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 Exports Take a Dip

Iraq’s oil exports slipped slightly last month to 1.926 million barrels per day from 1.977 million bpd the month before, an official at the State Oil Marketing Organization (SOMO) said today. Exports up to 30 January had averaged 1.98 million bpd. The SOMO official, who asked not to be identified, did not give a reason […]

Exxon Mobil, Shell Take a Calculated Risk

A consortium led by Exxon Mobil and Royal Dutch Shell on 25 January signed a contract with the Iraqi government to redevelop and expand the West Qurna field – one of Iraq’s biggest oil fields. The Exxon team said it would boost production at the field to 2.325 million barrels a day, up from just […]

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Iraqi Oil: Why Are the Majors Willing to Take the Plunge?

If the invasion of Iraq was all about exploiting the country’s oil, you’d never know it from the structure of the contracts being signed by the likes of ExxonMobil (NYSE: XOM), Total (NYSE: TOT), and BP (NYSE: BP). In an analysis of the West Qurna 1 license awarded to ExxonMobil and Royal Dutch Shell (NYSE: […]

Potential Risks to Iraqi Production Capacity

The decision by Iraq , to allow international companies to support the development of productive oil fields, is the most important economic decision taken by the government since 2003. The importance of this step is in increasing the production capacity from 2.5 million bpd currently, to 11 million by the year 2017, an increase of […]

Shell Demands Oil Ministry to Sign Gas Contracts

British–Dutch firm, Shell, demanded the Iraqi Oil Ministry to sign the gas investment final contract. “The Ministry delays signing the contract,” Malik Nouri, Shell’s representative in Basra, told Aswat al-Iraq news agency on Tuesday. He said that the contract is extremely important to Iraq, because it brings big amounts of funding to the country.

Gulfsands Gets Approval to Develop Syrian Oil Field

Oil and gas explorer Gulfsands Petroleum Plc (GPX.L) said it received government approval to develop the Yousefieh oil field in Syria. The company, which has operations in Syria, Iraq and the United States, said it got a production license of 25 years for the Yousefieh oil field in Block 26 North East Syria, with the […]

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Angola’s Sonangol Finalizes Oilfield Deals

Iraq signed final contracts with Angolan state oil company Sonangol on Tuesday to develop the Qayara and Najmah oilfields. Qayara has reserves of some 800 million barrels and Najmah 900 million. Both are in the violent Nineveh province in Iraq’s north, where Sunni Islamist insurgents like al Qaeda remain active almost seven years after the […]

Meeting in Basra on Development of al-Qarna Oilfield

Basra Governor, Shaltagh Aboud al-Mayah, held talks on Monday with Russia’s giant oil company Lukoil and its Norwegian ally Statoil on facilitating their work in the development of al-Qarna oilfield. “Talks were also centered on the need to use Iraqi workers in Basra, and especially in al-Qarna region,” al-Mayah told Aswat al-Iraq news agency. The […]

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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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