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.

Natural Gas Must Be an Asset for Iraq

By Alessandro Bacci. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. On February 27-28, 2018, the C.W.C. Group, an energy and infrastructure conference, exhibition and training company, will organize in Berlin, Germany, the twelfth edition of Iraq Petroleum, which is one of the major […]

KRG pays Genel under Receivable Settlement Agreement

Genel Energy plc has announced that it has received an override payment of $7.05 million from the Kurdistan Regional Government (KRG). The payment represents 4.5% of Tawke gross field revenues for the month of November 2017, as per the terms of the Receivable Settlement Agreement.  Taken together with the monthly entitlement payments for Taq Taq […]

Iraq to Increase Oil Capacity by 40%

By John Lee. Oil Minister Jabar Ali al-Luaibi [Allibi, Luiebi] (pictured) has said Iraq plans to increase its crude oil production capacity from 5 million bpd at present to 7 million bpd by 2022. According to a report from Reuters, he added that Iraq needs $4 billion for new investments in its downstream oil industry, […]

Genel Updates on Oil Reserves

By John Lee. Genel Energy has announced the completion of competent person’s reports (‘CPRs’) relating to the oil reserves and resources at Taq Taq, Bina Bawi, and Miran. McDaniel and Associates have updated the CPR relating to the Taq Taq field (Genel 44% working interest, joint operator). RPS Energy Consultants Ltd. (‘RPS’), as part of […]

Oil Exports Fall Slightly in January

By John Lee. Iraq’s Ministry of Oil has announced preliminary oil exports for January of 108,190,068 barrels, giving an average for the month of 3.490 million barrels per day (bpd), a slight decrease from the 3.535 bpd exported in December. The exports were entirely from the southern terminals, with no exports from Kirkuk via Ceyhan. Revenues […]

Kuwait Energy signs Block 9 Farm-out Agreement

Kuwait Energy Signs Block 9, Iraq Farm-out Agreement with Dragon Oil Kuwait Energy (KEC) has announced the signing of the Block 9, Iraq Farm-out Agreement with Dragon Oil (a wholly-owned subsidiary of Emirates National Oil Company Ltd, the national oil company of Dubai). As per the Farm-out Agreement, Kuwait Energy will assign a 15% participating […]

Iraq signs Deal for Kirkuk Refinery

By John Lee. Iraq’s Oil Ministry has announced that it has signed an agreement to build a 70,000-bpd oil refinery near Kirkuk. The statement said the refinery would be built by “Rania international company“, which Reuters refers to as Ranya International, which it says is based in Iraqi Kurdistan. The plant will produce high octane […]

Crescent Petroleum to Increase Investment in Iraqi Gas

By John Lee. UAE-based Crescent Petroleum is reportedly planning a significant increase in its production of natural gas at its Pearl Petroleum operations in Iraq. President Badr Jafar (pictured) is quoted as saying that there will be an investment of $1 billion to boost production to 500 million cubic feet of gas per day by […]

DNO: Revenues and Investment Rise Sharply

DNO ASA, the Norwegian oil and gas operator, today announced a 50 percent hike in 2018 spending in the Kurdistan region of Iraq to USD 250 million net to the Company on the back of higher revenues and regular export payments. Annual 2017 revenues stood at USD 347 million, up 72 percent from 2016, bolstered […]

Oil Minister meets with the CEO of Lukoil

By John Lee. Oil Minister Jabar Ali al-Luaibi [Allibi, Luiebi] has met with Kati Al-Juboori, the CEO of Russia’s Lukoil, and his entourage. During the meeting the two parties discussed ways to develop the oil sector in Iraq. Mr. Al-Juboori praised the keenness of the Ministry of Oil to cooperate with global companies and provide […]

Rotork to supply Karbala Refinery Project

By John Lee. British-based engineering company Rotork is to supply the Karbala Refinery project in Iraq. According to a press release from the company, Rotork will provide large quantities of IQ3 non-intrusive intelligent electric valve actuators, designed specifically for automated flow control systems in hazardous environments. Due to open in 2020, the State Company of […]