Russia Consolidates Its Position in Iraq Upstream Petroleum
|August 26, 2012||Filled under Iraq Daily News|
The Iraqi Ministry of Oil confirmed in late July that Russia’s Bashneft had accepted the ministry’s maximum acceptable remuneration fee (MARF) for exploration Block 12, which was offered in the fourth bid round that took place at the end of May (MEES, 4 June). This is in line with what I anticipated in my assessment of the results of the fourth bid round.
This ‘newcomer’ to Iraq post-2003 upstream petroleum would consolidate further the position of the Russian companies and strengthen their presence and role in the country’s oil production. This also manifests clearly a petroleum asset seeking strategy and demonstrates that there has been a learning curve from previous bid rounds.
The Russian position could be consolidated even further if the speculation about the possible entry of another Russian company, Rosneft, materializes – but Gazprom might rock the boat.
Related Iraqi Articles-
Iraqi Dinar: Scam or God-Send?
Iraqi Dinars: Smart Investment or Smoke and Mirrors?
Iraqi Dinar Revaluation Soon
Iraq Dinar Value Seems Likely To Significantly Increase
The Recent Iraq 2011 Budget May Have Leaked the Coming Currency Revaluation
Buy New Iraqi Dinars and Put Them in a Drawer
The Deletion of Three Zeroes From the Iraqi Currency Is a National Demand
Investing in Iraq- What Investors Have Been Waiting For
Gold Dinar Will End Currency Wars