Iraq is starting the holy fasting month of Ramadan in blistering summer heat: up to 49 C (120 F) in places!
It has been a hot week for oil news too:
- The Korea National Oil Corp (KNOC) hits oil in the Bazian and Sangaw North blocks in Kurdistan;
- Dana Gas has increased gas its production by 88% over the same period last year;
- Gulf Keystone (GKP) shares were up over 30% at one stage (they’ve since fallen back a bit), following updates on its operations in Kurdistan, and continuing rumours of a possible takeover bid;
- WesternZagros gives a positive update on exploration.
The news was not entirely positive, however, with a couple of temporary setbacks reported: a guerrilla attack on the Ceyhan pipeline in Turkey, and Sterling Energy having problems with a drilling rig.
Those success stories involve companies that all took the decision to enter Iraq some years ago, at a time when it required an even more courageous decision that it would today. A couple of years on, those guys are looking very clever!
So who will be looking clever a few years from now? Opportunities abound in Iraq for all manner of businesses, and it’s obvious that only those who take that first step can be tomorrow’s winners.
If you’re not in, you can’t win.