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.

SOMO considers JVs in Oil Shipping, Storage

By John Lee. Reuters reports that following the setting up a new oil trading firm with Lukoil subsidiary Litasco, the State Oil Marketing Organization (SOMO) is considering setting up similar ventures in shipping and oil storage. The news agency quotes the head of SOMO, Falah Alamri, as telling the CWC Iraq Petroleum Conference: “The idea is […]

New Investment Opportunities: Refineries in Diwaniya and Anbar

By John Lee. Iraq’s Ministry of Oil has announced new investment opportunities to build the following refineries: A refinery in Diwaniya governorate with a production capacity of 70 thousand barrels/ day. A refinery in Al-Anbar governorate with a production capacity of 70 thousand barrels/ day. The investment is according to the methods of BOT or […]

Iraq to Begin Snuffing Out Flares

Oil-producing countries yet to address their gas flaring may begin to feel there are no more excuses. In a remarkable and bold decision, the government of Iraq recently endorsed the “Zero Routine Flaring by 2030” Initiative, (ZRF), which means the country has committed to not routinely flare associated gas in any new oil fields and […]

Atrush Production expected this Summer

By John Lee. Oil production at the Atrush block is expected to start “around late June to August“, according to a report from Rudaw. The pipeline (pictured) from the oilfield, in Kurdistan’s Duhok governorate, is reported to be nearing completion, with initial production expected to be about 30,000 bpd. The website of the Abu Dhabi National […]

Egypt Receives first Oil Shipment from Iraq

By John Lee. Egypt has reportedly received two million barrels of oil from Iraq today. The shipment was the first consignment from a deal reached between the countries in April, under which Iraq will supply 12 million barrels of oil annually to Egypt. (Source: Prensa Latina) (Pictured: Egyptian Petroleum Minister, Tareq al-Mulla)

Crest Energy takes WesternZagros Private

By John Lee. WesternZagros Resources has announced that it has entered into a definitive agreement with Crest Energy International LLC and its wholly owned affiliate WZG Acquisition Ltd. (“Crest AcquireCo”) to take the company private. Crest is an affiliate of Crest Investment Company, a Houston, Texas-based principal investment company. Under the deal, Crest AcquireCo will […]

Basra Crude Exports to fall in June

By John Lee. Iraq is planning to export 3.215 million barrels per day of Basra crude in June, according to a report from Reuters. Sources told the news agency that the total is slightly lower than last month’s due to a reduction in supplies of the Basra Heavy grade. The exports consist of 2.448 million […]

Wood Group’s Iraq Progress “Slower than Anticipated”

By John Lee. Energy services company Wood Group has said that the “pace of activity” on its contract with Exxon in Iraq is “slower than anticipated.” Exxon operates the West Qurna I field in southern Iraq. In its Annual General Meeting Statement on this morning, the Scottish-based company added that management’s expectations of full year […]

Iraq, Algeria Discuss Oil Production Cuts

By John Lee. Oil Minister Jabar Ali al-Luaibi [Allibi] has met with the Algerian minister of energy Mr. Nooraldeen Botarfa in Baghdad at Wednesday to discuss increasing cooperation between the two countries in the oil sector. In addition to exchanging ideas about the development of the oil sector, they also discussed the “necessary coordination between […]

DNO Reports Payment for Tawke Deliveries

DNO ASA, the Norwegian oil and gas operator, today reported receipt of USD 41.40 million from the Kurdistan Regional Government as payment towards February 2017 crude oil deliveries to the export market from the Tawke field. The funds, to be shared pro-rata by DNO and partner Genel Energy plc, include USD 34.73 million toward monthly […]