Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. Iraq has officially ratified the Paris Agreement on Climate Change. The Agreement will enter into force for Iraq on 1st December 2021. The Paris Agreement is an international treaty on climate change, adopted in 2015. It aims to keep the rise in mean global temperature to well below 2 degrees Celcius above […]
Following a successful investigation and conviction of four individuals for corruption at Unaoil, the UK's Serious Fraud Office (SFO) has recovered criminal gains of almost £100,000 from a former senior executive. The full amount must now be paid into the public purse within 28 days. Earlier this year, the SFO was praised by HM Crown […]
DNO ASA, the Norwegian oil and gas operator, today reported third quarter revenues of USD 253 million, a 38 percent quarter-on-quarter increase driven by higher North Sea sales and strengthening commodity prices. The Company's operating profit climbed seven percent to USD 65 million, weighed down by non-cash net impairments of USD 40 million primarily related […]
By John Lee. Iraq's Ministry of Oil has announced preliminary oil exports for October of 96,708,660 barrels, giving an average for the month of 3.120 million barrels per day (bpd), up slightly from the 3.081 million bpd exported in September. The exports from the oilfields in central and southern Iraq amounted to approximately 93,386,975 barrels, […]
By John Lee. Iraq and Saudi Arabia are reportedly about to sign energy deals worth tens of billions of dollars. The state-run Al-Sabaah newspaper quotes Oil Minister Ihsan Abdul Jabbar (pictured) as saying that Iraq is negotiating with oil giant Saudi Aramco to enter as a partner in contracts for gas exploration in the Western […]
Writing in the Financial Times, Iraqi President Barham Salih argues that addressing climate change represents an opportunity for Iraq and the region to introduce measures that will leave them on a more solid foundation as they face the challenges of the decades to come. Click here to read the full article (subscription required) (Picture: Tigris […]
By Lizzie Porter, for The New Statesman. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. The massive challenge of climate action in oil-dependent Iraq Oil provides 90 per cent of Iraq's revenue. Even as farmland dries up, fractured governance makes reform seem almost […]
By John Lee. China's CITIC Construction has won the bid for the first and second phases of AI Khairat heavy oil power plant in Iraq. Yang Jianqiang, Deputy President of CITIC Construction, held talks with Mazin Wajih, Chairman of Harlow International, in Dubai representative office, and received the letter of acceptance issued by Mazin Wajih. […]
IBBC's Autumn conference is back with a bang and open for business engagement. On 22nd November this year the overarching conference topic is looking to the future with 'sustainability'- whether in terms of energy and renewables, the Iraqi economy and its diversification, or sustaining finance, logistics and training. Underpinning much of this is the application […]
By John Lee. Iraq's Ministry of Oil has announced finalised oil exports for September of 92,422,485 barrels, giving an average for the month of 3.081 million barrels per day (bpd), up slightly from the 3.054 million bpd exported in August. The exports from the oilfields in central and southern Iraq amounted to approximately 89,224,354 barrels, […]
By John Lee. Iraq reportedly plans to invest $3 billion annually to transition from burning liquids to burning natural gas in its power plants. Deputy Prime Minister and Finance Minister, Ali Allawi (pictured), told the Middle East Green Initiative Forum in Saudi Arabia that Iraq will also end gas flaring by 2025. He also recommitted […]
By John Lee. Oil services company Petrofac has said it is "anticipating significant upside potential upon return to markets in Saudi Arabia, Iraq and the UAE". In 2019, customers in Iraq and Saudi Arabia suspended Petrofac from bidding on new contracts, while allowing it to execute pre-existing contracts, followed by a UAE customer in 2020. […]
