Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Gulf Keystone has provided an operational and corporate update: Jon Harris (pictured), Gulf Keystone's Chief Executive Officer, said: "We are pleased today to declare an additional interim dividend of $50 million, bringing distributions over the past eight months to $150 million in line with our commitment to balance investment in growth with returns to shareholders. […]
By John Lee. The Chinese company Sinopec (China Petroleum & Chemical Corporation) has signed a deal to develop the Mansuriyah gas field in Diyala. The field, near the Iranian border, is expected to produce 300 million standard cubic feet (Mmscf) per day of gas, which will be used for electricity generation and "various industrial projects". […]
By John Lee. Australia's SBS News has published CCTV footage purporting to show the explosion that temporarily closed the Kirkuk-Ceyhan pipeline earlier this week. It appears to show an electricity pylon falling on the pipeline. According to Kurdish news agency Rudaw, a group affiliated with the Kurdistan Workers' Party (PKK) had claimed responsibility for the […]
By John Lee. French-based petroleum consultancy Beicip Franlab has signed a deal to provide consultancy services to the Iraqi Oil Ministry's Reservoirs & Fields Development Directorate. The Minister of Oil and President of Iraqi National Oil Company (INOC), Ihsan Abdul-Jabbar Ismail, said that Franlab will give advice that can be used to develop the oil […]
Shares in Genel Energy rose by nearly 5 percent on Tuesday morning after the company issued the following trading and operations update in advance of the Company's full-year 2021 results, which are scheduled for release on 15 March 2022. The information contained herein has not been audited and may be subject to further review. Bill […]
By John Lee. As part of its efforts to switch to clean and renewable energy, Iraq's Ministry of Oil has said it is working with Siemens to produce hydrogen. The German company will provide advanced technologies and equipment for the project, and set up workshops to support the initiative. The first of these workshops was […]
By John Lee. The China National Offshore Oil Corporation (CNOOC) is to press ahead with oil exploration at a 530-km2 offshore block in Basra. Originally agreed in 2019, the work had been delayed due to the COVID-19 pandemic. In parallel, Iraq's state-owned Oil Exploration Company (OEC) will carry out seismic surveys on the adjoining 120-km2 […]
By John Lee. Honeywell has announced that the Lanaz refinery (pictured) in Erbil will use its technology to upgrade its operations so it can produce more cleaner-burning transportation fuels. It says the project marks the first use of its UOP modular technology in Iraq, and will help Lanaz comply with increasingly strict specifications for fuel […]
Writing in Oil Price, Simon Watkins that the recent approval of the Iraqi National Oil Company (INOC)'s acquisition of ExxonMobil's 32.7 percent stake in the West Qurna 1 oil field is likely to leave China delighted, the U.S. irritated, and Iraq's oil industry still unable to achieve any of its key oil output goals. Click […]
Dana Gas and its partner, Crescent Petroleum, have reported record sales gas production from their operations in the Kurdistan Region of Iraq (KRI), reaching 452 million cubic feet of gas per day (MMscf/d) at the end of 2021. The production milestone is the culmination of numerous process improvements at the Khor Mor gas plant, including […]
Genel Energy announced on Tuesday that Esa Ikaheimonen (pictured), Chief Financial Officer, has advised the Board of his intention to leave the company on 16 March 2022, following the announcement of the Company's 2021 financial results the day before. In a statement, the company said that a search for a suitable replacement is ongoing and […]
By John Lee. The Iraqi cabinet has agreed to allow the Basra Oil Company (BOC) to take over ExxonMobil's holding in the West Qurna 1 oilfield, at a price of up to $350 million. Addressing media after Wednesday's cabinet meeting, Minister of Communications Arkan Al-Shaibani (pictured) said the cabinet also allocated an initial payment of […]
