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 Completes Deal with Oil Giants Exxon Mobil, Shell

Iraq’s oil ministry on Monday completed a major deal with US major Exxon Mobil and Anglo-Dutch giant Shell to develop production at West Qurna-1, the war-torn country’s second biggest field. “The oil ministry signed the contract for West Qurna-1 with Exxon Mobil and Shell,” ministry spokesman Assem Jihad said in a statement. “This contract will […]

West Qurna Deal in the Bag

US super major ExxonMobil and its Anglo-Dutch peer Shell, today signed a final contract for the development of Iraq’s 8.7-billion-barrel West Qurna Phase One oilfield The partners, who will work with an Iraqi state-run oil company, won the right to develop the super giant field in negotiations with the Oil Ministry last year following Iraq’s […]

Oil Company near Settling over Contract in Kurdistan

A Norwegian oil producer announced Monday that it would probably have to pay between $12 million to $144 million in an upcoming arbitration settlement to the former American diplomat Peter W. Galbraith and a Yemeni businessman. Mr. Galbraith, who helped negotiators in the Kurdish regional government figure out how oil revenues are shared under the […]

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DNO Provides Update on Kurdistan Arbitration Proceedings

As previously reported DNO Iraq AS (DNOI), a subsidiary of DNO International ASA (DNO) is involved in arbitration proceedings related to certain third party interests in Kurdistan. Such third parties were not approved to be part of nor have any rights in the Production Sharing Contracts (PSC) signed by DNOI following the reviews which were […]

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Shell to Look Beyond Tar Sands

Royal Dutch Shell’s expansion in Canada’s controversial tar sands will be “very much slower” than in recent years, the company’s new chief executive has said, as the group makes a strategic shift away from high-cost “unconventional” oil production. Peter Voser, who took over at Europe’s second-largest oil and gas group in July, told the Financial […]

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Oil Tanks Built at Najaf Refinery to Boost Reserves

Several oil tanks of different sizes are currently being built at the Najaf refinery to increase its reserves, an informed source said on Sunday. “Work is currently underway to build 12 tanks…,” the director of the refinery, Layth Abdulrasool al-Gharawi, said in a statement received by Aswat al-Iraq news agency. The project will increase the […]

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Deputy PM, Italian Envoy Discuss Development of Oilfield, Big Faw Port

Iraq’s Deputy Prime Minister Rafie al-Issawi met with the Italian ambassador to discuss the development of al-Zubeir oilfield and the construction of the Big Faw Port. “The meeting tackled the progress of work by the Italian ENI company in the development of al-Zubeir oilfield,” according to a statement released by Issawi’s office and received by […]

Iraq’s Oil Revenues Up by $300m in Dec. 2009

Iraq’s oil revenues went up by $300 million during the last month of 2009 to hit $4.499 billion through the sale of 61.3 million barrels at a rate of $73.39 per barrel, the Iraqi oil ministry announced on Saturday. “Crude oil exports rose in December 2009 compared to November 2009 during which 57 million barrels […]

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Red Star over Iraq

It may be the start of the biggest oil job in the world. Each day, 20 workers from BP and China National Petroleum Corp. (CNPC) buckle down to the task of prepping the Rumaila oil field in southern Iraq for rapid development. In industry lingo, Rumaila is a “supergiant”—a 50-mile-long deposit of sweet crude with […]

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DNO Sees Fourth Quarter Flow Drop

Norwegian oil producer DNO’s fourth-quarter net entitlement production from Yemen showed a small drop in the fourth quarter, and total production fell heavily due to the halt in Iraqi exports. DNO’s fourth quarter NI production from Yemen, which best reflects DNO’s actual share of the output; fell to 4738 from 4987 bpd in the third […]

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Final Contract for Qurna Oilfield with Exxon, Shell to Be Signed

The Iraqi Ministry of Oil on Monday will sign the final contract with a consortium led by Exxon Mobil Corp and Royal Dutch Shell, under which the firms will be allowed to develop the West Qurna-1 field in southern Iraq. “The contract aims to increase the field’s production to 2.325 million barrels per day (bpd),” […]