Iraq has invited major US oil companies to bid on the country's West Qurna 2 field, the Ministry of Oil said on Monday. The oilfield has been operated by Russian company Lukoil, which is under heavy US sanctions.
Lukoil holds a 75 per cent stake in the West Qurna 2 oilfield, with an estimated 14 billion barrels of reserves. The Russian oil company was awarded the development contract for the Iraq oilfield in 2009, but declared a force majeure last month in response to sanctions placed on it by Washington.
US President Donald Trump's administration has accused Lukoil and fellow Russian oil company Rosneft of supporting Moscow's war in Ukraine. Lukoil, which was given licences to continue operating its global business until December 13, said last week it had also dissolved the supervisory board for its international business.
In a statement, Iraq's Oil Ministry said the “transferring management of the West Qurna 2 field to an American oil company would benefit mutual interests, strengthen global market stability and maintain Iraq's oil production".
The ministry also said it would enhance economic relations between Iraq and the US.
“The contribution of more American companies in the development of the Iraqi oil sector confirms the strategic importance of Iraq in this sector,” it said.
Iraq, a founding member of Opec, relies heavily on crude oil revenue, which accounts for 90 per cent of the country's budget. Iraq exports about 3.4 million barrels of oil a day.
US company ExxonMobil returned to Iraq in October after a two-year absence to develop the Majnoon oilfield. The announcement came amid Iraq's interest in working with US-based and other major oil companies to work on key fields in the country.
Lukoil holds additional stakes in the UAE, Egypt and elsewhere, and three refineries in Europe. The UAE's International Holding Company has said it is exploring the possibility of buying Lukoil's foreign assets.
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Hydrogen: Market potential
Hydrogen has an estimated $11 trillion market potential, according to Bank of America Securities and is expected to generate $2.5tn in direct revenues and $11tn of indirect infrastructure by 2050 as its production increases six-fold.
"We believe we are reaching the point of harnessing the element that comprises 90 per cent of the universe, effectively and economically,” the bank said in a recent report.
Falling costs of renewable energy and electrolysers used in green hydrogen production is one of the main catalysts for the increasingly bullish sentiment over the element.
The cost of electrolysers used in green hydrogen production has halved over the last five years and will fall to 60 to 90 per cent by the end of the decade, acceding to Haim Israel, equity strategist at Merrill Lynch. A global focus on decarbonisation and sustainability is also a big driver in its development.
Scoreline
Germany 2
Werner 9', Sane 19'
Netherlands 2
Promes 85', Van Dijk 90'
The biog
DOB: March 13, 1987
Place of birth: Jeddah, Saudi Arabia but lived in Virginia in the US and raised in Lebanon
School: ACS in Lebanon
University: BSA in Graphic Design at the American University of Beirut
MSA in Design Entrepreneurship at the School of Visual Arts in New York City
Nationality: Lebanese
Status: Single
Favourite thing to do: I really enjoy cycling, I was a participant in Cycling for Gaza for the second time this year
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The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000
Brief scores:
Barcelona 3
Pique 38', Messi 51 (pen), Suarez 82'
Rayo Vallecano 1
De Tomas Gomez 24'
Is it worth it? We put cheesecake frap to the test.
The verdict from the nutritionists is damning. But does a cheesecake frappuccino taste good enough to merit the indulgence?
My advice is to only go there if you have unusually sweet tooth. I like my puddings, but this was a bit much even for me. The first hit is a winner, but it's downhill, slowly, from there. Each sip is a little less satisfying than the last, and maybe it was just all that sugar, but it isn't long before the rush is replaced by a creeping remorse. And half of the thing is still left.
The caramel version is far superior to the blueberry, too. If someone put a full caramel cheesecake through a liquidiser and scooped out the contents, it would probably taste something like this. Blueberry, on the other hand, has more of an artificial taste. It's like someone has tried to invent this drink in a lab, and while early results were promising, they're still in the testing phase. It isn't terrible, but something isn't quite right either.
So if you want an experience, go for a small, and opt for the caramel. But if you want a cheesecake, it's probably more satisfying, and not quite as unhealthy, to just order the real thing.
The biog
Fast facts on Neil Armstrong’s personal life:
- Armstrong was born on August 5, 1930, in Wapakoneta, Ohio
- He earned his private pilot’s license when he was 16 – he could fly before he could drive
- There was tragedy in his married life: Neil and Janet Armstrong’s daughter Karen died at the age of two in 1962 after suffering a brain tumour. She was the couple’s only daughter. Their two sons, Rick and Mark, consulted on the film
- After Armstrong departed Nasa, he bought a farm in the town of Lebanon, Ohio, in 1971 – its airstrip allowed him to tap back into his love of flying
- In 1994, Janet divorced Neil after 38 years of marriage. Two years earlier, Neil met Carol Knight, who became his second wife in 1994
