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.

Rosneft, KRG sign Gas Development Agreement

As part of the XXII St. Petersburg International Economic Forum, Rosneft and the Kurdistan Regional Government of Iraq signed an agreement securing the intention of the Parties to make a detailed analysis of potential gas cooperation options. The Parties ensure stepwise implementation of the arrangements following the Investment Agreement signed at the XXI St. Petersburg […]

ZhenHua signs East Baghdad Deal

By John Lee. China’s ZhenHua Oil [Jinhua] has signed a service contract to develop the southern part of the East Baghdad oil field. Oil Minister Jabar Ali al-Luaibi [Allibi, Luiebi] said that the signature of the contract was significant for Baghdad because it is the first project in the capital. The development of the field […]

Rosneft Discovers Oil at Block 12

By John Lee. Bashneft, a subsidiary of Russia’s Rosneft, has found oil at its Salman-1 exploratory well at Block 12 in Iraq. In a statement, the company said that an exploration well was successfully drilled to depth 4,277 metres; oil was found, “which gives grounds for expecting the discovery of industrial reserves“. Rosneft said it […]

GKP receives New Payment from KRG

By John Lee. Gulf Keystone Petroleum (GKP) has confirmed that a gross payment of $18.8 million ($14.7 million net to GKP) has been received from the Kurdistan Regional Government for Shaikan crude oil sales during February 2018. (Source: GKP)

Ducorr completes Corrosion Protection work at Majnoon

By John Lee. Sharjah-based Ducorr has reportedly completed the design and deployment of a cathodic protection system for Shell’s Majnoon oil field. Construction Week Online quotes company sources as saying that the flowlines were buried in very corrosive soil, hence the need for protection. (Source: Construction Week Online)

HEESCO signs Contracts with 3 Int’l Firms

By John Lee. Iraq’s Heavy Engineering Equipment State Company (HEESCO) has signed deals with three international companies in the oil, petrochemical and the marine industries: UK-based Weir Engineering Services; Czech-based KPS; Egyptian-based Petrojet. The company, established in 1963, has technological capabilities in the design, manufacturing and installation of the engineering equipment, such as the tanks, boilers, […]

Kuwait Energy may sell Block 9

By John Lee. Kuwait Energy has reportedly hired an investment bank to advise it on options that could include selling all or part of its Block 9 field in southern Iraq. Reuters says that Perella Weinberg Partners (PWP) will assist in creating liquidity and a cash buffer to repay debt. Discussions on a possible merger […]

Medserv: Medium-Term Forecast Remains Positive

By John Lee. Medserv, the Malta-based oil and gas logistics support and services group, has said that its Iraqi business remained weak through Q1 2018. But in its Interim Report, the company said the forward order position in Iraq is much healthier for the second quarter of 2018 and those levels are expected to be […]

Investors Invited for Diwaniya Refinery

By John Lee. The Ministry of Oil has said that investors interested in th3e 70,000-bpd Diwaniya refinery project have until the end of July to submit documents. The full statement from the Ministry is shown below: The ministry of oil would like to Re-announce for the investment refinery in Diwaniya governorate with a capacity of […]

DNO Contemplates New Bond Issue

DNO ASA, the Norwegian oil and gas company with operations in Iraqi Kurdistan, is contemplating the issuance of a new, five-year senior unsecured bond with a minimum size of USD 400 million through a private placement. The coupon rate and the issue size will be determined during the accelerated book building commencing today. The net […]