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.

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Basra Protests spark Govt Scramble to Create Jobs

By Adnan Abu Zeed for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. The Iraqi Cabinet announced Aug. 12 that it has approved a regulation by the Ministry of Labor requiring that 50% of foreign oil company employees working in the country be Iraqis. The move followed […]

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Talks continuing on Iraq-Kuwait Electricity Link

By John Lee. Talks are reportedly continuing to complete the electricity linkage between Iraq and Kuwait. KUNA quotes Kuwait’s Oil Minister and Minister of Electricity and Water Engineer, Bakheet Al-Rashidi (pictured), as saying: “We expect that these negotiations will ultimately lead to linking Iraq’s electricity grid with the Gulf network and then link with Turkey […]

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Weir signs $50m Contracts in Iraq

By John Lee. Weir Oil & Gas Dubai has announced the signing of multi-year contracts in Iraq with two international oil companies totaling more than $50 million USD. According to a press release from the company, the contracts secure the provision of Weir Oil & Gas workshop services and engineering support for an oil field […]

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DNO Reports Payment for Tawke Deliveries

By John Lee. DNO ASA, the Norwegian oil and gas operator, has reported receipt of USD 69.03 million as payment for May 2018 crude oil deliveries to the export market from the Tawke license in the Kurdistan region of Iraq. The funds will be shared by DNO and partner Genel Energy plc pro-rata to the companies’ […]

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GKP confirms Shaikan Payment

By John Lee. Gulf Keystone Petroleum (GKP) has confirmed that a gross payment of $27.0 million ($21.2 million net to GKP) has been received from the Kurdistan Regional Government for Shaikan crude oil sales during May 2018. (Source: GKP)

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Chevron to Develop Oil Fields in Basra

By John Lee. The state-run Basra Oil Company (BOC) has signed a memorandum of understanding with US oil company Chevron to develop oil fields BOC announced the start of the first phase of work and cooperation with Chevron US to develop some oil fields and the establishment of a company. The Director-General pointed out that […]

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DNO Presses Foot on Accelerator in Kurdistan

DNO ASA, the Norwegian oil and gas operator, today announced plans for its first dividend distribution to shareholders in 13 years following release of strong half-year 2018 results, including revenues of USD 289 million which were up 83 percent from the same period last year. The Company also reported a net profit of USD 61 […]

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Deloitte report on Kurdistan Oil and Gas – New Data

Third Deloitte report on Oil and Gas Review in the Iraqi Kurdistan Region, with newly added disclosures on local sales – Q1 of 2018 New verified data on the Kurdistan Region’s oil exports, consumption and revenues have been published, covering the period from 1 January 2018 to 31 March 2018, after a review of the […]

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Petrofac awarded Basra Oil Company EPC Contract

Petrofac has been awarded a contract worth around US$370 million by Basra Oil Company (BOC) for expansion of the Central Processing Facility (CPF), located in the Majnoon Field, Southern Iraq. Under the terms of the 34-month contract, the lump-sum engineering, procurement and construction (EPC) project scope of work includes two oil processing trains, able to […]

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SOMO Does Not Work This Way

By Ahmed Mousa Jiyad. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Below is the full Arabic text and source of what was reportedly said by Abdul Alal AL-Yassiry, the Chairman of the Iraqi Centre for Economic and Investment Consultation in Karbala. What prompts […]

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KRG Oil Export Revenues 2017 Assessed

By Ahmed Mousa Jiyad. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Introduction KRG’ gross oil export revenues, for 2017, stood at $7.9billion but it was left with only $3.9billion as net earnings. When the Region receives less than half of its gross oil […]

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