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.

Playing Field for ID1bn

The Missan Oil Company has agreed to construct a playing field for its Sports Club at a total cost of 1 billion Iraqi dinars (ID), a club official said on Tuesday. “The playing field is designed to seat more than 2,000 persons,” the deputy director of the club’s administrative board, Saad Abd Ali, told Aswat […]

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$4.4b Iraq’s Oil Revenues in January

The Iraqi Oil Ministry said on Tuesday that it achieved a revenues level of $4.416 billion through oil sales of 59.7 million barrels in Jan. 2010. It said that oil price was $73.97 per barrel. In Dec. 2009, the Ministry accomplished revenues of $4.449 billion through sales of 61.3 million barrels of oil at a […]

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Ministry Demands Foreign Info

The Iraqi Oil Ministry demanded on Tuesday that foreign oil firms working in Iraq release all the information related to their production rates. “The information is necessary to achieve transparency,” the Ministry said in a release received by Aswat al-Iraq news agency. It said that the information should be released periodically (Aswat Al Iraq)

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DNO Seeks Growth outside Iraq

DNO International ASA, the first foreign company to pump oil in Iraq since the 1970s, may invest outside the war-torn country as the regional Kurdish authority and Baghdad officials argue over export payments. “It’s important for us to look for opportunities in other areas, to have a more diversified portfolio,” Chief Executive Officer Helge Eide […]

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Iraq Doubts OPEC Output Changes

Oil Minister Hussain al-Shahristani told The Associated Press on Monday that prices are at satisfactory levels and he does not expect OPEC to make changes to output during its meeting next month. The 11-member Organisation of the Petroleum Exporting Countries will instead discuss disappointing member compliance with output targets. Al-Shahristani made the comments a few […]

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A Fourth State Oil Firm to Oversee Development

According to a report in the Lebanese “Monday Morning” magazine, the Oil Ministry will create a fourth state oil company, to be called The Middle Oil Company. It will have responsibility for managing oilfields in Anbar, Babil, Diyala, Diwaniya, Karbala and Wasit provinces, and will also manage the Iraqi Oil Exploration Company, which has a […]

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Four New Deep-Water Moorings Offshore

In preparation for the planned increase in production from Basra’s oilfields, the Iraqi Oil Ministry plans to build 4 new offshore moorings for tankers in the Persian Gulf. Oil Minister Hussain al-Shahristani said the moorings will be ready by the middle of next year, so that giant oil tankers too big for the ports of […]

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No More Iraqi Oilfields for Foreign Companies: Prime Minister

Reuters reports Prime Minister Nuri al-Maliki as saying that there will be no further deals with foreign oil companies for the development of Iraq’s oilfields. “I told the oil minister during a cabinet meeting that we will never sign any more contracts with foreign oil companies”, Maliki told supporters at a rally in the southern […]

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Zubair Deal Kicks in

Thursday 18th February was the effective date of the deal to develop the 4 billion barrel Zubair oilfield, west of Basra, according to a report from Reuters. The consortium that won the deal, consisting of Italian company Eni, US’s Occidental, and South Korea’s Kogas, is due to pay the $300 million signature bonus within 30 […]

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Crude Diplomacy – Iraq, Iran, and the Politics of Oil

The Economist reports that Chinese oil companies are shifting their focus from Iran to Iraq, as Iraq attracts the latest technology to increase its oil production. “Iraq will have to pull off an unprecedented feat. In the history of the modern oil industry, no country has increased output with the speed the Iraqis envisage. Over […]

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Iraqi Oil Production: Industry Hopes To Profit From Increased Iraqi Output

Oil industry leaders believe Iraq’s resurgence as a major producer will change the face of the world’s energy market, but they warn that the country – and the Middle East generally – still needs to improve infrastructure, security and export paths. At the annual International Petroleum Week conference in London, energy executives and analysts said […]

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Presidency Approves Foreign Oil Firms Taxing Law

Aswat Al Iraq reports that the Iraqi Presidency Council has approved “foreign oil firms taxing law no. 19 of 2010”. “The companies, their branches, offices, and sub-contractors working in Iraq will be taxed by 35 percent,” the bill said. The bill has been enacted to support Iraq’s national economy. (Source: Aswat Al Iraq)

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