WorldOil Lukoil signs new development plan for West Qurna-2 field in Iraq Lukoil and the Basra Oil Company signed a development plan for West Qurna-2 field that provides for an oil production plateau of 800,000 bpd. According to the plan, the oil production of 480,000 bpd will be reached in 2020 and 800,000 bpd is expected in 2025. Iraq awards oil and gas blocks as Exxon, Total drop out Iraq awarded contracts for just over half of the energy deposits offered in an auction that failed to attract bids from most of the big oil companies that initially expressed interest. Gazprom Neft commissions second well at Sarqala field in Iraq Gazprom Neft subsidiary Gazprom Neft Middle East B.V. has commissioned a second well — the Sarqala-2 — at its Sarqala field (within the Garmian block), located in the Kurdistan Region of Iraq (KRI). Iraq said to delay oil auction after late contract tweaks Iraq delayed an international auction of rights to 11 of its oil and natural gas deposits, pushing back the bidding date after introducing changes to the contract, according to people familiar with the matter. Exxon, Total join majors interested in Iraq's April 15 oil auction ExxonMobil Corp., Total SA and Lukoil PJSC are among international companies interested to win rights to develop 11 oil and gas border fields as OPEC’s number two producer continues to build production capacity. Iraq says some OPEC, allied producers seek oil cuts into 2019 Some OPEC producers and other countries participating in global output cuts have suggested extending the curbs beyond 2018 and up to the middle of next year, according to Iraq’s Oil Minister Jabbar al-Luaibi. Shell divests stake in Iraq’s West Qurna 1 oil field Shell EP Middle East Holdings B.V. has agreed to sell the entire share capital of Shell Iraq B.V (SIBV), which holds its 19.6% stake in the West Qurna 1 oil field, for $406 million, to a subsidiary of ITOCHU Corporation. Crescent Petroleum, Dana Gas to increase gas production from Khor Mor field by 25% in 2018 Pearl Petroleum, the company consortium led by Crescent Petroleum and Dana Gas of the UAE, has signed a 10-year Gas Sales Agreement (GSA) with the Kurdistan Regional Government (KRG) to supply and sell the additional quantities of gas that it plans to begin producing later this year in order to boost much needed local domestic electricity generation. Iraq mulls building an island to boost oil-exporting capacity OPEC’s second-biggest producer is ramping up efforts to expand capacity to pump and export oil, with plans that include the injection of seawater into crude deposits and the construction of export facilities on a man-made island in the Persian Gulf. Libyan oil is back, vying with Saudis and Iraq Things are looking up for Libya oil traders.