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Japan's Japex ships 1.5 mil barrels Iraqi crude, totals 4.7 mil barrels in 2014-15
Japan Petroleum Exploration, or Japex has shipped around 1.5 million barrels of crude from the Gharraf oil field in southern Iraq as its fourth equity sale, bringing its shipment of the grade to 4.7 million barrels in fiscal 2014-15 (April-March) so far. The company's latest equity cargo was loaded on January 6, following its last shipment of 1.7 million barrels in October, a company official said Thursday. Like the previous third shipments, Japex's latest cargo will not head to Japan, the official added. Japex's latest shipment also mean the Japanese upstream company has shipped around 4.7 million barrels of the Iraqi crude over three shipments in the current fiscal year ending on March 31. The company's Iraqi crude shipments have already tripled in the current fiscal year, up from its sole and maiden shipment of 1.56 million barrels in February 2014 during the previous fiscal year. The medium grade crude from the Gharraf field is blended and exported as Basrah Light. The Malaysian Petronas-operated Gharraf field started production on August 31, 2013, at an initial rate of 35,000 b/d under a technical service contract with Iraq's South Oil Co. The Gharraf field is currently producing at an average rate of around 80,000-90,000 b/d, the official added. The consortium comprises Petronas, with a 45% stake, Japex Garraf (30%) and Iraq's North Oil Co. (25%). Japex holds a 55% stake in Japex Garraf, with state-owned Japan Oil, Gas and Metals National Corporation holding a 35% stake and Mitsubishi 10%. Basrah Light exports currently stand at around 2.5 million b/d. Over January-November, Japan imported an average of 37,798 b/d of Iraqi oil, down 37.7% from 60,710 b/d a year earlier, according to Platts calculations based on compiled data from the Ministry of Economy, Trade and Industry.
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Japan Petroleum Exploration, or Japex has shipped around 1.5 million barrels of crude from the Gharraf oil field in southern Iraq as its fourth equity sale, bringing its shipment of the grade to 4.7 million barrels in fiscal 2014-15 (April-March) so far. The company's latest equity cargo was loaded on January 6, following its last shipment of 1.7 million barrels in October, a company official said Thursday. Like the previous third shipments, Japex's latest cargo will not head to Japan, the official added. Japex's latest shipment also mean the Japanese upstream company has shipped around 4.7 million barrels of the Iraqi crude over three shipments in the current fiscal year ending on March 31. The company's Iraqi crude shipments have already tripled in the current fiscal year, up from its sole and maiden shipment of 1.56 million barrels in February 2014 during the previous fiscal year. The medium grade crude from the Gharraf field is blended and exported as Basrah Light. The Malaysian Petronas-operated Gharraf field started production on August 31, 2013, at an initial rate of 35,000 b/d under a technical service contract with Iraq's South Oil Co. The Gharraf field is currently producing at an average rate of around 80,000-90,000 b/d, the official added. The consortium comprises Petronas, with a 45% stake, Japex Garraf (30%) and Iraq's North Oil Co. (25%). Japex holds a 55% stake in Japex Garraf, with state-owned Japan Oil, Gas and Metals National Corporation holding a 35% stake and Mitsubishi 10%. Basrah Light exports currently stand at around 2.5 million b/d. Over January-November, Japan imported an average of 37,798 b/d of Iraqi oil, down 37.7% from 60,710 b/d a year earlier, according to Platts calculations based on compiled data from the Ministry of Economy, Trade and Industry.
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