By John Lee. The continuing war against the Islamic State (IS, ISIS, ISIL), coupled with the decline in oil prices, have reportedly made Iraqi regulators and government more receptive to reforms that would strengthen the economy and the stock market, according to an article in UAE-based The National. Shwan Taha, head of Rabee Securities, has […]
By John Lee. Oryx Petroleum Corporation has announced an update regarding production, sales and development activities for the Hawler license area in the Kurdistan Region of Iraq (“KRI”). Highlights: Gross (100%) oil production: - December 2014 average of 3,900 bbl/d with a daily peak of approximately 8,500 bbl - January 2015 average of 3,100 bbl/d […]
By John Lee. Genel Energy chief executive Tony Hayward said on Tuesday that Iraq's output of crude oil would grow much more slowly than many expect. He told a conference in London that the world has entered a new era of lower oil prices, which would not recover to the $110 a barrel level in […]
By John Lee. Anadolu Agency reports that international oil companies (IOCs) operating in Iraqi Kurdistan are reconsidering their investments as they have not yet been paid by the Kurdistan Regional Government (KRG). Gulf Keystone Petroleum (GKP) recently suspended crude oil exports by truck from Iraqi Kurdistan, and was reported in November as saying that it […]
From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. The armed group Islamic State of Iraq and the Levant (ISIL, ISIS, IS) has been running an ambitious propaganda campaign that includes social media and lots of recruitment videos tailored to different cultures […]
By John Lee. The Central Bank of Iraq (CBI) has reported that 19 banks took part in its currency auction on Wednesday. A total of $93,035,000 was sold at a price of 1166 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of Iraq)
National Overview Jordanian air campaign in Syria occurs amid ongoing counter-ISIS offensive across Iraq, as militant activity is curtailed in northern and central conflict zones. While Jordan’s armed forces have substantially increased their military presence along Iraq’s south-western border following the killing of pilot Muath al-Kasasbeh by the Islamic State of Iraq and al Sham […]
By John Lee. Shares in Petroceltic plc were trading up nearly 4 percent on Tuesday, following a positive note from a London-based broker. Peel Hunt analyst James Carmichael claims that near-term drilling in Iraqi Kurdistan could significantly increase Petroceltic’s resource base. Proactiveinvestors says the broker has a ‘buy’ recommendation and a 202p price target for […]
By John Lee. Oil Minister Dr. Adel Abdul Mahdi [Adel Abdel Mehdi] has announced a plan to build new oil storage tanks to help smooth oil production during bad weather. Iraq's exports were restricted in January due to bad weather in the Gulf. (Source: AIN) (Oil tanks image via Shutterstock)
By John Lee. The Czech government has given the go-ahead to supply 100 military vehicles to Iraq, to support the ongoing fight against Islamic State (IS, ISIS, ISIL) militants. BasNews reports that the vehicles are reconditioned BVP-1 armoured personnel carriers (APCs) and T-72 tanks, to be supplied by a company called Excalibur Army. (Source: BasNews) […]
By John Lee. Talisman Energy, the Canadian producer being acquired by Spain’s Repsol, has fully impaired its investment in Block K44 in the Kurdistan region of Iraq by $234 million, after determining that future investment in a capital constrained environment was unlikely. The company has an interest in two blocks, Kurdamir and Topkhana, covering in […]
By John Lee. Jordanian government officials have told NBC News that Jordan has deployed "thousands" of troops at its border with Iraq. Speaking on condition of anonymity, they said the troops were sent to prevent the infiltration of ISIS fighters into Jordan, and as a show of force. "We are determined to wipe them [ISIS] […]
