Exploration & Production

ENI output falls due to Libya crisis

ENI, production, Q1, Libya, Italian oil firm,exports, North African state, 50,000-55,000 boepd, ENI chief executive Paolo Scaroni

ENI announced that production was down 8.6 percent in Q1 due to the conflict in Libya, which previously accounted for about 15 per cent of its total output.

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Iraq denies plans to cut oil production target

Iraq,production capacity, target,Deputy Prime Minister for energy, Hussain al-Shahristani, renegotiate contracts,oil companies, Samuel Ciszuk, IHS Senior Middle East Energy analyst,capital expenditure ,capex,Iraqi technical service contracts,TSCs,

Iraq is not planning to reduce its ambitious 12mn bpd crude production capacity target by 2017 to levels between 6.5mn bpd and 7mn bpd according to Deputy Prime Minister for energy, Hussain al-Shahristani.

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Iraq confident of producing 6.5mn bpd

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The Iraqi Oil Ministry reiterated that the country was still on track to achieve a crude oil production target of 6.5 million bpd by 2014 despite a recent IMF report arguing that Iraq will see a lower output rise because of infrastructure challenges.

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Lukoil to start oil production in Iraq by 2013

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Lukoil which develops Iraq's West Qurna phase-2 oil field expects to begin production in 2013.

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MB Group looking to acquire oil assets

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MB Group invested around US$240-US$250mn last year in order to acquire new equipment for oil services companies and to enhance crude oil production of Petrogas.

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