Tag Archives | Kurdish Region of Iraq

Luaibi Targets More Production Ahead of OPEC Meeting

By Simon Kent.  Iraq’s Oil Minister Jabbar Ali al Luaibi has met with IOCs and asked them to do their utmost to increase production in Iraq’s southern fields, which has fluctuated in 2016. The announcement, relayed by Ministry of Oil spokesman Asim Jihad, comes over a month before a meeting on the 26th of September […]

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New Baghdad- Erbil Deal Could Be Imminent

By Simon Kent. Two recent reports point to the possibility of an imminent oil deal between Baghdad and Erbil over revenues and exports, following the breakdown of the fourth revenue and exports deal in early 2015. In an interview with Kurdish publication Rudaw, KRG spokesman Safeen Dizayee (pictured) noted that there was a positive view of new Iraqi Minister […]

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DNO Launch New Drilling at Tawke

By Simon Kent. Norway’s DNO ASA have launched a new drilling campaign at Tawke, Oilvoice reports. The field, currently producing 117,000 bpd and selling at an average price of $34 per barrel, earned DNO $16 million in profit in the second quarter. DNO Chief Executive Bijan Mossavar-Rahmani (pictured) noted that the profits would help underpin the current new investment. […]

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Greece Opens Erbil Consulate

By Simon Kent. Greek Foreign Minister Nikos Kotzias has announced the opening of a consulate in Erbil, capital of the semi-autonomous region of Iraqi- Kurdistan. Greece already has an embassy in Erbil, and the announcement suggested the new consultate will “substantially upgrade” the country’s diplomatic presence in Iraq. (Source: Independent Balkan News Agency)

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Kurdish PUK, Gorran Parties Strike Deal

By Mohammed al Salih for Al Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. A deal between two main Iraqi Kurdish political parties, Gorran and the Patriotic Union of Kurdistan (PUK), is expected to increase tensions and lead to further fragmentation and destabilization of Iraqi […]

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Finland Boosts Training Mission

By Simon Kent. Finland is set to increase its training and assistance mission to Iraqi Kurdish Peshmerga forces, sending an extra 50 commandos to help the Kurds  counter improvised explosive devices and other ISIS tactics. The move came amid some debate in the Finnish parliament, but MPs’ concerns were assuaged by the fact that the […]

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Kurdish Regional Government Fights Reform Battle

By Simon Kent. The Kurdish Regional Government has announced a plan to implement a series of economic reforms in the face of a growing recession. Currently, the region has debt of up to $18 billion, a crisis made far worse by expenditures in the war against ISIS, the collapse in oil prices and a bloated […]

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WesternZagros Reviews Financing

By Simon Kent. WesternZagros Resources has announced that an agreement has been reached with its major shareholder, Crest Energy International to defer the latest first drawdown notice date under the first tranche of its US$200 million unsecured credit facility from the original date of January 1, 2016 to May 1, 2016. The Company felt it […]

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Turkish Forces Withdrawing From Iraq

By Simon Kent. Turkish President Reccip Tayyip Erdogan has announced that further withdrawals of Turkish troops are being made from Iraqi Kurdish territory following pressure from Baghdad and Washington. Baghdad had previously called the deployment of Turkish soldiers to a KDP Peshmerga base “an illegal incursion” and Barack Obama called Erdogan asking him to de-escalate tensions. […]

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Gulf Keystone Announce Shaikan Milestone

By Simon Kent. Gulf Keystone have announced that the Shaikan field in the Kurdish region of Iraq (KRI) has now exceeded 15 million barrels of commercial production. According to the company, this amounts to a daily average production in excess of 40,000 barrels of oil gross. The oil is trucked to the Turkish border before […]

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