK Petroleum has been active in Iraq through its 30 per cent stake in DNO International, a Norwegian oil explorer that was one of the first oil companies to gain a contract for Iraqi oil

Bloom

Bloom Properties, a unit of Abu Dhabi's National Holding, signed preliminary agreements with the Iraqi Commission in September to build 300,000 homes in six provinces, one of the largest construction deals in the country since the US-led invasion

Dana/Crescent

Dana Gas and Crescent Petroleum formed a consortium with Austria's OMV and Hungary's MOL to pump gas from the Kurdistan region in May last year and are producing 200 million cubic feet of natural gas per day

CNPC

Alongside BP, China's largest oil company last June became the first foreign firm to win a contract to produce oil in Iraq. China National Petroleum Corporation (CNPC) also leads a consortium, including Malaysia's Petronas and France's Total, which in January won a contract to develop the Halfaya oil field

BP

BP beat competition from ExxonMobil to secure the contract with CNPC last June to develop the Rumaila oilfield in southern Iraq, the largest in the country

Gazprom

The Russian state-owned energy giant signed a contract last December with Turkey's TPOA, the South Korea Gas Corporation and Petronas, to develop the Badrah oilfield in the east of the country

Halliburton

The oilfield services company Halliburton has played a controversial role in Iraq's redevelopment since the US-led invasion. Recently, it secured deals to service oilfields in Iraq being developed by Shell, ExxonMobil and Italy's Eni.

Kuwait Energy

This privately owned energy producer is one of the few in the region not under state ownership. The company has won a series of contracts to develop gasfields in the Basra and Diyala provinces

* compiled by Gregor Stuart Hunter