By John Lee. Iraq has reportedly "put on hold" it oil contract with China's Zhenhua Oil. The multi-billion-dollar agreement would have seen Zhenhua pre-pay Iraq's State Oil Marketing Organization (SOMO) for a regular supply of crude oil. Oil prices have risen significantly since the deal was struck. More here. (Source: S&P Global)
Archive | Iraq Oil & Gas News
Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Tags: China, featured, oil price, oil revenues, State Oil Marketing Organization (SOMO), Zhenhua, Zhenhua Oil
Iraqi Cabinet approves New "Alternative Energy" Power Plants
By Editor on 18th February 2021 in Construction & Engineering In Iraq, Investment, Iraq Industry & Trade News, Iraq Oil & Gas News
By John Lee. The Iraqi Cabinet has agreed to approve a recommendation from the National Investment Commission (NIC) for the Ministry of Electricity to proceed with an investment project for the construction of seven "alternative energy" power plants. The new power stations are to be built in Karbala, Wasit, Babylon, and Al-Muthanna provinces. (Source: Govt […]
Tags: Babylon, Electricity In Iraq, featured, Karbala, Kerbala, mn, Muthanna, National Investment Commission (NIC), renewable energy, solar power, Wasit, Wassit
Genel Energy Updates on Oil Reserves
Genel Energy has issued an update on oil reserves and resources across its portfolio. Bill Higgs (pictured), Chief Executive of Genel, said: "The quality of our reserves is the foundation of our resilient business model, providing us with low-cost production that can generate cash for many years to come. "Drilling at Sarta this year has […]
Tags: DeGolyer & MacNaughton, featured, Genel Energy, Kurdistan News, mn, oil reserves, Peshkabir, Qara Dagh, Sarta, Taq Taq, Tawke
GKP issues Update on Shaikan Field
Gulf Keystone Petroleum (GKP) has provided a Competent Person's Report ("CPR") update on the Shaikan Field in which it has an 80% working interest. The CPR, an independent third-party evaluation of the Company's reserves and resources as at 31 December 2020, was prepared by ERC Equipoise ("ERCE"). Jon Harris, Gulf Keystone's Chief Executive Officer, […]
DNO Adds New Oil Reserves
DNO ASA, the Norwegian oil and gas operator, has announced it replaced 87 percent of 2020 production through additions to its proven (1P) reserves notwithstanding reduced activity in the wake of low oil prices. In the Kurdistan region of Iraq, the Company replaced 111 percent of last year's production through additions to 1P reserves. Yearend […]
Tags: Baeshiqa, DeGolyer & MacNaughton, DNO, featured, Gaffney Cline & Associates, Kurdistan News, mn, Norway, oil reserves, Tawke
Iraq plans 20GW Solar Power by 2030
By John Lee. Iraq's Minister of Oil has his Ministry's goal is to support the Ministry of Electricity to have 20 gigawatts of solar energy capacity installed by 2030. In a promotional video issued by the Government of Iraq, Ihsan Abdul Jabbar added that the recently-announced partnership with French energy company Total will include the […]
Iraq receives First Batch of Turkish Rail Tankers
By John Lee. Iraq has reportedly taken delivery of its first batch of rail tankers from Turkey. According to Daily Sabah, the first 50 units, manufactured by Cryocan, were sent by truck, with a further 400 units still to be made. The tankers will be used by Iraq Republic Railways (IRR) to transport oil and […]
Video: Where has Iraq's Oil Wealth gone?
From Al Jazeera. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Decades of plundering: Where has Iraq's oil wealth gone? Ranked as the fourth-biggest oil producer in the world, many would assume that Iraq has the financial resources to weather the pandemic. But that […]
Tags: Ahmed Tabaqchali, Asia Frontier Capital (AFC), Corruption, featured, ghost workers, mn, oil revenues, video
DNO Buys Exxon's Stake in Iraqi Oilfield
DNO ASA, the Norwegian oil and gas operator, has announced the acquisition of ExxonMobil's 32 percent interest in the Baeshiqa license in the Kurdistan region of Iraq, doubling DNO's operated stake to 64 percent (80 percent paying interest), pending government approval. The Company plans to continue an exploration and appraisal program on the license while […]
Tags: Baeshiqa, DNO, Exxon, Exxon Mobil, ExxonMobil, featured, Kurdistan News, mn, Norway, Peshkabir, Tawke, TEC, Turkish Energy Company (TEC), Zartik
Dana Gas to Increase Drilling in Iraqi Kurdistan
Dana Gas PJSC, the Middle East's largest regional private sector natural gas company, today announced its Preliminary Unaudited Financial Results for the full year ended 31 December 2020. The Company reported a Net Profit of $36 million (AED 131mm) versus $88 million (AED 322mm) in 2019, excluding one-off non-cash impairments and other income. Including these […]
DNO announces 2020 Interim Results
DNO ASA, the Norwegian oil and gas operator, today reported interim 2020 revenues of USD 615 million, down a third from a year earlier in the wake of weak oil prices triggered by the pandemic and global economic contraction. Net production totaled 95,100 barrels of oil equivalent per day (boepd), down nine percent, as the […]
IRR Resumes Transport of Oil Derivatives by Rail
By John Lee. The Iraqi Republic Railway Company (IRR) has reportedly announced that it has resumed transportation of oil derivatives from Central Iraq to the South. Click here to read the full article. (Source: Daiji World)