By John Lee. Prime Minister Mustafa Al-Kadhimi has laid the foundation stone for the South Refineries Company (SRC)'s new Fluid Catalytic Cracking (FCC) complex at Basrah Refinery. The project will be built by Japan's JGC Corporation, and will increase refinery capacity by 55,000 barrels per day (bpd). It will be funded by a loan from […]
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: Basra News, Basra Refinery, Basrah Refinery Upgrading Project, featured, Japan, Japan International Cooperation Agency, JGC Corporation, JICA, mn, South Refinery Company, SRC
DNO announces Ramp-Up of Oil Production in Iraq
DNO ASA, the Norwegian oil and gas operator, today reported receipt of USD 54.0 million net to the Company from the Kurdistan Regional Government (KRG), of which USD 35.2 million represents DNO's entitlement share of February 2021 crude oil deliveries to the export market from the Tawke license in Kurdistan. Of the balance, USD 4.6 million is […]
Invitation to IBBC Members' Introduction Webinar
By Editor on 12th April 2021 in Construction & Engineering In Iraq, Investment, Iraq Banking & Finance News, Iraq Industry & Trade News, Iraq Oil & Gas News
Dar Al Handasah has provided consultancy services to more than 950 clients in 60 countries, and has handled projects involving a total investment cost of over US$ 300 billion. Through these projects, we participate actively in the development of our societies. With a permanent staff of 9,850 and over 4,000 successfully completed projects, DAR has in-house […]
Tags: Albilal Group, Dar Group, featured, Iraq Britain Business Council (IBBC), mn, National Bank of Iraq (NBIRQ), United Kingdom
New Contracts for Iraqi Drilling Company (IDC)
By John Lee. The Iraqi Drilling Company (IDC) has announced its intention to conclude contracts with Chinese and American companies operating in Iraq to drill and rehabilitate dozens of oil wells in the country. The company indicated it is about to start drilling 20 wells in the Nasiriyah field in Dhi Qar, which are included […]
Tags: Basra Oil Company (BOC), BP, Central Oil Company, China, Dhi Qar, Dhi Qar Oil Company (DQOC), drilling, East Baghdad, ENI, featured, Iraqi Drilling Company (IDC), Italy, Kirkuk Oilfields, Majnoon, Maysan Oil Company (MOC), Missan Oil Company (MOC), mn, Nasiriyah, North Oil Company (NOC), United States, Zubair
Shamaran Buys Up Bonds
By John Lee. ShaMaran Petroleum has reported in connection with the Company's 12% senior unsecured bonds due 2023 (ISIN: NO 001082645.6) that the Company has purchased Bonds in the market at commercially attractive rates. As a result, Bonds in the principal amount of $4.95 million have been retired. The Company's Bond amortization payment due in […]
Dhi Qar Protests: PM Replaces Governor
By John Lee. Iraq's Cabinet held its weekly meeting on Tuesday under the chairmanship of Prime Minister Mustafa Al-Kadhimi. The Prime Minister addressed the developments in Dhi Qar province, and confirmed that, following consultations with key stakeholders, a new governor has been appointed to run the province and his name will be announced shortly. He […]
Iraq passes $89bn Federal Budget Bill
By Editor on 8th April 2021 in Iraq Banking & Finance News, Iraq Industry & Trade News, Iraq Oil & Gas News, Politics
By Joe Snell for Al Monitor. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. Iraq passes $89 billion federal budget bill The budget confronted issues of unemployment, currency devaluation and non-oil revenues and was passed as lawmakers prepare for October's general election; the […]
Tags: featured, Iraq Budget News
Iraq to Exploit Massive Natural Gas Reserves
Iraq Moves To Exploit Its Massive Natural Gas Reserves Writing in Oil Price, Simon Watkins says that despite Iraq's huge potential gas resources, it has made little progress on developing this potential either for associated or non-associated gas. But last week, a heads-of-agreement deal was announced with Total, to work jointly on four major projects […]
Iraq Oil Exports slightly Down in March
By John Lee. Iraq's Ministry of Oil has announced preliminary oil exports for March of 91,311,929 barrels, giving an average for the month of 2.946 million barrels per day (bpd), down slightly from the 2.960 million bpd exported in February. These exports from the oilfields in central and southern Iraq amounted to approximately 88,240,184 barrels, […]
Protesters Block Entrances to Oil Facilities
By John Lee. Protesters have reportedly blocked the entrances to the Dhi Qar Oil Company (DQOC), Dhi Qar Refinery, and the Oil Products Distribution Company. According to Anadolu Agency, they were protesting the passing of the 2021 budget by the Iraqi parliament, which did not meet their expectations regarding guaranteed employment. More here. (Source: Anadolu […]
Tags: Dhi Qar, Dhi Qar Oil Company (DQOC), Dhi Qar Refinery, featured, Iraq Budget News, mn, Oil Products Distribution Company, Protests
Iraqi Parliament Approves 2021 Budget
By Editor on 1st April 2021 in Iraq Banking & Finance News, Iraq Industry & Trade News, Iraq Oil & Gas News, Politics
By John Lee. Iraq's Parliament (House of Representatives) has approved the Federal Budget Law for 2021 on Wednesday night. The budget is reportedly based on an oil price of $45 per barrel, and oil exports of 3.25 million barrels per day, giving a budget of 129 trillion Iraqi dinars ($89 billion) and a budget deficit […]
Tags: Deficit, featured, Federal Budget Deficit, Iraq Budget News, Iraq Oil Exports News, mn, oil price
GKP claims "Strong Start to 2021"
Gulf Keystone Petroleum (GKP) has announced its audited results for the full year ended 31 December 2020. Jon Harris, Gulf Keystone's Chief Executive Officer, said: "Against the backdrop of extraordinary global challenges in 2020, GKP acted decisively to successfully manage the impact of COVID-19 on our staff, contractors and production operations. We achieved all of our cost […]