Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. The Kurdistan Regional Government (KRG) is reportedly setting up two new companies to manage its energy resources. A new Kurdistan Regional Oil Company (KROC) is to specialise in oil exploration, and the Kurdistan Oil Marketing Organization (KOMO) will concern itself with marketing of the oil. The development comes as Erbil and Baghdad […]
By John Lee. The Minister of Natural Resources of the Kurdistan Regional Government (KRG) has filed a civil suit against the Baghdad Minister of Oil, accusing him of sending emails and letters with the intention of intimidating international oil companies (IOCs) and interfering with the contractual rights of the IOCs and the KRG. The KRG […]
Genel Energy has announced that after discussions with the Board following the recent AGM, at which Bill Higgs did not receive the required 50% majority of votes in favour of re-election as a Director, he has agreed to step down as CEO of the Company with immediate effect. Dr Higgs will take up a role […]
By John Lee. The Iraqi Prime Minister has announced that the Ministry of Electricity is to be renamed the "Ministry of Electricity and Alternative Energy". At a press conference in Baghdad, Mustafa al-Kadhimi (pictured) said it is unreasonable to build gas power stations when there is not enough gas available, so the new ministry will […]
By John Lee. The Judicial Council of Kurdistan Region of Iraq has issued a statement saying that the provisions of its oil law (Law No. 22, 2007) do not violate the Iraqi Constitution and therefore should be recognized as "standing laws". The statement follows months of dispute between Baghdad and Erbil regarding control of the […]
By John Lee. Iraq's Minister of Oil, Ihsan Abdul-Jabbar Ismail, has met with the Saudi Minister of Energy, HRH Abdulaziz bin Salman, to discuss connecting their respective electricity grids. They also discussed enhanced energy cooperation between the two countries, and the work of the Saudi-Iraqi Coordination Council. Iraq and Saudi Arabia signed a memorandum of […]
From Amwaj Media. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Why foreign oil companies in Iraq need oil wealth to trickle down Iraq's oil wealth is among the greatest on the planet. Total proven crude reserves are estimated at 150 billion barrels, and […]
By John Lee. Iraq's Ministry of Oil has announced preliminary oil exports for May of 102,303,020 barrels, giving an average for the month of 3.300 million barrels per day (bpd), slightly down from the 3.380 million bpd exported in April. The exports from the oilfields in central and southern Iraq amounted to approximately 98,946,914 barrels, […]
By John Lee. Iran has reduced its gas supply to Iraq by 5 million cubic meters per day, causing a reduction in electricity production, according to a statement on Wednesday from Iraq's Ministry of Electricity. The Iranian government had demanded payment of debts relating to gas supply, which AFP says totals $1.6 billion and dates […]
By Haider Ibrahim for Al Monitor. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. Dispute over Iraqi Kurdistan's energy resources ramps up The Iraqi Ministry of Oil has announced plans to establish a new oil company for the Kurdistan Region. Click here to […]
From Rudaw. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. KRG Minister of Natural Resources resigns The office of the Kurdistan Region Prime Minister announced on Thursday that Minister of Natural Resources, Kamal Atroshi (pictured), has resigned from his post over health issues, at […]
By John Lee. China Petroleum Engineering Procurement & Construction (CPECC) has reportedly won an engineering contract for a plant to process gas from the Gharraf (Garraf) and Nasiriyah fields. According to Upstream Online, the contract was awarded by lead contractor Baker Hughes. More here (subscription required) (Source: Upstream Online)
