Missan Oil Company
|شركة نفط ميسان|
|Headquarters||Amarah, Maysan |
|Parent agency||Ministry of Oil|
Missan was spun off from South Oil Company in 2008 to expand oil activities in Maysan and to set up and oversee joint ventures with international companies to develop the province's oil fields.
Following the spin-off from South Oil in 2008, Missan initiated an international consortium to develop the Zubair oil field. As part of a series of international licensing rounds, the 20-year deal was finalized in 2010, with companies Eni (32.81%), Occidental Petroleum (23.44%) and Korea Gas Corporation (18.75%) holding stakes in the venture. Missan Oil (25%) and its partners announced plans to increase field production from 195,000 barrels per day (31,000 m3/d) to around 1,200,000 barrels per day (190,000 m3/d) and invest around $6.5 billion into the development of the field.
In 2009, as part of the second round of post-war oilfield bidding held by the Iraqi government, South Oil (25%) awarded a major contract to CNPC (37.5%), Total (18.75%), and Petronas (18.75%) to develop the major Halfaya oilfield. After the deal was completed, MOC took over operations and ownership from South Oil, and the final 20-year contract was signed in January 2012.
In 2010, MOC signed technical service contracts with CNPC and CNOOC. In 2011, Missan Oil signed another contract with Shell (45%) and Petronas (30%), to develop the Majnoon oil field in the Basra region.
Managing Director Ali Muarij was reported to have been removed from the post in June 2011 after being charged with bad administration and failure to achieve higher oil production results during his tenure. However, as of mid-2012 press reports suggested he was still in his post as head of the company.
The Maysan Oil Company (MOC) is responsible for fields in the Maysan province which include six producing fields (Bazergan, Abu-Gharb, Fakka and Halfaya), as well as Majnoon, which it operates in partnership with the South Oil Company. Maysan also holds five discovered but unproducing fields, including the Huweiza, al-Rafi’e, East Rafidan, Dujeila and Kumait fields.
In 2013, production levels stood at around 200,000 barrels per day (32,000 m3/d), with plans to increase to 300,000 barrels per day (48,000 m3/d) by the end of the year. In 2014, production had reached 400,000 barrels per day (64,000 m3/d) and the target of 1,000,000 barrels per day (160,000 m3/d) was set for 2020.
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