WorldOil Total said to mull sale of Kurdistan oilfield interest Total has been selling assets to curb debt as plunging oil and gas prices sap earnings, including oil field assets in Brunei and the UK, as well as a stake in a renewables subsidiary in France. Iraq seeks $2 billion upfront for oil supply contract as its economy falters The nation is grappling with a crisis brought to a head by low oil prices and OPEC+ output cuts. As state coffers dwindle and school teachers go unpaid, the country risks a repeat of upheaval last year that brought down the government and saw hundreds of protesters killed. China considers buyout of Exxon’s oil assets in Iraq Iraq awarded a contract to develop the West Qurna oilfield to Exxon and Royal Dutch Shell Plc in 2009. The oilfield is one of the world’s largest with expected recoverable reserves of over 20 billion barrels. Russia’s Lukoil plans Iraq oil output boost While it expects for now to keep output levels unchanged, Lukoil will “soon” submit proposals to Iraqi authorities to develop a separate area in the south known as Block 10. Chevron to explore Iraq’s Nasiriyah province under new MOU While any production would likely be years away, the California-based oil major is looking to use this year’s crude price crash to gain access to quality reserves cheaply, while European rivals are focusing on a transition to low-carbon energy sources and Exxon Mobil Corp. is reining in spending. A tough summer for oil-dependent nations may foretell their new normal The prospects for petrostates have dramatically shifted from just a decade ago. Oil prices were near $100 a barrel then and consumers were worried about supplies running out. Now, OPEC is increasingly having to reckon with the prospect of peak demand, when consumption starts to decline as wind and solar power become more popular. OPEC+ pressures Iraq to take deeper cuts as non-compliance continues Iraq made its strongest commitment yet to implement deep cuts in crude production after the country’s oil minister and his Saudi counterpart held a phone call Thursday. Weatherford lands 20-well contract with Iraqi Drilling Company Weatherford International signed an 18-month contract with the Iraqi Drilling Company to provide services and project management for the drilling and completion of twenty wells in the Al-Nasiriyah field in the Dhi Qar province in southern Iraq. Saudi energy minister phones Iraqi counterpart, commends OPEC+ compliance Saudi Arabia commended Iraq for implementing almost all of its oil production cuts last month, another sign that the disputes over cheating that dominated recent meetings are being resolved. Iran inks $460 million oil deal, anticipating an end to sanctions “It’s true that our output is low because of cruel and illegal sanctions, but things won’t stay the same,“ Oil Minister Bijan Namdar Zanganeh said in a speech broadcast on state television. “We need to increase our production capacity to be able to return to the market in full force and restore our share whenever necessary.”