Iraq's South Oil Company said on Tuesday that productivity at the West Qurna-1 oil field increased to 300,000 barrels per day, and stressed that the productivity of the field will rise at the end of the current year to 400,000 barrels per day. ExxonMobil, which along with Shell has the contract to develop West Qurna […]
Sterling Energy Plc has issued its Interim Management Statement for the period beginning 1 January 2011. HIGHLIGHTS Sangaw North-1 exploration well is drilling ahead at 3,760m. Production, net to Sterling from the Chinguetti field, averaged 629 bopd for the first quarter 2011 (Q1 2010: 714 bopd) Adjusted EBITDA in first quarter of $0.6 million (Q1 […]
A senior official in the Iraqi Ministry of Oil said on Wednesday that investors are being invited to contribute to the development of three large Iraqi oil refineries with an overall production capacity of 150,000 barrels per day (bpd), according to a report from Aknews. Undersecretary for refinery affairs, Ahmed al-Shammaa, told AKnews that the […]
According to a report from Reuters, Iraqi telecom operator Kalimat plans to invest $250 million in 2011, and to launch an initial public offering (IPO) next year. The company's chief executive, Wilson Varghese, said the planned IPO should help the company to expand as it eyes a nationwide rollout of services by the end of […]
More than 200 foreign companies participated in last weekend's 2nd Basra International Exhibition for General Trade. Most of the companies were Turkish, with others coming from Iraq and Germany. The exhibition, which was sponsored by the Governor of Basra, the Ministry of Trade and BIC, was attended by a number of the Iraqi officials, representatives […]
Iraq's oil ministry has reported record oil income for the the month of March. Because of rising oil prices combined with a third consecutive month of exports in excess of two million barrels per day (bpd), Iraq exported a total of 66.9 million barrels of oil last month, generating $7.167 billion in income at an […]
Iraq Business News' media partners at fDi Intelligence, by the Financial Times, have issued their new "Global Outlook Report 2011". The report finds that foreign direct investment projects into Iraq increased by 175% in 2010, albeit from a very low base. Iraq attracted 7% of FDI into the Middle East region in 2010, up from […]
By the Centre for Law and Democracy. A Journalist Protection Law, prepared by the Iraqi Syndicate of Journalists and endorsed by the government of Iraq, has been laid before the Iraqi Parliament for its consideration. A Note on the draft Law prepared by CLD highlights the important protections for journalists included in the draft Law. […]
Heritage Oil Plc (LSE: HOIL), the independent upstream exploration and production company with operations in Iraqi Kurdistan, has announced that it is commencing with immediate effect, a buy back programme to spend up to $100 million to acquire its Ordinary Shares, as the Board of Directors (the "Board") considers that the current share price is […]
The National Investment Commission (NIC) is getting ready to adopt the 'COMFAR' computer program to evaluate the feasibility of investment projects submitted to the commission. The commission describes it as a "digital process that is adopted in most of the developed countries". An NIC official source said that this program is prepared by the United […]
The advisor to the Iraqi Central Bank (ICB) has said that inflation jumped from 5.5% in February to 5.7% due rising electricity prices in Iraq. Muzher Mouhammed told AKnews that the high rate of inflation in Iraq is due to the March hike in electricity prices. "The rising inflation simply affects the economy but does […]
Iraq's Oil Ministry announced on Monday the launch of the fourth round of oil licences for 12 sites in the provinces of Nineveh [Ninawa], Anbar, Diyala, Wasit [Wassit], Basra, Najaf, Muthanna, Qadisiya, and Babil, indicating that the majority of areas include gas and oil. Iraq formally invited international energy firms to compete for these new […]
