Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By Dr. Zeki Fattah, for The Iraqi Economists Network (IEN). Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. The Dutch Disease and Iraq's Foreign Exchange Rate Economists who studied the reasons for the low per capita growth of GDP in developing countries that rely […]
Gulf Keystone Petroleum (GKP) has announced that its Board has approved the declaration of a special dividend of $25 million. Jon Harris (pictured), Gulf Keystone's Chief Executive Officer, said: "Given continuing strong oil prices, improving macroeconomic conditions and our robust financial position, we are pleased to deliver on our commitment to consider further shareholder distributions […]
By John Lee. Shares in oil companies operating in Iraqi Kurdistan have been hit by a change in payment terms imposed by the Kurdistan Regional Government (KRG). Genel Energy, Gulf Keystone Petroleum (GKP) and DNO this morning reported to the markets that they have received letters from the KRG proposing an amendment to payment terms […]
By John Lee. Iraq is reported to have formally asked to buy ExxonMobil's share in the West Qurna 1 oil field. Basra Oil Company (BOC) director, Khalid Hamza, told Reuters that the US company is attempting to sell its 32.7-percent stake for $350 million. More here. (Source: Reuters)
Genel Energy has issued the following statement relating to the Company's Annual General Meeting ('AGM'), which is being held today: Bill Higgs (pictured), Chief Executive of Genel, said: "The addition of production at Sarta and the robust performance of Tawke year-to-date has increased year-on-year production in line with guidance. With a strong balance sheet, our […]
DNO ASA, the Norwegian oil and gas operator, today reported operating profit of USD 66 million in the first quarter of 2021, following four quarters of losses triggered by market perturbations from the global Covid pandemic. The turnaround was driven by solid production, cost optimization, higher oil prices and regularization of payments from Kurdistan. The […]
Genel Energy has announced that Martin Gudgeon and Esa Ikaheimonen have each tendered their resignation as Director of the Company with effect from the close of the Annual General Meeting later today, and accordingly the resolutions relating to their re-appointment have been withdrawn. Esa Ikaheimonen remains in his role as Chief Financial Officer. Martin Gudgeon […]
(Source: Iraqi Children Foundation- ICF)
By John Lee. A terrorist attack on the Bai Hassan oilfield in Kirkuk early on Wednesday has caused casualties and damage. A statement from the Ministry of Oil said that wells 177 and 183 were bombed, and "a number of security forces and energy police were killed and wounded". The safety and firefighting teams from […]
By John Lee. Iraq's Oil Minister, Ihssan Abdul-Jabbar Ismail (pictured), has said that Iraq will invest $3 billion in the Basra Gas Company (BGC) over the next five years, as it pushes ahead with plans to increase gas production. The money will fund projects intended to increase BGC's gas production capacity from 1,000 to 1,400 […]
By John Lee. Press reports quote Iraq's oil minister as saying that Iraq could buy ExxonMobil's 32.7-percent stake in the West Qurna 1 oil field. Ihssan Abdul-Jabbar Ismail told a news conference on Monday that the government might purchase the stake via the state-owned Basra Oil Company (BOC). BOC previously took over the Majnoon field […]
By John Lee. Iraq's Ministry of Oil has announced preliminary oil exports for April of 88,398,319 barrels, giving an average for the month of 2.947 million barrels per day (bpd), effectively the same as the 2.946 million bpd exported in March. The exports from the oilfields in central and southern Iraq amounted to approximately 85,534,916 […]
