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Halliburton says not buying Exxon stake in Iraqi oilfield

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Halliburton says not buying Exxon stake in Iraqi oilfield
© Reuters. FILE PHOTO: A member of security foreign personnel walks with an Exxon’s foreign staff of the West Qurna-1 oilfield, which is operated by ExxonMobil, during the opening ceremony near Basra, Iraq June 17, 2019. REUTERS/Essam Al-Sudani

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By Aref Mohammed

BASRA, Iraq (Reuters) -Halliburton has not proposed buying Exxon Mobil (NYSE:)’s stake in Iraq’s West Qurna 1 oilfield, a spokesperson for the U.S. oil services company said on Wednesday, denying comments from a senior official from Iraq’s Basra Oil Co. (BOC).

“We are not buying an oil field and are not partnering to buy an oil field. We do not typically discuss commercial terms for bids or tenders, but in this case we want to be clear that we are not buying any fields,” said Halliburton (NYSE:) spokesperson Emily Mir.

Hassan Mohammed, deputy BOC manager in charge of oilfields and licensing rounds affairs, earlier told a press conference that Halliburton had submitted a proposal to buy Exxon’s stake in the southern West Qurna 1 field

He added, however, that the Iraqi government’s preferred option was for BOC itself to buy Exxon’s stake in the field.

Iraq said in April that Exxon was seeking to sell its 32.7% stake in West Qurna 1, and that the oil ministry had started discussions over a possible deal.

Separately, Iraq will start work to maintain and upgrade its key undersea oil exports pipelines and its two onshore ports that will help boost export capacity to six million barrels per day (bpd) in 2025 from 3.2 million bpd currently, Ahmed Fadhil, deputy BOC manager in charge of oil exports facilities upgrading operations told Reuters.

Fadhil said bids had been completed to invite foreign services companies to compete to build two undersea 48-inch oil exports pipelines to replace existing outdated lines.

Construction work to build the two lines to ship to the Basra offshore terminal is expected to start in the second quarter of 2022 and the new undersea lines are expected to be operational in mid 2024, said Fadhil.

A third undersea pipeline is under construction currently and is expected to be completed in mid 2023. The three export lines have a combined capacity to export three million bpd.

Iraq has also awarded a deal to a Russian company to assess damages and start repair works on another 42-inch undersea export pipe which transport crude oil to its Khor al-Amaya terminal, one of its two southern offshore oil export terminals, said Fadhil, without naming the company.

Loading operations have been halted at Khor al-Amaya since 2017 when the pipeline suffered ruptures and leakages, and had to be shut.

Maintenance operations are expected to be completed to bring back crude loading operations at Khor al-Amaya by the end of 2022, with initial capacity to pump 400,000 bpd, said Fadhil.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Commodities

Iran says war games in Gulf were warning to Israel

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Iran says war games in Gulf were warning to Israel
© Reuters. FILE PHOTO: An explosion is seen on the water surface behind a member of the Islamic Revolution Guards Corps (IRGC) during a joint military exercise called the ‘Great Prophet 17’ in the southwest of Iran, in this picture obtained on December 22, 2021. IRG

(Reuters) -War games conducted this week by Iran in the Gulf were intended to send a warning to Israel, the country’s top military commanders said on Friday, amid concerns over possible Israeli plans to target Iranian nuclear sites.

The Revolutionary Guards’ war games included firing ballistic and cruise missiles. State television showed missiles flattening a target which resembled Israel’s Dimona nuclear reactor at the conclusion of the exercises on Friday.

“Through a simulation of the Dimona atomic facilities, the Revolutionary Guards successfully practiced attacking this critical centre of the Zionist regime in its missile exercise,” the semi-official news agency Tasnim said.

“These exercises had a very clear message: a serious, real … warning to threats by the Zionist regime’s authorities to beware of their mistakes,” Guards chief General Hossein Salami said on state TV.

“We will cut off their hands if they make a wrong move. … The distance between actual operations and military exercises is only a change in the angles of launching the missiles,” Salami added.

Armed Forces Chief of Staff Major General Mohammad Bagheri said 16 ballistic missiles of different classes had been fired simultaneously and had destroyed predetermined targets.

Britain condemned the launch of ballistic missiles during the war games.

“These actions are a threat to regional and international security, and we call on Iran to immediately cease its activities,” the Foreign Office said in a statement.

Iran’s Foreign Ministry spokesman, Saeed Khatibzadeh, rejected the British statement as “meddling in Iran’s defensive capacity,” state media said.

Iran says its ballistic missiles have a range of 2,000 km (1,200 miles) and are capable of reaching arch-foe Israel and U.S. bases in the region.

Iran has one of the biggest missile programmes in the Middle East, regarding such weapons as an important deterrent and retaliatory force against U.S. and other adversaries in the event of war.

