Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
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 […]
By John Lee. Shell has reportedly evacuated its foreign staff who had been working at the Basra Gas Company (BGC). BGC executives told Reuters that around 60 staff were flown out on Wednesday after workers who had been laid off staged a protest. Shell has a 44-percent stake in the $17-billion, 25-year BGC project, with […]
By John Lee. Petrel Resources has announced that it is interested in the 'fresh opportunities' in Iraq thrown up by the turbulent oil price and political events of recent months. In a statement, the company said that its Iraqi Director, Riadh Ani, is coordinating discussions with the Ministry of Oil in Baghdad to take advantage […]
By John Lee. Iraq's oil ministry has denied a report from Bloomberg that it plans to shut down the al-Ahdab oil field in Wasit due to protests. In a statement the Ministry said the protests near the field are not related to the oil industry, but to the administration of the province. (Source: Ministry of […]
Iraq's economy is on the precipice - reforming the energy sector is a key part of the solution The publication of the following commentary follows a conversation between the IEA's Executive Director, Dr Fatih Birol (pictured), and Prime Minister Mustafa Al-Kadhimi of Iraq, who recently took office. It examines one of the key topics of […]
From Middle East Monitor, under a Creative Commons licence. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. The Russian Ambassador to Iraq, Maxim Maksimov [Maximov] (pictured), said that Russia is seeking to invest heavily in Al-Mansouriya gas field, in the Diyala governorate. Maksimov […]
Prime Minister Barzani chairs cabinet meeting, calls for constitutional solution to problems with Baghdad Prime Minister Masrour Barzani chaired a cabinet meeting in Erbil on Wednesday to discuss economic conditions in the Kurdistan Region and outstanding problems with the federal government. In the meeting, which was also attended by Deputy Prime Minister Qubad Talabani, the […]
Genel Energy has issued the following trading and operations update ahead of the Company's Annual General Meeting ('AGM'), which is being held today. The information contained herein has not been audited and may be subject to further review. Bill Higgs (pictured), Chief Executive of Genel, said: "Despite the impact of COVID-19 creating a challenging environment […]
