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.

Cancer hits Iraqi oil city of Basra

By Mustafa Saadoun for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. Cancer hits residents of Iraqi oil city of Basra The deputy governor of Basra province, Zahra al-Bijari, claimed June 6 that cancer rates have been growing dramatically in the province as a […]

IBBC hosts Members’ Retreat at Cumberland Lodge

This weekend, the Iraq Britain Business Council (IBBC) hosted its annual members’ retreat at Cumberland Lodge, Windsor Park, which was generously sponsored by Al Burhan Group. As with previous years, it was very well attended by over seventy delegates, and allowed our members to mingle and network with representatives of other businesses, civil servants, and […]

Nechirvan Barzani in Baghdad to discuss Oil

By Omar Sattar for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.  President Nechirvan Barzani of the Kurdistan Regional Government (KRG) left Erbil for the first time since taking office and headed to the Iraqi capital on June 20 to discuss several outstanding […]

Profits Up at Wood Group due to Iraq

By John Lee. Shares in Wood Group closed Wednesday up 6.6 percent after the oilfield services group announced “significant growth” in profits in its pre-close trading update. The Scottish-based company said it has benefitted from increased activity in the Middle East, particularly Iraq. (Source: Wood Group)

Oil Ministry Finalises Export Figures for May

By John Lee. Iraq’s Ministry of Oil has announced final oil exports for May of 110,737,293 barrels, giving an average for the month of 3.572 million barrels per day (bpd), up from the 3.466 million bpd exported in April. These exports from the oilfields in central and southern Iraq amounted to 106,675,881 barrels, while exports […]

TechnipFMC Fined for Iraq Bribes

By John Lee. Oil services firm TechnipFMC (TFMC) has agreed to pay $296 million to resolve allegations that the company paid bribes in Brazil and Iraq. TFMC is the product of a 2017 merger between two predecessor companies, Technip S.A. and FMC Technologies, Inc.. The admissions and court documents establish that beginning by at least […]

Gulf Tensions: Iraq worried about Economy

From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Iraq exports around 3.5 million barrels of oil a day. Heightened regional tensions between the US and Iran and recent attacks on oil tankers in the Gulf have heightened security fears. The government […]

Exxon’s $53bn Iraq deal “in Difficulty”

By John Lee. ExxonMobil‘s giant oil project in southern Iraq is reportedly on hold. According to Reuters, a combination of contractual difficulties and security concerns is delaying agreement on the $53-billion Southern Iraq Integrated Project, which includes the construction of a water treatment plant needed to boost oil production. The deal would have seen Exxon […]

GKP Shares Gain following Update

Shares in Gulf Keystone Petroleum (GKP) closed Friday up 3.5 percent after the company issued the following operational and corporate update ahead of its AGM: Operational Workovers on SH-1 and SH-3 have now been completed, resulting in the anticipated material production uplift at both wells.  Production from SH-1 has increased by 105% to 7,800 bopd […]

Petrel: “Interest is Reviving in Iraq”

By John Lee. In its preliminary results for 2018, Petrel Resources gave the following update on its activities in Iraq: We had high hopes of commercial success in Iraq. It has the best oil geology on the planet with drilling success over 90% and a $2 to 4 a barrel production cost. But the political […]

Indian Firm Wins $37m Seismic Contract in Iraq

By John Lee. Indian-based Asian Oilfield Services Limited has announced that it has won orders totalling $37 million in Iraq. The orders relate to seismic acquisition at Block 12, with $12 million for a 2D survey and $25 million for a 3D survey. Block 12, located in the Najaf and Muthanna provinces, is being developed […]

Rocket attack on Oil Workers’ Camp

By John Lee. A rocket has hit a residential and oil operations headquarters near Basra city, wounding three workers at an Iraqi drilling company. The short-range Katyusha missile hit a compound in Burjesia which is used by several international oil companies (IOCs), including ExxonMobil. Oil production and exports are not expected to be affected. (Sources: […]