‘You could be looking at 1.5 million barrels in two years,’ said a senior executive at one of the oil firms involved in Iraq. ‘That could make a huge difference to the supply and demand balance. Is there going to be that kind of demand pick up in that timeframe?’
Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Iraqi’s won’t be kept away from the polls by mere car bombs and mortar shells. But by and large they were voting for the same coterie of politicians who’ve made Iraq among the five most corrupt nations in the world.
Gulf Keystone Petroleum is set to increase its interests in Kurdistan by assuming 100% control of its GKPI operating subsidiary, following a material default by the company’s investment partner in Kurdistan, ETAMIC.
“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 Aswat al-Iraq news agency.
China National Offshore Oil Corp., has signed an initial agreement with Iraq to develop the 2.5 billion-barrel Missan oil field complex in southern Iraq, a senior Iraqi oil ministry official said Monday.
A unit of MOL Hungarian Oil & Gas PLC has gauged oil and gas at the Bijeel-1 exploratory well in Iraqi Kurdistan, the well, in the east-central part of the 889 sq km Akri Bijeel block, flowed at rates of as much as 3,200 b/d.
The Organization of Petroleum Exporting Countries will uphold its target of 24.845 million barrels a day when it meets in Vienna on March 17, according to 42 of 44 analysts surveyed this week. Shokri Ghanem, chairman of Libya’s National Oil Corp. said on March 9 that “no new decision is expected,” while Saudi Arabian Oil […]
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 […]
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 […]
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 […]
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 […]
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 […]