Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
DNO ASA, the Norwegian oil and gas operator, today reported stepped up investments across its portfolio on the back of higher production and significantly improved liquidity outlook as the Company recovers from the oil market turmoil that upended the second quarter of 2020. Operated production in July at the Company's flagship Tawke license in the […]
Ziad Akle, Unaoil's territory manager for Iraq, has been sentenced to five years' imprisonment for paying over $500,000 in bribes to secure a $55m contract to supply offshore mooring buoys. [Update 10th Dec 2021: Akle's conviction was quashed by the Court of Appeal.] The new buoys formed part of the post-occupation Iraqi government's "Master Plan" […]
Oryx Petroleum Corporation has announced that the Corporation's two largest shareholders have informed the Corporation that Zeg Oil and Gas Ltd. acquired control of the Corporation from AOG Upstream BV on July 23, 2020 in the context of the previously announced transaction. The acquisition was conditional upon and subsequent to the closing of the Loan […]
By John Lee. Iraq's Ministry of Oil has announced finalised oil exports for June of 84,489,016 barrels, giving an average for the month of 2.816 million barrels per day (bpd), down from the 3.212 million bpd exported in May. These exports from the oilfields in central and southern Iraq amounted to 81,006,497 barrels, while exports […]
Iraq Business News would like to recommend an excellent and informative webinar from the Iraq Britain Business Council (IBBC)'s Young Executives Network (YEN), featuring a discussion with Ali Al-Saffar, the Middle East and North Africa Program Manager at the International Energy Agency (IEA) in Paris. Ali shared his insights on "The importance of oil and […]
Weatherford International has announced that it has signed an 18-month contract with the Iraqi Drilling Company (IDC) to provide services and project management for the drilling and completion of twenty wells in the Al-Nasiriyah field in the Dhi Qar province in southern Iraq. Basim M. Khudair, General Director for IDC, said: "Signing this contract between […]
Further to the recent announcement that Garrett Soden was to be re-appointed to the Board of Gulf Keystone Petroleum (GKP) as a Non-Independent Non-Executive Director representing funds managed by Lansdowne Partners Austria GmbH, the Company is pleased to confirm that the formal appointment process has now been completed and as such welcomes Mr Soden back […]
By John Lee. The UK's Serious Fraud Office (SFO) has secured convictions against two former oil executives who conspired to give corrupt payments to secure contracts in Iraq. A jury at Southwark Crown Court found Ziad Akle guilty on two counts and Stephen Whiteley guilty on one count of conspiracy to give corrupt payments. [Update […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Transparency in Iraq petroleum sector - More symbolic formality than impacting effectiveness The petroleum sector is the only sector of the Iraqi economy that has been subject to a formal, articulated, transparency […]
By John Lee. The director of the China National Offshore Oil Corporation (CNOOC) has presented his company's plans for the development of the Bazergan [Buzurgan] oil field in Maysan to Iraq's Oil Minister Ihsan Abdul-Jabbar. In a separate meeting on Wednesday, the Minister also received the CEO of Lukoil in Iraq, Igor Zubarev, who gave […]
By John Lee. Iraq's Ministry of Oil has announced preliminary oil exports for June of 84,490,194 barrels, giving an average for the month of 2.816 million barrels per day (bpd), down from the 3.212 million bpd exported in May. These exports from the oilfields in central and southern Iraq amounted to 81,007,685 barrels, while exports […]
Gulf Keystone Petroleum (GKP) has announced that Jón Ferrier (pictured), Chief Executive Officer, has informed the Board of his intention to retire from the Company upon appointment of a successor and after a period of handover. The Company is now commencing a formal, externally facilitated, search process and will provide an update as and when […]
