Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. The China Petroleum Engineering & Construction Corp (CPECC) has reportedly won a $203.5 million engineering contract to treat sour gas at the Majnoon oilfield in Iraq. According to Reuters, the field is now producing around 240,000 barrels per day (bpd), with plans to boost output to 450,000 bpd in 2021. Originally awarded […]
Gulf Keystone Petroleum (GKP) has issued providing an operational and corporate update: Jón Ferrier, Gulf Keystone's Chief Executive Officer, said: "In these challenging times, we remain focused on the safety of our people and have adapted our operations to ensure their continued welfare. With the associated economic backdrop compounded by a delay in payments, we […]
By John Lee. China's Anton Oilfield Services (AntonOil) has reported that the Group has received written confirmation from its Iraqi customer in advance that it will automatically renew the 2-year contract after its expiry on July 1, 2020 for one year. In its unaudited interim results for the one year ended 31 December 2019, it […]
Genel Energy has announces its audited results for the year ended 31 December 2019. Bill Higgs, Chief Executive of Genel, said: "The industry is currently facing headwinds that challenge companies to demonstrate their resilience and flexibility. Genel has a business model and strategy designed to shelter us from such extreme circumstances, with low-cost oil production, […]
By John Lee. Malaysia's Petronas has said it has shut down production and safely evacuated all of its Malaysian employees from Iraq due to coronavirus (COVID-19). In a statement, the company said: "In view of the COVID-19 pandemic and as a precautionary measure to ensure the health, safety and well-being of our employees, PETRONAS has […]
Genel Energy plc has updated its oil reserves and resources across its portfolio. Bill Higgs (pictured), Chief Executive of Genel, said: "Genel's producing assets are profitable even at an oil price of $30/bbl and this, coupled with our robust balance sheet, supports investment in growth and the payment of a material dividend. The reduction of […]
By John Lee. Shares in Gulf Keystone Petroleum (GKP) were trading down 9.6 percent on Monday, compared to a broader market fall of 7.4 percent, as the company announced that expansion plans will be delayed due to coronavirus (COVID-19). In a statement to the markets, the company said: The Company has been closely monitoring the […]
Oryx Petroleum has announced its financial and operational results for the year ended December 31, 2019. The Corporation also announces agreements with AOG International Holdings Limited ("AOG") to amend the Loan Agreement dated March 13, 2015 and to establish a new short term credit facility. All dollar amounts set forth in this news release are […]
By Ahmed Tabaqchali, CIO of Asia Frontier Capital (AFC) Iraq Fund. This article was originally published by the LSE Middle East Centre. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Between a Rock and a Hard Place: Iraq's Political Class' Dilemma between Budget Realties […]
By Padraig O'Hannelly. We are proud to announce that IBN Expert Blogger Ahmed Mousa Jiyad has just published a new book. "Governing Modalities of the Extractive Industry in Iraq, Resource-Revenue Management Issues" is structured to address and analyze four broad topics, review development of related issues and answer some seventeen main questions and many others […]
By John Lee. Russia’s state oil company Rosneft has reportedly paid $250 million to an external consultant to help secure deals in Iraqi Kurdistan. Bloomberg reports that Rosneft Trading SA in 2017 “entered into an advisory agreement with an external consultant for advisory services relating to Rosneft Group’s proposed concession agreement and Production Sharing Contracts […]
By John Lee. Iraq’s Ministry of Oil has announced preliminary oil exports for February of 98,347,884 barrels, giving an average for the month of 3.391 million barrels per day (bpd), up from the 3.306 million bpd exported in January. These exports from the oilfields in central and southern Iraq amounted to 95,805,196 barrels, while exports […]
