Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. Oil and gas company TechnipFMC has agreed to pay more than $5 million to settle an Iraq-related corruption case with the US Securities and Exchange Commission (SEC). The company is alleged to have taken part in bribery between 2008 and 2013 to secure business from Iraqi state-owned oil companies. Just last month, […]
By John Lee. Irish-based Petrel Resources has said that one of its main priorities has been re-building its presence in Iraq. In its financial results for the six months ended 30th June 2019, the company said: "While challenges remain, the Iraqi government encourages international investors with Iraqi operating experience. The security situation has dramatically improved […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Monetization Strategies for Joint Development of Border Fields in MENA Region Many hydrocarbons fields and exploration blocks, with billons barrels of petroleum, straddle sovereign borders (both onshore and offshore) in the Middle […]
Iraq’s Commission of Integrity yesterday announced that it had returned $135 million of misappropriated funds to the oil ministry, the Anadolu Agency reported. The commission said that the company for the distribution of oil products misappropriated funds through contracts with two oil investment companies. Iraq is among the world’s most corrupt states according to Transparency […]
By Omar Sattar for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. New pipeline in works to transport Iraqi oil to Turkey Ankara and Baghdad are working toward building a new oil pipeline with the capacity to transport one million barrels per day from Iraq's […]
Report on Payments to Governments for 2018 This report sets out details of the payments made to governments by Gulf Keystone Petroleum Ltd and its subsidiary undertakings ("Gulf Keystone") for the year ended 31 December 2018 as required under Disclosure and Transparency Rule 4.3A issued by the UK's Financial Conduct Authority ("DTR 4.3A") and in […]
By John Lee. Iraqi oil minister Thamir Ghadhban has reportedly said he plans to offer a new Basrah Super Light grade, with up to 38 API gravity, in the next few years. According to S&P Global Platts, he added that this would depend on the development of the country's southern fields. A Basrah Medium grade, […]
By John Lee. Iraq's Deputy Foreign Minister Muayad Salih has said that he expects Russian companies to increase their investment in Iraq. Tass quotes him as saying that a Russian company is starting to develop of fields in the area of the Ramadi city, adding: "Hopefully investments there will top $45 billion by 2030." Meanwhile, […]
Gazprom Neft subsidiary Gazpromneft-Badra has begun shipping granulated sulphur from its Badra oilfield in Iraq — the unique gas infrastructure installed by the enterprise here having made it possible not just to diversify production, but also increase associated petroleum gas (APG) utilisation to 98 percent. The pilot consignment, delivered by order of Iraqi client “Ard […]
By John Lee. The Iraqi Drilling Company (IDC) has signed a contract with the Dhi Qar Oil Company to drill 20 wells at Nasiriyah oil field. Fayyad Hassan Nehmeh, Undersecretary for Extraction Affairs, said the new wells will increase the field's oil production by 40,000 bpd, in addition to the investment of gas associated with […]
Gulf Keystone Petroleum (GKP), a leading independent operator and producer in the Kurdistan Region of Iraq ("Kurdistan" or "Kurdistan Region"), has announced its results for the half year ended 30 June 2019. Highlights to 30 June 2019 and post reporting period Operational Average production during August was 39,269 bopd, reflecting the positive results from the […]
By John Lee. Oil minister Thamer al-Ghadhban (pictured) has said Iraq will reduce oil production from October, in the hope of achieving stability in the world oil market. He added that talks with Iraqi Kurdistan on coordinating the export of oil from the two regions were in "advanced stages". (Source: Iraqi Ministry of Oil)
