Iraq state oil company to drill 40 wells in Majnoon field

Iraq is the second-largest producer in the Organization of the Petroleum Exporting Countries (OPEC). (File/AFP)
Updated 31 January 2019
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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

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.


Owner of Abu Dhabi’s Al Hilal Bank appoints chairman and CEO

Updated 21 April 2019
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Owner of Abu Dhabi’s Al Hilal Bank appoints chairman and CEO

  • Eraiqat is currently group chief executive of Abu Dhabi Commercial Bank (ADCB)
  • Eraiqat will serve as chairman at Al Hilal in addition to his current role at ADCB

DUBAI: Abu Dhabi Islamic lender Al Hilal Bank said on Sunday its owner, the Abu Dhabi Investment Council, had appointed Alaa Eraiqat as the bank's chairman.
Eraiqat is currently group chief executive of Abu Dhabi Commercial Bank (ADCB), which is expected to merge with Al Hilal Bank and Union National Bank (UNB) in the first half of 2019.
Eraiqat will serve as chairman at Al Hilal in addition to his current role at ADCB.
The Abu Dhabi Investment Council, a sovereign wealth fund which combined with Abu Dhabi state fund Mubadala last year, also appointed Amr Saad Al Menhali as chief executive of Al Hilal Bank.