Israel, which opposes efforts by world powers to revive Tehran’s 2015 nuclear deal, has long threatened military action if diplomacy fails. Iran says its nuclear ambitions are peaceful.

Israeli Defence Minister Benny Gantz has called on world powers not to allow Iran to play for time at the nuclear negotiations, in recess at Iran’s request and scheduled to resume next Monday.

Israel is widely believed to be the only Middle Eastern country with a nuclear arsenal.

(mailto:dubai.newsroom@thomsonreuters.comEditing by Gareth Jones, Hugh Lawson and Leslie Adler)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Commodities

Oil prices ease, focus shifts to next OPEC+ move

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Oil prices ease, focus shifts to next OPEC+ move
© Reuters. FILE PHOTO: The Bryan Mound Strategic Petroleum Reserve, an oil storage facility, is seen in this aerial photograph over Freeport, Texas, U.S., April 27, 2020. REUTERS/Adrees Latif/File Photo

By Ahmad Ghaddar

LONDON (Reuters) -Brent crude futures snapped a three-day rally on Friday in light trading before the Christmas holidays but the benchmark was still headed for a weekly gain, with the market focusing on next steps by OPEC+ and the impact of the Omicron variant.

futures fell 75 cents, or 1%, to $76.10 a barrel by 1121 GMT, following a 2.1% gain in the previous session. The benchmark was still on track for a weekly gain of about 3.5%.

U.S. markets are closed on Friday for the Christmas holiday.

Oil prices have recovered this week as fears over the impact of the highly infectious Omicron variant on the global economy receded, with early data suggesting it causes a milder level of illness.

“The omicron-is-mild rally could well continue into January now, but reality will bite in February I believe, as the end of the Fed taper moves into sight,” OANDA analyst Jeffrey Halley said.

The U.S. Federal Reserve said last week it would end its pandemic-era bond purchases in March, paving the way for three interest rate increases that most Fed policymakers now believe will be needed next year.

The Organization of the Petroleum Exporting Countries and allies including Russia, known as OPEC+, will meet on 4 January to decide whether to go ahead with a 400,000 barrels per day (bpd) production increase in February.

Russia believes oil prices are unlikely to change significantly next year with demand recovering to pre-pandemic levels only by the end of 2022, Deputy Prime Minister Alexander Novak said on Friday.

Some investors remained cautious amid surging infection cases.

Omicron advanced across the world on Thursday, with health experts warning the battle against the COVID-19 variant was far from over despite two drugmakers saying their vaccines protected against it and despite signs it carried a lower risk of hospitalisation.

Coronavirus infections have soared wherever the variant has spread, triggering new restrictions in many countries, including Italy and Greece, and record numbers of new cases.

Global oil demand roared back in 2021 as the world began to recover from the coronavirus pandemic, and overall world consumption potentially could hit a new record in 2022 – despite efforts to bring down fossil fuel consumption to mitigate climate change.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Commodities

Iran’s war games in Gulf were warning to Israel – top Iranian commanders

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Iran's war games in Gulf were warning to Israel - top Iranian commanders
© Reuters. FILE PHOTO: An explosion is seen on the water surface behind a member of the Islamic Revolution Guards Corps (IRGC) during a joint military exercise called the ‘Great Prophet 17’ in the southwest of Iran, in this picture obtained on December 22, 2021. IRG

(Reuters) – War games conducted this week by Iran in the Gulf were intended to send a warning to Israel, the country’s top military commanders said on Friday, amid concerns over possible Israeli plans to target Iranian nuclear sites.

The Revolutionary Guards’ war games, which included firing ballistic and cruise missiles, ended on Friday.

“These exercises had a very clear message: a serious, real … warning to threats by the Zionist regime’s authorities to beware of their mistakes,” Guards chief General Hossein Salami said on state TV.

“We will cut off their hands if they make a wrong move… The distance between actual operations and military exercises is only a change in the angles of launching the missiles,” Salami added.

Armed Forces Chief of Staff Major General Mohammad Bagheri said 16 ballistic missiles of different classes had been fired simultaneously and had destroyed predetermined targets.

Iran says its ballistic missiles have a range of 2,000 km (1,200 miles) and are capable of reaching Israel and U.S. bases in the region.

Israel, which opposes efforts by world powers to revive Tehran’s 2015 nuclear deal, has long threatened military action if diplomacy fails. Iran says its nuclear ambitions are peaceful.

Israeli Defence Minister Benny Gantz has called on world powers not to allow Iran to play for time at the nuclear negotiations, in recess at Iran’s request and scheduled to resume next Monday.

Israel is widely believed to be the only Middle Eastern country with a nuclear arsenal.

(dubai.newsroom@thomsonreuters.com; Editing by Gareth Jones)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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