Iraq’s Basra Oil, Chevron agree to implement MOU to develop oil fields

Executives from the two companies have signed an agreement which outlines a program to develop the fields. (AFP)
Updated 19 August 2018

Iraq’s Basra Oil, Chevron agree to implement MOU to develop oil fields

  • Executives from the two companies have signed an agreement which outlines a program to develop the fields
  • The MOU provides for Chevron to conduct surveys and studies on oil sites and installations

DUBAI: Iraq’s state-run Basra Oil Company and Chevron agreed to begin implementing a memorandum of understanding to develop fields in the south of the country, the Iraqi oil ministry said on Sunday.
Executives from the two companies have signed an agreement which outlines a program to develop the fields, which includes studies to survey the reservoirs and extraction operations, said a statement posted on the oil ministry’s website.
Iraqi Oil Minister Jabar Al-Luaibi announced in June that Basra Oil and another state-run company, Dhi Qar Oil, signed an MOU with Chevron.
The MOU provides for Chevron to conduct surveys and studies on oil sites and installations and help the two Iraqi companies to improve their technical, administrative and financial performance.


France heading for worst recession since WWII: minister

Updated 40 min 30 sec ago

France heading for worst recession since WWII: minister

  • France imposed a nationwide stay-at-home order from March 17 after shuttering all nonessential businesses
  • Statistics office Insee said last month that the lockdown has slashed overall economic activity by 35 percent

PARIS: France is likely to see its deepest recession since the end of World War II this year because of the coronavirus crisis, Finance Minister Bruno Le Maire warned Monday.
“The worst growth figure in France since 1945 was -2.2 percent in 2009, after the financial crisis of 2008. We will probably be very far beyond -2.2 percent” this year, Le Maire told a Senate panel.
“It’s an indication of the amplitude of the economic shock we’re facing,” he said.
France imposed a nationwide stay-at-home order from March 17 after shuttering all nonessential businesses. Officials have said the lockdown will last until at least April 15.
Statistics office Insee said last month that the lockdown has slashed overall economic activity by 35 percent, and estimated every month of shutdown would cut annual GPD by three percentage points.
Services, heavy industry and construction are all taking big hits, Insee said, as factories are shut and only a handful of business sectors, such as supermarkets and pharmacies, remain open.
A wave of French blue-chip companies have abandoned their profitability targets for the year, while employers’ associations have warned that hundreds of smaller firms and shops risk bankruptcy.
The government has pledged 45 billion euros ($49 billion) in loan guarantees and other relief to help companies get through the crisis.

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