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.

Oldest Petrol Station in Karbala Opens

The oldest petrol station in Karbala City reopened on Monday, according to a local official. “Karbala’s Governor Amal al-Din al-Hir opened the project, located 1.5 km south of Imam al-Hussein’s shrine,” the head of the oil products department in Karbala, Hussein al-Kharsan, told Aswat al-Iraq news agency. Work on the project took nearly four months […]

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Bad Weather Drives Oil Exports Lower

Iraq exported less crude in March than in the previous month because of faults due to poor weather, an Oil Ministry official said. “Exports were a bit less than in February because of technical reasons mainly linked to bad weather,” Falah al-Amri, head of the State Oil Marketing Organization, said by telephone today. Al-Amri declined […]

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Did Big Oil Win the War in Iraq?

Before the United States and Britain invaded Iraq in March 2003, their oil companies were shut out of oil-production contracts being negotiated by the government of Saddam Hussein. Today, more than six years of war later, Saddam is gone, and the U.S. and British oil companies are not only in on the oil contracts, they […]

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Iraq’s Overly Optimistic Oil Plans

The article takes a look at the energy prospects in Iraq, whose government aims to more than double oil production in the coming five years. While security and political constraints abound, production is inching up in Iraq, and recipients of 2009 oil-servicing contracts are beginning operations. Severe infrastructure shortfalls remain, however, and the pressure to […]

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Iraq to Receive Rest of Oil-for-Food Funds by Year End

The Iraqi Government has a “realistic” plan to take full ownership of a fund administering proceeds from export sales of petroleum under the Oil-for-Food Programme by the end of this year, a top United Nations official said on Tuesday. “Once all the outstanding activities under the Oil-For-Food Programme are concluded, and taking into account issues […]

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BP Partners Net Contracts Worth $500m

BP has announced the first major contracts involving its partners on the rehabilitation of the Rumaila field in Southern Iraq. Three contractor groups were selected for drilling wells, worth a total of around $500 million, and will provide seven additional drilling rigs from the second half of 2010. The contracts will be awarded to: – […]

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French Total Company on Graft charge.

French oil giant Total said Tuesday it has been charged with corruption and influence-peddling relating to the United Nations’ Iraqi oil-for-food programme of the 1990s. A French judge decided on February 27 to charge the company and several other defendants despite a prosecutor’s request that the investigation be dropped. Total lawyer Jean Veil told AFP […]

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S.Korea Destroyer Reaches Tanker Seized by Pirates

A South Korean navy destroyer has caught up with a supertanker hijacked by pirates that was cruising towards the Somali coast with a cargo of crude oil worth as much as $170 million, an official said on Tuesday. The South Korean-operated, Singapore-owned Samho Dream, which can carry more than 2 million barrels of crude, was […]

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