In its Interim Management Statement this morning, oil explorer Afren gave the following update on its operations in Iraqi Kurdistan: Barda Rash Having received all necessary approvals of the Field Development Plan (FDP) for Barda Rash during November 2011, the Company has commenced the development programme that will initially target approximately 500 million barrels of […]
In a step that further builds its resource base in the Kurdistan Region of Iraq, Genel Energy announced on Monday that it is to acquire a 23 per cent stake in the Bina Bawi exploration licence. The Bina Bawi licence lies alongside the producing Taq Taq oilfield where current potential output is some 80,000 barrels […]
Iraq’s oil exports have reached the highest records in decades. Crude oil exports averaged 2.508 million bpd in April 2012 due to the opening of two new floating terminals, easing export constraints. The Iraq Petroleum 2012 Conference will address this recent increase in crude oil exports, in a key session titled ‘Positioning Iraq on the […]
Iraq has invited international consultancy firms to assist in managing the country's multi-billion dollar oilfield water injection projects. The scheme would assist in raising the extraction rates in order to stop declines in production at fields such as Majnoon, Zubair and Rumaila. Dhiya Jafaar, head of the state-run South Oil Company, told Reuters that the company […]
Iraq has ambitious plans to build on its booming energy sector. The sector will be used to build upon its petrochemicals industry, Iraq is looking to foreign firms to invest up to $35 – 50 billion from 2017 – 2023. During this period the plans aim to produce around 10 million tonnes of petrochemicals a […]
Advertising Feature Iraq Business News is delighted to bring you the latest Iraq Market Tracker report from Dunia Frontier Consultants. The market tracker highlights the activities and market performance of a basket of publicly traded firms who derive a significant percentage of their revenues from operations in Iraq, but are traded on foreign exchanges: a […]
Advertising Feature Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 3rd May 2012). Please click here to download a table of listed companies and their associated ticker codes. ID1,286 / $1.403, (+0.1%) (weekly change). The number of week traded shares was 4.1bn and the weekly trading volume was ID8.9bn ($7.5mn). ISX Company […]
Iraq’s State Oil Marketing Organisation (SOMO) has adjusted its official selling prices for its Basra Light and Kirkuk crude grades for June. In common with some other countries, Iraq’s oil is priced relative to regional benchmark prices: For shipments to US, contracts are priced are relative to the Argus Sour Crude Index (ASCI); Shipments to […]
Gulf Keystone has announced that the Bakrman-1 exploration well spudded on the Akri-Bijeel block in the Kurdistan Region of Iraq on 7 May 2012. Bakrman-1, the third exploration well to be drilled on the Akri-Bijeel block, is located 32 km to the north-west of the Bijell-1 discovery well and 25 km to the north-west of […]
Kurdistan’s chambers of commerce held the first Romanian-Kurdish economic forum in Erbil this week, hosting many Romanian and Kurdish companies. The Romanian businesses were part of a trade delegation that, accompanied by Romania’s Ambassador to Iraq, Jacob Prada, is visiting all three governorates of the Kurdistan Region this week. Dara Jalil Khayat, the Chairman of […]
Bloomberg reports that Iraq’s Kayar Group and Jawaharat Alrawabi have signed a $249 million (290 billion Iraqi dinar) contract to build 3,827 housing units in the south of Diwaniya city. Ahmed Hisham, president of the Diwaniya Investment Commission told the agency: “We are also styuding designs for other companies to build 15,000 residential units. Some […]
Iraq's Deputy Premier with responsibility for energy affairs, Hussein Shahristani, has reportedly met the chairman of the South Korean STX Group to discuss possible cooperation in building power stations. According to the report from Aswat al-Iraq, STX has already completed a diesel power station with a capacity of 900 megawatts. A statement from Mr Shahristani's […]
