Heritage Oil is to dig its Miran West-2 test well in Kurdistan deeper than originally planned after results proved much less productive than the adjacent test well.
Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
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 […]
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: – […]
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 […]
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 […]
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.
French judicial investigators have revived their eight-year inquiry into corruption linked to the United Nations oil-for-food programme in Iraq by placing Total under formal investigation for bribery in the affair.
Three contractor groups were selected for drilling wells, worth a total of around $500 million and 2 two-year contracts, worth a total of around $100 million, have been awarded for the supply and installation of electrical submersible pumps and associated services.
‘I think signing this many contracts, in so short a time, at the end of the government’s term, leaves any future government stuck with long-term contracts that last for 25 years,’ a former Iraqi oil minister said. ‘There is a need to review these contracts.’
In Iraq’s fevered political climate, no deal makes everyone happy, and the oil contracts could easily become a casualty as Iyad Allawi, the declared winner in last month’s election, begins the messy process of stitching together a governing coalition.
“The Oil ministry plans to increase the oil production in April to about 59 million barrels in order to increase the revenues to 267 million dollars.” The representative of the oil ministry Abdul Karim Al Luaibi told The Independent National News Agency.
The storm brewing on the Organization of Petroleum Exporting Countries (Opec’s) horizon over future Iraqi oil output could engulf the producer group sooner than it would like.