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.

Iraq Mulls Kurdistan Expense Claims

The federal government could end up paying for exploration and extraction costs of oil companies working in Iraqi Kurdistan on a cost only basis said Iraqi Oil Minister Hussain Shahristani today. “We will not pay any profits to the companies but we will look into the bills for the work they carried out,” Reuters quoted […]

New Project to Build Oil Refinery in Basra

Iraq Directory reports that Basra’s Director of investment, Haider Ali Fadel, said on Wednesday that the Authority is currently considering a proposal from a local investor to build an oil refinery in the province. He stated that the Basrah Investment Commission is prepared to send all requests for the establishment of such projects to the […]

Lukoil in Talks on Developing Giant Oil Field near Basra

Azzaman reports that Russian energy giant Lukoil is discussing with local officials in Basra the details of implementing its contract to develop the West Qurna-2 oil field. Governor Shaltah Aboud is reported to have promised the Russians “to engage in full cooperation and do his best to remove all obstacles.” “We have discussed with Russia’s […]

Iraq Adjusts Oil Pricing, and Adopts the ASCI Benchmark

loomberg reports that Iraq raised the official selling prices for crude delivered to the U.S. and lowered them for Europe. The March price for Basra Light oil for delivery to the U.S. rose by 80 cents, to a discount of $4.35 below West Texas Intermediate crude, according to a statement from Iraq’s Oil Ministry. The […]

Iraq on Road to Stamping out Oil Graft

Iraq took a step towards leaving its reputation for corruption and the misuse of oil cash behind today, as the Extractive Industries Transparency Initiative (EITI) board accepted its bid to become a candidate member. Iraq now has two years to implement EITI standards in financial reporting within its oil sector. It must also undergo validation […]

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Kurdistan to Resume Oil Exports

Iraq’s oil minister, Hussain al-Shahristani, said he expected exports from Kurdistan to resume in the near future, but the status of disputed oil deals with foreign companies (including Norway’s DNO) remain unclear. This follows resolution of a disagreement between the semi-autonomous region and central government regarding payment mechanisms. Shares in Gulf Keystone Petroleum and DNO […]

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UPDATE: OPEC El-Badri: No Need For Iraq Quota For Next 5 Years

Iraq may not need a quota with the Organization of Petroleum Exporting Countries for five years, OPEC’s secretary general said Monday. “When they reach the point to be accommodated, maybe that will not be before five years from now,” Abdalla Salem el-Badri said at an industry event. Iraq aims to lift its oil-production capacity to […]

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Russia’s Lukoil to Invest 30 Bln Dollars in Iraqi Oil Field

Russian state energy monopoly Lukoil will invest 30 billion U.S. dollars with its foreign partners in the development of the West Qurna-2 oil field in Iraq, said the company’s CEO Monday. First phase of investment to the oil field, whose annual output is estimated at 95 million metric tons, will reach 4.5 billion dollars, said […]

Iraq Says It Can Be Top Global Oil Producer

Iraqi Oil Minister Hussain al-Shahristani yesterday said he expected Iraq to become the world’s top oil producer in six to seven years, and that OPEC should take into account Iraq’s need to rebuild its economy. Emerging from the shadow of war and keen to generate petrodollars to rebuild, Baghdad looks set to lift capacity to […]

Iraq Output Boom ‘could See Oil Fall to $50

The revival in Iraq’s oil production could keep oil prices low for several years: that is the message from a Royal Bank of Scotland note on the global oil market. As the last of Iraq’s oil contracts have been awarded, RBS predicts that Brent crude could fall back from its current level around $73 to […]

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