Iraq southern oil exports fall

LONDON: Oil exports from southern Iraq have fallen by 100,000 barrels per day (bpd) this month from a record high, according to shipping data and an industry source, as bad weather curbed shipments from Opec’s second-largest producer.

Southern Iraqi exports in the first 21 days of January averaged about 3.44 million bpd, according to shipping data tracked by Reuters and independent tracking by an industry source. The fall suggests there is still no sign of extra supplies reaching the market from Iraq even though oil prices rallied to $70 a barrel for the first time since 2014, supported by an Opec-led agreement to cut output. Iraq says it is committed to the Opec deal.

"We are showing a slight decline," the source who tracks Iraq’s exports said. "I’m sure they will ramp back up soon enough."

NPCC wins $327m contract

ABU DHABI: Abu Dhabi-based National Petroleum Construction Company (NPCC) said it won a $327 contract from India’s Oil & Natural Gas Corp Ltd to build offshore infrastructure on the west coast of the Asian country.

NPCC, majority owned by Abu Dhabi’s General Holding Corp (Senaat), is an engineering, procurement & construction (EPC) contractor, having won several contracts from ONGC in the past.

The contract includes survey, design and installation of five oil well platforms, pipelines and cables as well as commissioning services at the ONGC’s Ratna field on the west coast of India, a statement from NPCC said.

Iraq, Orion sign deal

BAGHDAD: Iraq agreed a deal with US energy company Orion to process natural gas extracted at its giant Nahr Bin Omar oilfield.

The memorandum of understanding, signed in Baghdad by representatives of the oil ministry and the US company, will allow Orion Gas Processors to build facilities to capture the gas from the field located in southern Iraq and to transform it into usable fuels.