By Simon Kent. Aircraft from the international Coalition against the self declared Islamic State have struck seven targets in Iraq, according to officials from Combined Joint Task Force Operation Inherent Resolve. This is half the number of strikes that occurred in Syria over a roughly 24 hour period, suggesting a paucity of targets in Iraq […]
By Simon Kent. Gazprom Neft, the Russian oil and gas giant, has announced increased production at the Badra field, reaching an aggregate production of 3 million tons in less than two years, according to Sputnik news. Badra has estimated reserves of over 3 billion barrels, and this year Gazprom added another 3 wells, totaling an additional […]
By Simon Kent. Two recent reports point to the possibility of an imminent oil deal between Baghdad and Erbil over revenues and exports, following the breakdown of the fourth revenue and exports deal in early 2015. In an interview with Kurdish publication Rudaw, KRG spokesman Safeen Dizayee (pictured) noted that there was a positive view of new Iraqi Minister […]
By Simon Kent. Norway's DNO ASA have launched a new drilling campaign at Tawke, Oilvoice reports. The field, currently producing 117,000 bpd and selling at an average price of $34 per barrel, earned DNO $16 million in profit in the second quarter. DNO Chief Executive Bijan Mossavar-Rahmani (pictured) noted that the profits would help underpin the current new investment. […]
By Saad Salloum for Al Monitor. Any opinions here are those of the author, and do not necessarily reflect the views of Iraq Business News. The Shabak community is one of the ethnic minorities in Iraq, speaking a language distinct from Arabic and Kurdish. Its members live on the Ninevah plains with other religious minorities […]
By Simon Kent. New Iraqi Oil Minister Jabar Ali al-Luaibi has said he wants to work to increase Iraq's oil reserve estimates and increase exports while working with OPEC on quotas, which currently stand at 14% of OPEC production for Iraq. Luaibi noted, "We will work to draw up stable policies and work to achieve […]
By Simon Kent. Foreign Direct Investment (FDI) is rising again in Iraq, The Wall Street Journal reports. The piece notes General Electric's billion dollar contract in January, which is of course government spending, to highlight how multi-nationals are increasingly confident as the self declared Islamic State begins to collapse. The piece also notes how FDI is […]
By Simon Kent. Iraq's new oil Minister Jabbar Al Luaibi, who was appointed April 14th, has remarked that the Kurdish Regional Government (KRG) and Baghdad are planning a new oil exports and revenue sharing deal to replace the one which collapsed in early 2015. According to Gulf News, Safeen Dizayee, a spokesman for the KRG also confirmed new […]
By Simon Kent. Amnesty International, the world-wide human rights organization, has published a report warning of imminent humanitarian crisis as the offensive to liberate Mosul from the self declared Islamic State gathers momentum. The organization also warned the current humanitarian emergency, which has seen at least 3 million Iraqis displaced from their homes, is severely […]
By Wassim Bassem for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. Iraq has been involved in many wars, but soon it will have to turn its attention to yet another front or risk being overwhelmed by an environmental crisis. Two coinciding […]
By Simon Kent. Prime Minister Haidar al Abadi has received a huge boost to his embattled reform campaign as parliament approved his initial choice for new Minister of Oil, Jabar Ali al Luaibi. Luaibi was formerly the head of the South Oil Company, and his appointment comes after difficult negotiations with the IMF, that included […]
By Simon Kent. Iran is to start exporting gas to Iraq from the South Pars field after a year long delay, Bloomberg reports. The shipments will begin at 7 million cubic meters a day for power generation in Baghdad. Another export route is planned for 2017, which will serve Basra, totaling 70 million cubic meters a day […]
