Genel Shares Dive on Taq Taq Reserves Writedown

Shares in Genel Energy closed down 14 percent on Tuesday after the company announced a $181-million writedown in the value of its flagship Taq Taq oilfield in Iraqi Kurdistan, in which it has a 44-percent working interest. In a statement, the company said: As previously stated, the Company commissioned an updated Competent Person’s Report (‘CPR’) […]

Five-millionth tonne of Oil Produced at Badra

Gazprom Neft Badra, a subsidiary of Russia’s Gazprom Neft, has produced the five-millionth tonne of oil at its Badra oil field. Thanks to the application of cutting-edge production and transportation technologies, this outcome has been achieved in just over two and a half years’ of commercial production. Total cumulative oil production since the start of […]

Australian Firm to Manage Field Hospital near Mosul

Australian company Aspen Medical has been contracted by the World Health Organization (WHO) to provide healthcare professionals and hospital management at a 48-bed field hospital south of Mosul in northern Iraq. The field hospital was established by WHO at the urgent request of the Ministry of Health in Iraq. WHO is coordinating a number of […]

Military Strikes Continue Against ISIS in Syria, Iraq

U.S. and coalition military forces continued to attack the Islamic State of Iraq and Syria, conducting 30 strikes consisting of 72 engagements against ISIS targets yesterday, Combined Joint Task Force Operation Inherent Resolve officials reported today. Officials reported details of yesterday’s strikes, noting that assessments of results are based on initial reports. Strikes in Syria […]

Currency Auction Results, 28th Mar

By John Lee. The Central Bank of Iraq (CBI) has reported that 22 banks and 11 remittance companies took part in its currency auction on Tuesday. A total of $125,278,000 sold at a price of 1184 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of Iraq)

Last Chance to Register for Iraq Networking Event

The Iraq Britain Business Council (IBBC)‘s Spring Conference & Networking Event in London is just days away, but you still have a chance to meet more than 150 key stakeholders, business partners and prospects active in the Iraqi market. The Conference — Iraq: Rising Confidence — takes place on Monday 3rd April 2017 at the […]

$22bn US-Iraq Arms Deal Agreed

The Iraqi government has received the consent of the U.S. Department of State to buy American weapons in the form of Foreign Military Sales (FMS) worth more than $22 billion over a 12 year period according to reports. The United States has been Iraq’s primary arms supplier since 2005, with arms exports in 2016 including […]

$4.5bn Oil Revenue in February

By John Lee. Iraq’s Ministry of Oil announced exports of 91.6 million barrels for February, earning revenue of $4.5 billion. This equates to 3.271 million barrels per day (bpd), and an average oil price of $49.127 per barrel. The southern ports of Basra acconted for 90.8 million barrels, which brought in  $4.46 billion, while Kirkuk […]

Video: Have the Rules of Engagement changed in Iraq?

From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. There has been a dramatic rise in the number of civilians killed in the fight against ISIL in Syria and Iraq. Rights groups who monitor deaths of civilians in both countries have said […]

Over 170,000 Displaced from West Mosul

The Iraqi Red Crescent Society (IRCS) has announced that more than 170 thousand people have been displaced since the start of operations to liberate West Mosul. In a statement, the IRCS said: “IRCS teams has recorded more than 170 thousand displaced people since the operation of Mosul has launched, as IRCS teams are making extraordinary […]

Video: Iraq says 200 Bodies Pulled from Rubble in Mosul

From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. After recent heavy fighting in Mosul, Iraqi civil defence forces say they have pulled more than 200 bodies from the rubble in recent days. The troops have been battling to push ISIL fighters […]

Inherent Resolve Strikes Target ISIS in Syria, Iraq

U.S. and coalition military forces continued to attack the Islamic State of Iraq and Syria on Saturday, Combined Joint Task Force Operation Inherent Resolve officials reported yesterday. Officials reported details of yesterday’s strikes, noting that assessments of results are based on initial reports. Strikes in Syria Coalition military forces conducted 18 strikes consisting of 38 […]