Development and production of the Gharaf oil field in Iraq and investment recovery
First written in FY2016. 6 of 17 entries say "Worsened", first in FY2021-Q3. Latest entry: FY2026.
No other company in this theme has enough history to compare yet.
- FY2026WorsenedAnnual report
「For the LNG procured by the Company, we assume higher costs from alternative procurement. For the Garraf oil field in Iraq in which the Group holds an interest, there was no prospect of when operations would resume as of the date of the announcement, and therefore we assume that production and shipments will be suspended for the full year.」
The Garraf oil field moved from explanations of additional development and continued production to a situation in which the outlook for resuming operations could not be established due to the situation in the Middle East, deteriorating to the point that the fiscal year ending March 2027 assumes a full-year suspension of production and shipments. - FY2024AdvancedAnnual report
「Production began in August 2013. The company is currently advancing additional development work to increase crude oil production under the Final Development Plan, allocating revenue from sales of the crude oil received to capital investment.」
At the Garraf oil field, the company has reaffirmed its commitment to continuing production, allocating revenue from sales of the crude oil received to capital investment, and continuing additional development work. Crude oil sales in the Middle East segment were ¥36,182 million, up 49.0% year on year. - FY2022RestatedAnnual report
「Production began in August 2013. The company is currently advancing additional development work to increase crude oil production under the Final Development Plan, allocating revenue from sales of the crude oil received to capital investment.」
The company has reaffirmed its policy of continuing production at the Garraf oil field and advancing additional development while allocating revenue from sales of the crude oil received to capital investment. - FY2022-Q3RestatedAnnual report
「At the Garraf oil field in southern Iraq, development and production operations were temporarily suspended due to the impact of the infection, then resumed in July 2020. However, delays in additional development work caused by restrictions on movement and other factors likewise postponed the planned increase to approximately 230,000 barrels per day by the end of 2020.」
Even after production at the Garraf oil field resumed, the postponement of the planned timing for increasing production to approximately 230,000 barrels per day from the end of 2020 continued to be disclosed. - FY2022-Q1RestatedAnnual report
「At the Garraf Oil Field in southern Iraq, we temporarily suspended development and production operations due to the impact of the infectious disease and resumed production operations in July last year. However, delays in additional development work caused the planned increase in production to 230,000 barrels per day by the end of last year to be pushed back to this year or later.」
Even after production operations at the Garraf oil field resumed, the planned timing for increasing production to approximately 230,000 barrels per day remained postponed from the end of 2020 to 2021 or later. - FY2021WorsenedAnnual report
「Because additional development work was delayed due to restrictions on movement and other factors, the planned increase to approximately 230,000 barrels per day in fiscal 2020 was postponed to fiscal 2021 or later.」
Although the Garraf oil field resumed production in July 2020, delays in additional development work pushed back the planned timing for increasing production to approximately 230,000 barrels per day from fiscal 2020 to fiscal 2021 or later. - FY2021-Q3WorsenedAnnual report
「At the Garraf Oil Field in southern Iraq, we temporarily suspended development and production operations due to the impact of the infectious disease and resumed production operations in July last year. However, delays in additional development work caused the planned increase in production to 230,000 barrels per day by the end of last year to be pushed back to this year or later.」
Although production operations at the Garraf oil field resumed, additional development work aimed at increasing production was delayed, pushing back the target date for reaching approximately 230,000 barrels per day from the end of 2020 to 2021 or later. - FY2021-Q2SoftenedAnnual report
「Development and production operations for this project had been temporarily suspended due to the spread of COVID-19, but production resumed on 21 July 2020. Development work aimed at increasing crude oil production is being resumed sequentially, starting with higher-priority work, while carefully monitoring the course of the outbreak in the country and other factors. However, if conditions do not improve promptly, development work may be delayed, adversely affecting the Group's operating performance and other results through lower revenue or delays in recovering investment.」
Production operations at the Garraf oil field resumed on 21 July 2020, while development work aimed at increasing crude oil production has resumed only sequentially, starting with higher-priority work, and the possibility of delays in both progress and investment recovery has been disclosed. - FY2021-Q1AdvancedAnnual report
「Since 16 March 2020, all personnel from outside Iraq had been withdrawn from the country and development and production operations had consequently been temporarily suspended. Production operations resumed on 21 July, with average production of approximately 50,000 barrels per day.」
Production operations at the Garraf oil field, which had been temporarily suspended due to the spread of COVID-19, resumed on 21 July 2020, with average production of approximately 50,000 barrels per day reported. - FY2020SoftenedAnnual report
「Development and production operations for this project have been temporarily suspended due to the spread of COVID-19, and preparations are under way to resume operations from July 2020 onward.」
The Garraf oil field moved from a plan to advance additional development and recover investment to a stage of temporary suspension due to COVID-19 and preparations for resumption from July 2020 onward. - FY2019AdvancedAnnual report
「The block contains multiple oil and gas fields and structures. While continuing production at some oil and gas fields that were already producing when the company entered the block, the company began commercial production at the Terang gas field in May 2012 and the Sirasun-Batur gas field in March 2019, respectively, and is also advancing exploration and development work in other prospective areas.」
Commercial production at the Sirasun-Batur gas field in the Kangean Block began in March 2019, advancing the additional development phase alongside existing production. - FY2018AdvancedAnnual report
「Following the Iraqi government's approval of the FDP in February 2018, the company plans to record additional reserves based on the FDP in the following consolidated fiscal year. These reserves represent the company's share of scheduled production from fiscal 2019 onward and were valued at 13,837 thousand kilolitres of crude oil as of 31 March 2018.」
The Garraf oil field's Final Development Plan (FDP) was approved in February 2018, and 13,837 thousand kilolitres of crude oil reserves corresponding to scheduled production from fiscal 2019 onward are scheduled to be additionally recorded in the following fiscal year. - FY2017RestatedAnnual report
「Under the current plan, total capital investment for the development and production of this oil field over 20 years is estimated at approximately US$5.0–6.0 billion, of which JAPEX Garraf Ltd.'s share is approximately US$2.0–2.4 billion. Following the start of production in August 2013, revenue from sales of the crude oil received will be allocated to capital investment.」
The 20-year capital investment plan for the Garraf oil field and the continued allocation of crude oil sales revenue to investment following the start of production. - FY2016First statedAnnual report
「Following the start of production in August 2013, revenue from sales of the crude oil received will be allocated to capital investment.」
The investment recovery structure of allocating crude oil sales revenue after the start of production to capital investment was clearly stated.