The Iraqi Council of Ministers has proposed to Parliament that part of the oil revenues be allocated to provinces that produce oil. “The cabinet proposed the allocation of $1 per barrel to each province that produces oil,” Dr. Ali al-Dabbagh, the official spokesperson of the Iraqi government, said in a release on Tuesday received by […]
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Tags: Iraq Banking & Financial News, Oil
CNOOC and Sinochem Win Bid for Iraqi Oilfield
According to a Wall Street Journal report, Iraqi officials said that a consortium led by China National Offshore Oil Corporation (CNOOC) is expected to win the bid for Missan oilfields in southern Iraq. The consortium had accepted the price offered by the government of Iraq. The oilfield has reserves of about 2.5 billion barrels. An […]
Gulf shares shoot up
Shares in Gulf Keystone Petroleum Ltd (AIM: GKP) shot up in London trading after the group announced that the operator of the Akri Bijeel block in Iraq’s Kurdistan region concluded a successful oil test in the Bijeel-1 exploration well. The well was spudded in mid-December 2009. Gulf Keystone holds a 20 percent working interest in […]
Hungary's Kurdistan Well Hits Oil
Hungarian oil and gas group MOL(MOLB.BU) announced on Tuesday that it had discovered oil in the Akri-Bijeel Block in the Kurdistan Region of Iraq where they conduct tests jointly with Gulf Keystone Petroleum, reports Reuters.. MOL,which owns an 80 percent share, said its exploration well tested 3,200 bbl/day oil and also associated gas. It said […]
Second TV Station Opened in Talafar
A local TV station was officially opened in Talafar, to become the second in the district, according to the station’s director. “An official ceremony was organized today (March 8) on the official inauguration of the Turkmen-speaking channel in Talafar,” Hazem al-Afandi told Aswat al-Iraq news agency. “The channel’s transmission will cover 40 km square but […]
Tags: Telecoms/Comms, TV
Water Shortages Impact Power Output
The issue of power shortages is related to water shortages, Electricity Minister Kareem Waheed said. Waheed said water shortages have forced his ministry to redirect investments in this vital sector. Power outages in Iraq may last up to 20 hours a day. Waheed said volumes of water reaching Iraq have dropped substantially . Iraq relies […]
Memorandum Extended with Shell
Iraq has extended a memorandum of understanding with Royal Dutch Shell on a natural gas venture in Basra for six months from March 2010, Iraq's oil minister Hussein Al Shahristani told Reuters on Sunday. "We will resume talks with Shell after the election," Al Shahristani said after he cast his vote in the country's second […]
Preliminary Election Results Expected This Week
An estimated 62% of the 19 million eligible voters went to the polls in Sunday's parliamentary elections – this was down from the 75% seen in the 2005 elections, but was still a very respectable turnout. Preliminary results should be available this week, but final official results will not be declared until the end of […]
Khuzestan Exports $421m to Iraq
In the eleven-month period ending February 19 over 1.5 million tons of goods worth some $421 were exported to Iraq from Khuzestan Province, southwest of Iran. The director of Khuzestan Province Customs Administration, Abbas Alidadi, told ISNA news agency that the goods are 216 percent heavier and 127 percent more in value compared to the […]
Tags: Industry & Trade, Iraq
OPEC Production Level Hits 14-month High
The Organization of the Petroleum Exporting Countries’ (OPEC) crude oil supply rose in February to the highest in 14 months led by Angola and Saudi Arabia, a Reuters survey showed, further reducing compliance with output targets. Supply from the 11 members of OPEC with output targets, all except Iraq, is averaging 26.80 million barrels per […]
Tags: Oil & Gas
Baghdad 2010 Redevelopment Budget Hits $1 Billion
Azzaman reports that Baghdad's governor, Salah Abdulrazzaq, has earmarked nearly $1 billion this year to redevelop the city. 40 percent of this budget will go to cover projects started in the past two years that were not completed. The governor said many projects were not finished because the Iraqi contractors working on them failed to […]
Tags: Baghdad, Public Works
Ministry will Appoint All Oil Graduates
The Oil Ministry has decided to appoint graduates from 2005-2009 to different oil companies throughout Iraq, Essam Jihad told Aswat al-Iraq news agency. “The distribution of jobs will take into consideration the nearness of the work to the graduates’ houses,” he added. “The appointments will be done in batches within the Ministry’s 2010 plan. The […]