Tag Archives | Oil

The latest Oil & Gas industry news from Iraq – security updates, oil industry events and more – brought to you by Iraq Business News

Gulf Keystone: More Good News For Oil Exporters

Gulf Keystone, the oil and gas exploration and production company with operations in the Kurdistan Region of Iraq, announced on Monday that the Kurdistan Regional Government (KRG) has asked it to start exporting 5,000 barrels of oil per day. This happens just days after the Iraq central government released the first payment to the KRG after […]

Iraq Oil And Gas Events

Organizers of Basra Oil & Gas and Baghdad Oil & Gas are glad to announce that both events are officially supported by the Iraq Ministry of Oil. In the document signed by Mr. Ahmed Al-Shamma, Deputy Minister for Refining and Gas Processing, it is clearly indicated that the ministry is pleased with the success of […]

Iran And Iraq Near Oil Deal

A long-running dispute over oil fields on the Iran-Iraq border might soon be resolved, according to Ali al-Sjeri, the Iraqi minister of state for foreign affairs. Speaking to Aknews, he said that talks were now at an “advanced stage”. “The Iraqi government looks forward to good relations with neighboring countries, without affecting Iraq’s economic interests and […]

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Weekly Security Update for 14th April 2011

Overview There was a fall in the number of violent incidents taking place in Iraq last week, although there was a spate of attacks around the centre of the country on Monday, leaving a number of people dead. In general, violence remains concentrated in Baghdad, the dstricts immediately surrounding it, and the northern city of […]

Attacking the Oil Sector

Radical Islamists may be attacking the Iraqi energy sector in an attempt to push up the already high price of oil. The past week saw attacks on three oil tankers and a refinery in the central provinces. Militants attacked Iraq’s largest refinery, located in Bayji in Salah ad-Din province on 26 February. Gunmen entered the […]

Weekly Security Update for 2nd February 2011

Overview Last week saw considerable violence in Iraq, particularly in Baghdad. There was also a spate of attacks in Mosul and two especially bloody bombings in Karbala. Over 100 fatalities and up to 250 injuries were recorded in total around the country. There was also an increase in targeted shootings in the capital, resuming a […]

The Best is to Come in 2011

2010 saw hundreds of trade agreements signed, a score of new consulates opened, and dozens of countries and thousands of companies scrambling to get in on the Iraq story. Inflation has remained low all year and exchange rates have been stable. The oil price averaged $15-$20 above the $62.50 price allowed for in the Iraq budget. […]

Iraq to Export 40% More Oil Within 2011

It is one of the better problems a rebuilding country can have: Iraq is attracting too much oil investment. The problem is that the infrastructure does not exist to export most of the extra oil produced. However, this is going to change as early as next year, perhaps increasing exports by one million barrels of oil per day, an increase […]

Gulf Keystone Crashes on Legal Battle

Shares in Gulf Keystone fell 30% on Wednesday as markets opened for the first time since last week, when Excalibur Ventures in New York issued a legal challenge. Three hours after the London market opened the share price has recovered somewhat, but still leaves a fall of around 10% at 167 pence. Excalibur believes it is entitled […]

Iraq Budget to be Reviewed

Iraq’s budget for 2011 was approved some months ago, but with the government now formed it is back on the table, according to AKNews. Kurdish MP Mahmoud Othman said: “There is an agreement between the Kurdistan Regional Government (KRG) and the prime minister Nouri al-Maliki to amend the current budget.” Amendments are needed to resolve a […]

Oil Infrastructure Set for Boost

The oil minister, Abdul Karim al-Luaibi, has been busy in the few days since his appointment. Not only has he announced that exports from the northern Kurdistan region are to resume, but he has also promised that the focus will be on rebuilding the decayed oil infrastructure, according to the Arab Times. Al-Luaibi, who has […]