Shares in Heritage Oil reversed their recent downward trend with a 10.9% gain on Tuesday, following the company's update on it's Miran West-3 well in the Kurdistan Region of Iraq ("Kurdistan"). Shares in partner company Genel Energy closed the day up 1.2%. Highlights Testing of a reservoir interval above the main Jurassic reservoir resulted in […]
Greece's top refiner, Hellenic Petroleum, is said to be considering taking supplies of Iraq's Kirkuk crude oil, following its suspension of purchases of Iranian crude as a result of sanctions on Tehran. According to the report from Reuters, Greece's financial difficulties had made Athens reluctant to reduce its purchases of cheap Iranian crude ahead of […]
Shares in Gulfsands Petroleum, the oil and gas production, exploration and development company with activities in Iraq, were down nearly 10% in early trading before recovering to close down 4.9%, following the announcement of its annual results for the twelve months ended 31 December 2011. HIGHLIGHTS Financial · Profit after tax up by 23% to […]
A top advisor at JPMorgan Chase has stepped down to appeal a £450,000 ($720,000) fine from the UK's Financial Services Authority (FSA) for disclosing inside information about a potential offer for Heritage Oil, as well as news of an oil find. In the FSA’s opinion, Ian Hannam disclosed inside information in two emails sent in […]
Iraq's crude oil exports rose to 2.317 million bpd in March, up from 2.014 million bpd in February, thanks largely to he new offshore single-point mooring terminal, the State Oil Marketing Organization (SOMO) said on Sunday. According to Reuters, this was the highest level of exports since 2003, while Bloomberg quotes Oil Ministry spokesman Asim […]
Iraqi Oil Minister Abdul Kareem Luaibi [Elaibi] said on Monday that Exxon Mobil had sent a second letter to Iraq's oil ministry confirming its decision to freeze its oil deals with the Kurdistan Regional Governmment (KRG), according to a report from Reuters. The decision may lead the Iraqi government to allow Exxon Mobil to re-enter […]
The first round of loans, funded by the U.S. Embassy and disbursed through USAID-Tijara Provincial Economic Growth Program, was awarded this week in Erbil, marking the formal launch of the Iraqi Vulnerable Groups Support Initiative (IVGS). IVGS Initiative will extend small and medium enterprise loans to qualified Iraqi entrepreneurs who have been displaced by civil […]
The ongoing dispute between Iraq's central government in Baghdad and the Kurdistan Regional Government (KRG) reached new heights on Monday as Iraq's Deputy Prime Minister for Energy, Hussain al-Shahristani (pictured), accused the northern region of smuggling rather than meeting its export obligations. According to Reuters, Shahristani told reporters: "Most of the crude produced in the […]
Following Sunday's statement from the Kurdistan Regional Government stopping oil exports from the region, Norway's DNO International has issued the following statement: As of 1 April 2012, the Ministry of Natural Resources of the Kurdistan Regional Government (KRG) has instructed DNO International ASA to halt delivery of that portion of crude oil produced from the […]
Hill International (NYSE:HIL), the global leader in managing construction risk, announced on Friday that it has been awarded three contracts to provide project management and construction management services for various clients in Iraq. The three contracts, which have a total estimated value to Hill of approximately $15.0 million, include the following: a contract from the […]
The export of oil from the Kurdistan Region of Iraq has been stopped from today because the federal government in Baghdad has not honoured its payment commitments, Kurdistan's Ministry of Natural Resources (MNR) said on Sunday. “After consultation with the producing companies, the Ministry has reluctantly decided to halt exports until further notice. There have […]
On an official visit to Sofia, Bulgaria last week, Kurdistan Region President Masoud Barzani held meetings with the country’s leaders to promote bilateral relations and cooperation. President Barzani met President Rosen Plevneliev and talked about the many cultural and historical similarities that the people of Kurdistan and Bulgaria share. “Our peoples have much in common. […]
