Iraq to create new army to defend energy assets
Iraq “Their mission is to secure all oil and electricity facilities,” said Abdel Mahdi.
Iraq produces nearly 4 million barrels per day and is the second-largest producer in OPEC following Saudi Arabia. There are fears that attacks from the extremist group could disrupt oil exports and gain further funding via crude oil sales. Some industry officials estimate the group could be making nearly $1 million per day from exports of stolen oil.
The organisational structure of the new security force will be announced in the coming weeks, according to Abdel Mahdi.
Recent Posts
Arrow Exploration spuds new well in Colombia
Arrow Exploration has spud a new production well on the Tapir block in Colombia’s Llanos Basin, the company announced on… Read More
Petronas makes discovery off Suriname
Petronas has made a third oil and gas discovery in Suriname's offshore Block 52, the Malaysian company announced on Wednesday Read More
Japan’s JERA slates $32 billion for LNG, renewables, new fuels
Japanese power generation player JERA on Thursday announced plans to invest USD 32 billion in LNG, renewables and new fuels… Read More
Chevron planning UK North Sea exit
Chevron is planning to exit its North Sea operations after 55 years of activity in the oil hotspot, Reuters reported… Read More
Seatrium wins yet more FPSO work in Guyana
Seatrium has been awarded a contract by SBM Offshore for the topsides fabrication and integration of an additional FPSO vessel… Read More
Diamond Offshore seals $350-million Gulf of Mexico deal
Diamond Offshore has secured a USD 350-million extension for an ultra-deepwater drillship deployed for Anadarko Petroleum in the US Gulf… Read More