BAGHDAD: Iraq’s Basra Oil Co. has agreed a deal with state-run Iraq Drilling Co. to drill 40 new oil wells in the giant southern Majnoon field, the Oil Ministry said on Thursday.
The deal will help boost output from the Majnoon oilfield to 450,000 barrels per day (bpd) in 2021, the ministry said in a statement.
Majnoon is now producing around 240,000 bpd, according to oilfield officials.
The new wells are in addition to the 40 that Iraq and US company Schlumberger Ltd. agreed on Dec. 19 to drill in Majnoon.
Royal Dutch Shell exited Majnoon last year, handing operations to state-run Basra Oil.
Iraq, the second-largest producer in the Organization of the Petroleum Exporting Countries, is pumping below its maximum capacity of nearly 5 million bpd in line with an agreement among OPEC and other exporters to curtail global supply.
Iraq state oil company to drill 40 wells in Majnoon field
Iraq state oil company to drill 40 wells in Majnoon field
- The deal will help boost output from the Majnoon oilfield to 450,000 barrels per day (bpd) in 2021
- Iraq is pumping below its maximum capacity of nearly 5 million bpd in line with an agreement among OPEC
Closing Bell: Saudi main index rises to close at 10,912
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 93.86 points, or 0.87 percent, to close at 10,912.18.
The total trading turnover of the benchmark index stood at SR3.03 billion ($809 million), with 230 stocks advancing and 29 declining.
The Kingdom’s parallel market Nomu also gained 29.13 points, or 0.12 percent, to close at 23,442.91, as 43 stocks advanced and 25 retreated.
The MSCI Tadawul Index added 9.48 points, or 0.65 percent, to end the session at 1,466.52.
Arabian Shield Cooperative Insurance Co. was the best-performing stock of the day, with its share price surging 8.55 percent to SR11.94.
Other top performers included CHUBB Arabia Cooperative Insurance Co., which rose 6.33 percent to SR23.50, and BAAN Holding Group Co., whose shares climbed 6.06 percent to SR2.10.
United International Holding Co. recorded the steepest decline, falling 2.34 percent to SR146.20.
SEDCO Capital REIT Fund also saw its share price drop 2.17 percent to SR6.77, while Saudi Manpower Solutions Co. declined 1.58 percent to SR5.60.
On the corporate front, Saudi Electricity Co. announced the completion of a US dollar-denominated senior unsecured sukuk issuance under its international sukuk program, offered to eligible investors in Saudi Arabia and globally.
According to a Tadawul statement, the company completed the issuance of a three-tranche sukuk with maturities of three, six and 10 years, raising an aggregate $2.4 billion. The sukuk will be listed on the London Stock Exchange’s International Securities Market.
Saudi Electricity Co. closed the session at SR14.09, down 0.57 percent.
Najran Cement Co. said it has secured a mid-term, Shariah-compliant loan of SR50 million from Saudi National Bank to support subsidiary expansion. A bourse filing said the financing will be repaid over five years in semi-annual instalments, with a six-month grace period.
Najran Cement Co. ended the session at SR6.59, up 0.92 percent.
Almarai Co. announced its consolidated financial results for the year ended Dec. 31, 2025, reporting a net profit of SR2.45 billion, up 6.2 percent year on year.
According to a Tadawul statement, the increase was driven by higher revenue growth, disciplined cost control, an improved revenue mix and lower funding costs.
Almarai Co. closed at SR43.60, up 0.97 percent.
