Archive | 7th March 2012

Iraq Oil Output Over 3m bpd for First Time in Decades

Iraq's oil production has risen above 3 million barrels per day for the first time in more than three decades, according to Reuters. "While I am talking to you today, the Iraqi oil production has exceeded 3 million barrels per day," Deputy Prime Minister Hussain Al Shahristani told a conference in Baghdad on Tuesday. "Loading […]

HSBC Analysts Review Iraqi Oil Valuations

Analysts at HSBC have reviewed on Monday the prospects for companies operating in the Iraqi oil sector, and issued new price targets: Afren: reduces its discounted-cash-flow-(DCF)-based target price to 175p from 179p, and maintains an overweight rating; Dana Gas: maintains an overweight rating and a sum-of-the-parts-(SOTP)-based target of AED 0.64; Genel Energy: initiates coverage with […]

Gulf Keystone Shares Slump on Kurdistan Worries

More than £1 billion ($1.6 billion) was wiped off the value of Gulf Keystone Petroleum (GKP) during trading on Tuesday, as its share price fell by one third to 228.5p. Some of those losses have been recovered on Tuesday afternoon and Wednesday morning, with the shares currently changing hands at 275p. The falls were attrributed […]

Exxon to Decide Iraq Strategy in Days

ExxonMobil has reportedly asked the Iraqi central government to give it a few more days to decide whether or not it will cancel an exploration deal with the Kurdistan Regional Government (KRG). Baghdad has asked the U.S. giant to choose between the KRG deal and the existing contract with central-government to develop the 370,000 barrels-a-day […]

Iraq to Nominate Thamar Ghadban to Lead OPEC

Iraq is expected to challenge the Saudi contender for the post of Secretary General of Organisation of Petroleum Exporting Countries (OPEC), according to a report from Middle East Oil & Gas. An Iraqi official told the Gulf Times: “Iraq is working to nominate Thamer Ghadban for this position”. Ghadban is currently the top energy adviser […]

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Metito Awarded Multi-million Dollar Contract in Iraq

Cementing its position as the leading provider of total, intelligent water management solutions in emerging markets, Metito announces its latest project in Iraq worth more than $9m. "Iraq is striving to improve infrastructure across the whole country which will create interesting opportunities for the water sector", insisted Mustafa Hasan, General Manager of Metito Jordan, Iraq […]

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Middle East Association on 10th Mission to Kurdistan

A leading British trade association last week visited the Kurdistan Region for the 10th time, helping to cement Kurdistan’s commercial ties with the UK. The 26-strong Middle East Association (MEA) trade mission met universities, government ministers and officials, and business organisations. Mr David Lloyd, the mission leader and Senior Consultant to the MEA, said, “This […]

US Embassy Warns of Travel Restrictions during Baghdad Summit

The U.S. Embassy wishes to inform U.S. citizens living and working in Iraq that the Government of Iraq will host the Arab League Summit in Baghdad March 27-29, 2012. During this period, the Government of Iraq may take extraordinary security precautions which could have a significant impact on travel throughout Baghdad. The Embassy recommends that […]