Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. Gulf Keystone Petroleum (GKP) has provided an operational and corporate update in advance of Friday's Annual General Meeting: Jón Ferrier, Gulf Keystone's Chief Executive Officer, said: "In response to the unprecedented COVID-19 pandemic and macroeconomic conditions, we took decisive actions to preserve liquidity and safeguard the long-term health of the business. We […]
By John Lee. Petrel Resources has said that its operations in Iraq, which had been dormant for some time, are "once again showing life". In its Preliminary Results for the Year Ended 31/12/19, the company said: "Our Iraqi, director, Riadh, is actively promoting our ongoing interest in participating in the development of the many oil […]
You are invited to hear a discussion of the IBBC Advisory Council's paper on 'Iraq 2020, a country at the crossroads' When: Monday 15th June at 2pm UK Where: Zoom Platform The paper published for the new Iraqi Government recommends a number of decisive changes to be implemented without delay, in order for Iraq to be […]
By John Lee. Iraq has reportedly asked some Asian refiners to consider forgoing prompt shipments of its Basrah crude, a potential signal the country is trying to meet the output-cut pledges it made to OPEC at the weekend. More here. (Source: Bloomberg)
By John Lee. Iraq's parliament has approved the appointment of the former head of the Basra Oil Company (BOC) as Minister for Oil. Variously named as Ihsan Ismaeel, Ihsan Abdul Jabbar Ismail, and Ihsan Ismaael, he was one of seven cabinet ministers approved on Saturday, completing Prime Minister Mustafa al-Kadhimi's 22-member government. The other posts […]
By John Lee. Iraq's Ministry of Oil has announced oil exports for May of 99,585,283 barrels, giving an average for the month of 3.212 million barrels per day (bpd), down from the 3.438 million bpd exported in April. These exports from the oilfields in central and southern Iraq amounted to 96,039,852 barrels, while exports from […]
By John Lee. Oil giant BP has just published details of its transactions with the Government of Iraq in 2018 in respect of the Rumaila oilfield, as part of its Report on Payments to Governments 2018. Click on image below to see in more detail: (Source: BP)
Petrofac's Engineering & Production Services division (EPS) has secured a further six-month contract extension with Basra Oil Company (BOC) for its long-standing Iraq Crude Oil Export Expansion Project (ICOEEP). According to a statement from Petrofac, the confirmation of the contract extension is recognition of Petrofac's successful seven-and-a-half-year track record of safe and efficient delivery and […]
By John Lee. Iraq's oil-rig count has reportedly fallen by almost two-thirds this year. Iraqi sources told S&P Global Platts that the total now averages 32 rigs operated by IOCs this month, down from 88 rigs in December 2019. Federal Iraq is averaging 31 rigs this month, compared with 76 in December, while the Iraqi […]
By John Lee. DNO ASA, the Norwegian oil and gas operator, today provided production and spend guidance for the balance of the year ahead of its Annual General Meeting on Wednesday. The Company reported that it has implemented the target 35 percent reductions across all spend categories to shrink its 2020 budget by USD 350 […]
By John Lee. Petrel Resources Plc (Lon: PET) has announce that the company has arranged a placing with ETX Capital to raise £250,000 (before expenses) via the issue of 7,692,308 new ordinary shares (the "Placing Shares") at a placing price of 3.25p per Placing Share. Subject to the appointment of responsible officials by the new […]
By John Lee. The UK's Serious Fraud Office (SFO) has dropped its investigation into ABB linked to the Unaoil case. After a thorough and detailed review of the available evidence, the SFO concluded that this case did not meet the relevant test for prosecution as defined in the Code for Crown Prosecutors. The SFO announced […]
