Archive | Iraq Oil & Gas News

Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.

Crescent Petroleum hopes to Expand in Iraq

By John Lee. Sharjah-based Crescent Petroleum plans to expand further in Iraq, according to a report from The National. The newspaper quotes chief executive Majid Jafar (pictured) as saying: “What we see in the region is the potential is much higher than what we’ve achieved so far.” In Iraq, the company is said to be […]

Iraq the “Biggest Threat to the OPEC Deal”

By John Lee. According to a report from Markets Insider, the biggest challenge to the recently-announced OPEC oil production cuts is Iraq. Under the agreement, Iraq has committed to cut production by 210,000 barrels per day. “That sounds simple in theory,” writes Michael McDonald, “just switch off a few pumps. In reality it’s much more […]

Oryx Petroleum to drill third Well at Zey Gawra

Oryx Petroleum has given an update on its operations in Iraqi Kurdistan. In December 2016, the Zey Gawra-1 well was side-tracked (referred to in this press release as the “Zey Gawra-1ST well”) and completed in open hole partially penetrating the Cretaceous reservoir in the Zey Gawra field. Production from the naturally flowing well is currently […]

Range Energy Borrows $1m from Insiders

By John Lee. Canada-based Range Energy Resources has announced that it has received loans totalling CDN$1,315,512 (USD 1 million) from non-arm’s length parties to continue to fulfill its obligations to joint venture participants so that the development of the Khalakan Block in the Kurdistan Region of Iraq can continue as well as provide general working […]

Oil Minister confirms Production Cut

By John Lee. Iraqi oil minister Jabar Ali al-Luaibi [Allibi] has confirmed that Iraq has started to cut oil production in line with the OPEC agreement reached in Vienna. He said production has been cut by 160,000 barrels of crude oil per day from the start of the year, and that he hopes to reduce […]

OPEC Cut Impact on Iraq: A Bleak Prospect

By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Analyzing December 2016 data prompts three disturbing remarks: First, there is more than 128% difference between what the Minister of Oil and the DG of SOMO said on how much Iraq should […]

Sonangol told to Return to Iraq

By John Lee. Iraqi oil minister Jabar Ali al-Luaibi [Allibi] has told the Angolan oil company Sonangol to resume its work in developing the Qayara and Najmah oil fields in Nineveh governorate. In 2010 Sonangol was granted a 75-percent stake in the fields, along with North Oil Company (25%), at a price of $6.00 per barrel, […]

Gulf Keystone names new COO

Gulf Keystone Petroleum (GKP) has announced that it has appointed Stuart Catterall as Chief Operating Officer (“COO”) and a member of the Executive and Leadership teams. Catterall will have responsibility for operational and technical activities within GKP, across the full spectrum of activities including procurement, budgeting and HSSE and will direct the execution of the […]

Oil Exports from Southern Ports reach New Record

By John Lee. Crude oil exports from the Iraq’s southern ports reached a new high in December. Iraqi oil minister Jabar Ali al-Luaibi [Allibi] said in a statement on Monday that exports from the country’s southern and central fields averaged 3.510 million barrels per day last month, which is up from the 3.407 million bpd […]

DNO Strikes Oil at Peshkabir

DNO ASA, the Norwegian oil and gas operator, has announced that the Peshkabir-2 well currently drilling in the Kurdistan region of Iraq has discovered oil in the Cretaceous horizon in the southern flank of the Peshkabir field. The well flowed at a stable rate of 3,800 barrels of 28° API oil per day on a […]

Iraqi Kurdistan Oil a Slippery Issue

By Ali Mamouri for Al Monitor. Any views expressed here are those of the author, and do not necessarily reflect the views of Iraq Business News.  Iran and Turkey are trying to extend their economic influence over Iraqi Kurdistan oil, even as controversy flares over surreptitious deals between Kurdistan and Turkey. Iraqi Kurdistan has been shipping […]

Iraq Begins to cut Oil Production

By John Lee. Iraq has begun reducing its crude oil output from the start of the year, in line with its OPEC commitments. Iraqi oil minister Jabar Ali al-Luaibi [Allibi] said in a statement on Thursday: “Iraq confirms its commitment to the decision of OPEC, which was taken during the last meeting in Vienna, by […]