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.

OPEC Likely to Face Iraq Test Sooner Than Expected

The storm brewing on the Organization of Petroleum Exporting Countries’ (OPEC) horizon over future Iraqi oil output could engulf the producer group sooner than it would like. “There’s only one issue, but it’s a big one. It’s a tsunami. Iraq,” said Leo Drollas at the Centre for Global Energy Studies. After years of sanctions and […]

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ExxonMobil Plans 4% Spending Boost

US super major ExxonMobil will increase its capital spending by nearly 4% this year to $28 billion as it evaluates new fields around the world, but it cautioned that the global economy remained unsteady. ExxonMobil, the world’s largest publicly traded oil company, also said it had completed initial tests at Iraq’s West Qurna field, where […]

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Iraqi Provinces to Reap $1 per Barrel

Iraqi provinces will have the right to reap $1 from each barrel their oil fields produce, the cabinet has announced. The decision is part of the draft projects which need to be approved by parliament before turning into law. Government spokesman Ali al-Dabagh said the government hoped parliament will pass the draft law and that […]

Abadan Exports Exceed 320m litres

Some 322.9 million liters of gas oil have been exported to Iraq via Abadan from March 20, 2009 to March 6, 2010. During the period some 920,000 liters of gas oil were exported daily to Najaf and Baghdad power plants, SHANA News Agency reported on Wednesday. Iran exported some 188 million liters of kerosene and […]

Revenues for Oil Producing Provinces

The Iraqi Council of Ministers has proposed to Parliament that part of the oil revenues be allocated to provinces that produce oil. “The cabinet proposed the allocation of $1 per barrel to each province that produces oil,” Dr. Ali al-Dabbagh, the official spokesperson of the Iraqi government, said in a release on Tuesday received by […]

CNOOC and Sinochem Win Bid for Iraqi Oilfield

According to a Wall Street Journal report, Iraqi officials said that a consortium led by China National Offshore Oil Corporation (CNOOC) is expected to win the bid for Missan oilfields in southern Iraq. The consortium had accepted the price offered by the government of Iraq. The oilfield has reserves of about 2.5 billion barrels. An […]

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Gulf shares shoot up

Shares in Gulf Keystone Petroleum Ltd (AIM: GKP) shot up in London trading after the group announced that the operator of the Akri Bijeel block in Iraq’s Kurdistan region concluded a successful oil test in the Bijeel-1 exploration well. The well was spudded in mid-December 2009. Gulf Keystone holds a 20 percent working interest in […]

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Hungary’s Kurdistan Well Hits Oil

Hungarian oil and gas group MOL(MOLB.BU) announced on Tuesday that it had discovered oil in the Akri-Bijeel Block in the Kurdistan Region of Iraq where they conduct tests jointly with Gulf Keystone Petroleum, reports Reuters.. MOL,which owns an 80 percent share, said its exploration well tested 3,200 bbl/day oil and also associated gas. It said […]

Memorandum Extended with Shell

Iraq has extended a memorandum of understanding with Royal Dutch Shell on a natural gas venture in Basra for six months from March 2010, Iraq’s oil minister Hussein Al Shahristani told Reuters on Sunday. “We will resume talks with Shell after the election,” Al Shahristani said after he cast his vote in the country’s second […]