Gulf Keystone has announced that it plans to sell a stake in one of its oil blocks in Iraqi Kurdistan. In its half-year operational review, the company said it would seek a buyer for its 20 percent interest in the Akri-Bijeel block, which is estimated to hold around 2.4 billion barrels of oil, and which […]
Dow Jones reports that Iraq and BP have not yet reached agreement on reimbursement of costs to build a multi-billion-dollar oil field water injection scheme in southern Iraq. ExxonMobil was chosen to lead the project on behalf of foreign oil companies rehabilitating Iraqi oil fields. Nihad A. Moosa, head of the State Company for Oil […]
Italian firm Saipem, a subsidiary of oil group Eni, has been awarded a $469 million contract to expand oil export facilities in the southern port city of Basra, according to a report from AFP. The agency quotes government spokesman Ali al-Dabbagh as saying that the company has to complete the project within two years of […]
Gulf Keystone, whose shares are up 75% over the past six weeks, has issued its Operational Summary for the First Half of the year: Kurdistan Region of Iraq · 150% (P90) - 45% (P10) increase in gross oil in place numbers for the Shaikan discovery with a range of 4.9 billion (P90) to 10.8 billion (P10) barrels, following independent evaluation […]
Reuters reports that four international oil companies(IOCs) have shown an interest in developing the Nassiriyah oilfield in Iraq. A senior oil official said on Sunday that Iraq may hold a mini-auction for the largely undeveloped field, following a number of unsucessful attempts to reach agreement with foreign firms. Talks with a Japanese group led by […]
The chairman of the South Oil Company (SOC), Mr. Dhiaa Al- Mousawi, visited Basra Investment Commission (BIC) last week and met its new chairman Mr. Khalaf Al- Badran. They discussed the possible means of creating joint cooperation in order to reactivate the investment opportunities in a step to develop investment in Basra. The chairman of […]
The Kurdistan Regional Government's Minister of Trade, Sinan Chalaby [Chalabi], told AKnews that the number of Jordanian companies in Iraqi Kurdistan is expected to double by the end of the year. Currently 50 Jordanian companies do business in the Kuristan Region. According to Chalabi, this figure is expected to increase to 100 by the end […]
Turkish entrepreneurs have been invited to bid in a 6,000 megawatt electricity grid tender with a total value of $7 billion in northern Iraq, the Habertürk daily has reported. The tender for the construction of the grid is due to be open for bids on Thursday. According to the Turkish daily, the invitation to participate […]
Minister Ali al-Dabbagh, Iraqi Government Spokesman, was interviewed by Padraig O'Hannelly for Iraq Business News at last week's Iraq Mining 2011 conference in London. In this first part of the interview, Dr al-Dabbagh discusses the controversial Mubarak port: Iraq Business News: Firstly, Dr Ali al-Dabbagh, thank you for agreeing to speak to us. I'd like […]
Iraq's fourth auction for exploration rights will offer international energy companies a revised remuneration fee formula designed to benefit bidders while encouraging them to minimise costs, according to Reuters. Abdul-Mahdy al-Ameedi, head of the oil ministry's contracts and licensing directorate, told the oil ministry's roadshow in Amman, Jordan, that the ministry has made some alterations […]
A technical committee at the Iraqi Electricity Ministry is studying the offers by international companies to set up power grids in seven Iraqi provinces, according to AKnews. A Ministry spokesman, Musab al-Mudarres, told the agency that the Ministry has began studying eight offers from international companies which hope to establish power grids in Babel, Kirkuk, Nineveh, […]
Baroness Emma Nicholson, Executive Chairman of the Iraq-British Business Council (IBBC), has apologised for the complexity and inefficiency of the British visa system. Addressing the opening of the Iraq Mining 2011 conference in London, the Baroness described the visa system as an inhibitor rather than a facilitator of business interests. Several Iraqi delegates to the […]
