Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. BP has reportedly finished its work at Iraq’s giant Kirkuk oilfield. According to Reuters, sources confirmed that the decision followed the expiration of its $100-million exploration contract at the end of December, at which point there was no agreement on the field’s expansion. It quotes a source at BP as saying: “In […]
By John Lee. The International Energy Agency (IEA) has warned that Iraq is a "potentially vulnerable" energy supplier. In its Oil Market Report, it says that in the medium term, "heightened security concerns might make it more difficult for Iraq to build production capacity". More here. (Source: IEA)
By John Lee. US-based Schlumberger has reported that Iraq has contributed to its revenue growth in the region. In its full-year results for 2019, the company said: "Sequential international growth was led by the Middle East & Asia area, where revenue increased 5% driven by higher year-end product sales in Kuwait, Iraq, and Oman." (Source: […]
By John Lee. China’s Zhongman Petroleum and Natural Gas Group Corp., Ltd. (ZPEC) has reportedly announced a new drilling contract with Weatherford in Southern Iraq. Chinese media reports that the deal is worth approximately $27 million, and follows another contract with Weatherford in Iraq agreed in December. The oil field was not identified. (Source: Eastmoney)
By John Lee. Shares in Genel Energy closed Thursday up more than 4 percent after the company issued the following trading and operations update in advance of the Company's full-year 2019 results, which are scheduled for release on 17 March 2020. The information contained herein has not been audited and may be subject to further […]
DNO ASA, the Norwegian oil and gas operator, today announced a 29 percent year-on-year increase in its net Company Working Interest (CWI) production in 2019 to 104,800 barrels of oil equivalent per day (boepd) on the back of acquisitions and a record drilling campaign. In the Kurdistan region of Iraq, production from the two fields […]
By John Lee. A former head of Iraq’s state-run Missan Oil Company (MOC) has reportedly been appointed to run the Ministry of Oil’s Petroleum Contracts and Licensing Directorate (PCLD). According to Reuters, Ali Maarij, who ran the MOC until becoming a member of parliament in 2014, will take over from Abul Mahdi al-Ameedi, who reached […]
Genel Energy has announce an update on activity at the Taq Taq field (Genel 44% working interest), as testing of the TT-34 well is nearing completion. The well has produced from all zones tested, at a maximum combined flow rate of over 3,900 bopd with 28/64" choke. With the inclusion of test production, gross production […]
By John Lee. Chevron has reportedly removed all of its American oil workers from Iraqi Kurdistan as a security precaution, following the killing of Iranian Quds Force leader Qasem Soleimani and Iraqi militia commander Abu Mahdi al-Muhandis. The company currently has interests in the Sarta and Qara Dagh blocks. (Sources: Reuters, CNN)
By John Lee. Iraq's Ministry of Oil has invited bids fto build the Iraq-Jordan oil pipeline. The first phase will be built on the Iraqi side, stretching 700 km from Rumaila to Haditha. This will have a capacity of 2.25 million barrels per day (bpd). This will be built on an engineering, procurement, construction and […]
By John Lee. Iraq’s Ministry of Oil has announced preliminary oil exports for December of 106,265,307 barrels, giving an average for the month of 3.428 million barrels per day (bpd), down from the 3.500 million bpd exported in November. These exports from the oilfields in central and southern Iraq amounted to 103,090,550 barrels, while exports […]
By John Lee. Iraq has resumed production at the Nassiriyah oil field on Monday, a day after protesters forced it to halt operations. Ministry spokesman Asim Jihad said that the roads had previously become impassable for workers to get to the field, but employees returned to work after authorities cleared away protesters. (Source: Ministry of […]
