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 […]
Iraq will reduce its exports of Basrah Light crude from the Persian Gulf by 15 percent in the first half of June compared to the second half of May, according to Bloomberg. A loading program seen by the news agency shows that the country plans to ship 19 cargoes from the al-Basrah Oil Terminal (ABOT), […]
Gulf Keystone and Genel Energy have updated the markets on their operations at Ber Bahr-1, the first exploration well on the Ber Bahr block in the Kurdistan Region of Iraq: The Ber Bahr 1 well has now completed drilling and initial testing. The well was drilled to 3993m in the Chia Zairi formation. The well […]
The economy and investment committee of the Iraqi Council of Representatives announced on Tuesday that it has rejected the government's request to delay the application of the customs law passed in 2008. Committee member Mahma Khalil said, "we fear that the government was put under pressure from traders and some states to reverse the application […]
