The past seven days have been exceptionally good for the oil industry in Iraq.
The big news for many was the announcement that WesternZagros Resources has struck oil at its Mil Qasim-1 exploration well in Kurdistan; and if you don’t know where Mil Qasim is, and what fields are in the same area, you can find it on this very useful oilfield map.
Shares in Gulf Keystone Petroleum (GKP) have hit new highs on Monday as the company confirmed to the markets that it intends to seek a full listing on the London Stock Exchange. They’ve since dropped back 25%, which may be good news for anyone still wanting to jump on that train.
Meanwhile, the Ministry of Oil has reportedly yielded to pressure and sweetened the terms of the 4th round energy contracts, currently scheduled for May.
And as we continually point out here at Iraq Business News, all sectors the economy are expected to benefit from the increased activity in the energy sector and the revenues it will bring to the country; Iraq’s Central Bank has made some very exciting projections for growth over the coming years.