Iraq lifts state of emergency at Majnoon oil field

The state of emergency at Majnoon had been caused by floods. (Reuters)
Updated 01 June 2019
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Iraq lifts state of emergency at Majnoon oil field

  • The floods did not have a major impact on production at the field, which runs at 240,000 barrels per day,
  • State-run Basra Oil Co. took over the operations at the field after the withdrawal of Royal Dutch Shell last year

DUBAI: Iraq lifted a state of emergency which was declared at the Majnoon oil field in the south of the country because of floods, Oil Minister Thamer Ghadhban said on Saturday.
The floods did not have a major impact on production at the field, which runs at 240,000 barrels per day, Ghadhban said in a statement posted on the oil ministry’s website.The state of emergency was declared as a precaution because of floods that hit the region over winter and spring, he said.
State-run Basra Oil Co. took over the operations at the field after the withdrawal of Royal Dutch Shell last year.
Iraq has announced plans to boost output from Majnoon to 450,000 barrels per day (bpd) in 2021.


Lloyd’s of London profits quadruple on investment gains

Updated 56 min 27 sec ago

Lloyd’s of London profits quadruple on investment gains

  • Specialist insurer reports first-half pre-tax profit of $2.87 billion

LONDON: The 330-year old specialist insurance market Lloyd's of London reported a first-half pre-tax profit of 2.3 billion pounds ($2.87 billion) on Thursday, up nearly fourfold on investment gains and a cutback in underperforming business.
Lloyd's, which covers commercial risks from oil risks to footballers' legs, suffered steep losses in 2017 and 2018 due to natural catastrophes such as hurricanes, typhoons and wildfires.
Lloyd's last year told its 99 member syndicates to ditch the worst performing 10% of their businesses.
"It is encouraging that the Lloyd's market is showing increased discipline in 2019," Chief Executive John Neal said in a statement.
"We need to make some brave choices on how to meet the expectations of our customers and all our stakeholders in the future."
The market has proposed its members move to electronic exchanges next year, as it responds to competition from cheaper rivals.
Further details of the strategic changes will be released on Sept 30.
Net investment income rose to 2.3 billion pounds from 0.2 billion a year earlier, helped by strong equity returns.
Gross written premiums rose 1.7% to 19.7 billion pounds but the company's combined ratio, a measure of underwriting performance in which a level below 100% indicates a profit, weakened to 98.8% from 95.5%.
The results compare with a profit of 0.6 billion pounds a year ago.
Premium rates rose by an average of 3.9%, Lloyd's said.
Lloyd's in May asked the Banking Standards Board to conduct a survey of the insurance market's 45,000 participants on issues such as honesty and respect to help to improve its working environment, following allegations of sexual harassment at member firms.
The survey will be published on Sept 24, Neal said on Thursday.