Following the allocation of only three of the 12 exploration fields on offer in Iraq's 4th round energy auction, the Oil Ministry plans to go ahead with a 5th round auction for more sites. “Of course, we will prepare for a fifth round, and we have more than 60 blocks ready for bidding,” Oil Minister […]
Iraq’s government signed deals for only three of the 12 oil and gas exploration blocks offered in its fourth energy auction, which ended on Thursday, reflecting reluctance of foreign bidders to risk money in unexplored areas. Russia's LUKoil, along with partner Inpex Corp of Japan, won the deal for the 5,500-square-kilometer Block 10 in Muthanna […]
Red double-decker buses to returned to Baghdad's streets this week, a colourful sign that the country is moving towards normality. Once a distinctive feature of the capital, the red buses with long white and black stripes disappeared after the 2003 invasion, and were either stolen or broken down. Hadif Omran, an official in a state-run […]
Wednesday was Day 1 of Iraq's two-day auction for the rights to 12 new exploration fields, but the long-awaited and often-delayed event was widely considered a disappointment, with only two bids received and only one deal agreed. The reason, say critics, is that Iraq is playing hardball on the terms offered to the 47 international […]
The first day of Iraq's fourth energy auction resulted in just one successful bid, with four of the today's six exploration fields receiving no bids from the 47 pre-qualified bidders. The six blocks offered today were numbers 2, 9, 6, 12, 1 and 11. A consortium of Kuwait Energy (40%), Turkey's TPAO (Turkiye Petrolleri AO) […]
Russia’s Lukoil is seeking partnerships with Asian oil firms to develop the West Qurna-2 project. The company's Vice-President, Leonid Fedun (pictured), told investors at a company presentation in Hong Kong: “We are holding talks with several potential bidders, including Asian firms. I believe we may get positive news by the end of this year.” Lukoil […]
Microsoft Corporation said on Monday that it has appointed a local company, the Baghdad-based Legend Lands, to distribute its products in Iraq. Microsoft's manager of Business Development for Emerging Markets, Rajai S. El-Khadem, said: "This is a big step for Microsoft and for Iraq. As of today Microsoft will be officially and locally represented in Iraq […]
The Director General of Iraq's Grain Board expects wheat production to fall by 16 percent to 1.5 million metric tons this year because of drought, forcing the country to boost imports to 3 million tons. “Unfortunately, there is a drought this year in the northern provinces,” Ibrahim told Bloomberg. “Last year production was around 1.78 million […]
The Iraq-Japan joint committee began its two-day meeting on Monday in Tokyo, with the aim of improving economic relations between the countries, reports AKnews. The Iraqi delegation is headed by Foreign Minister Hoshyar Zebari (pictured) and includes representatives from the ministries of trade, oil, finance, agriculture, electricity and health. The committee also includes representatives of […]
Since the beginning of this year most of the investment in Iraqi Kurdistan has taken place in Erbil, according to figures from the Kurdistan's Investment Board. AKnews reports that the Kurdistan Region's total volume of investment in the "first period" of this year was $3.1bn (3.6 trillion Iraqi dinars), but does not break this down […]
U.S. Assistant Secretary of State for International Narcotics and Law Enforcement Affairs (INL) William R. Brownfield met with Chief Justice Medhat Mahmoud of the Iraqi Higher Judicial Council (HJC) on May 28 to recognize the HJC’s assumption of full authority and responsibility for the Iraqi Judicial Development Institute (JDI). The HJC and INL, through joint […]
Iraq's fourth energy bidding round takes place on Wednesday and Thursday, but Reuters reports that tough contract terms mean Baghdad may struggle to drum up major interest. The 12 new oil and gas exploration blocks are some of the last potentially rich unexplored territories left. As in previous auctions, foreign energy companies would prefer production-sharing […]
