Shares in Petrel Resources (AIM:PET) jumped 11% this morning following the company's update on its operations in Iraq. The board announced that Petrel has received the final US$2.5m payment due in relation to the Engineering, Procurement and Supervision of Services (EPC) contract on the Subba and Luhais oil field development. The company retains a 10% […]
If Iranian President Mahmoud Ahmadinejad doesn't choose a minister for the ministry to replace the Iranian Ministries of Oil and Energy, then Iraq will chair the 159th meeting of the Organization of Petroleum Exporting Countries (OPEC) in the Austrian capital Vienna next June, an oil expert has said. Jawad Barjani, speaking to Iranian news agency, […]
Iraq has lost a total of about US$493 billions in the period from 2003 and 2011, due to the hampering or postponement of projects, bad administration and planning, according to a report from Aswat al-Iraq. Expert Nizar Haider of the Research Section in the US DTI Company for Energy Affairs said in a report that, […]
BPA Worldwide has been contracted to complete the event audit of the 2nd Basra International Oil & Gas Conference and Exhibition to be held in Basra, Iraq. The event, which is supported by the Ministry of Oil and Ministry of Trade State Company For Iraqi Fairs, will be held at the Basra International Fair Ground, […]
London Corporate Training (LCT) welcomed this week the first group of Iraqi businessmen and women to come to London since it signed an agreement with the Kurdistan Federation of Chambers of Commerce in Erbil, capital of Kurdistan, earlier this year. Ian Mann, Managing Director of London Corporate Training said, “Under this agreement groups of senior […]
A major landmark was reached in the past week when the Iraqi federal government and Kurdistan Regional Government (KRG) agreed on the first payments to oil companies operating in Iraqi Kurdistan. And while oil revenues are the backbone of the Iraqi economy, and international oil companies (IOCs) are essential to that reconstruction of the country, […]
The energy ministers of Iraq, Iran and Syria will sign a contract for transporting Iranian gas to the Middle East and Europe, an Iranian official said on Tuesday. Javad Oji, Iran's deputy oil minister, told the Iranian news agency Mehr that senior officials from the three countries met in Baghdad last week to discuss the […]
The state-owned Trade Bank of Iraq, established in 2003 to finance trade and help in the reconstruction of the country, said profit rose 18 percent last year, according to a report from Bloomberg. Net income climbed to $361 million, Hussein al-Urzi, president and chairman said on Wednesday. Operating income gained 18 percent to $400 million […]
KazMunaiGas has informed Iraq's Ministry of Oil that is is withdrawing from negotiations on the Akkas gas field in Anbar province. "Unfortunately, the talks have failed to resolve all issues which emerged at a late stage", the company said in a statement, "and it has not been possible to develop a consensus document that would […]
International oil services firm Schlumberger has won a contract from a consortium led by US oil major ExxonMobil to drill 15 new wells in Iraq's West Qurna Phase One oilfield, Reuters has reported, citing an industry source familiar with the matter. Ame Info reports that the new wells are part of the consortium's plan to […]
Iraqis are now officially allowed to transfer up to $50,000 [60 million Iraq dinars] per transaction in hard cash across the world, the Central Bank says. According to a report from Azzaman, the decision follows restrictions on hard cash transfers under which Iraqi banks and exchange offices were obliged to declare to the tax authorities […]
Hundreds of employees of Iraq’s state-owned South Oil Company have gone on strike in Basra city on Monday, demanding improvement of their living standards and salaries, and the formation of integrity committees to uncover the financial and administrative corruption in the Company. A trade union activist told Aswat al-Iraq news agency that the demonstrators have […]
