Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. US-based investment giant BlackRock has increased its shareholding in Gulf Keystone Petroleum (GKP) to 5 percent, up from 4.89 percent. Shares in the company have risen 35 percent since the start of the year. In 2016, GKP announced that it was in default on its debt obligations, which led to a restructuring […]
The Iraq Britain Business Council (IBBC) held its annual Spring Conference at the Mansion House in London on 10 April, hosting officials from the UK and Iraqi Governments and delegates from the major companies operating in Iraq covering all sectors of the economy. The conference was entitled ‘Iraq – Financing a Modern Economy’ and was […]
By John Lee. Share in Genel Energy closed Thursday up 2.75% after the company announced an update on activity at the Taq Taq field (Genel 44% working interest), as testing of the TT-20z well has now been completed. In a statement, the company said the well has entered production at an initial rate of 2,000 […]
By John Lee. Sharjah-based Dana Gas has announced that its average production for Q1 2019 has increased by 6% year-on-year to 68,700 boepd from 65,000 boepd in Q1 2018. The first quarter production increase was led by the Kurdistan Region of Iraq (KRI), which leapt to 32,750 boepd in Q1 2019 from 26,300 boepd in […]
Iran and Iraq have reached an understanding on the joint development of the Naft Shahr and Khorramshahr oilfields, Iranian Minister of Petroleum Bijan Zangeneh has announced. Speaking on Sunday, during a visit to the Energy Industries Engineering and Design (EIED), an affiliate to the Oil Industries' Engineering and Construction (OIEC), the official said: "There are […]
Genel Energy has announced the appointment of Dr. Bill Higgs as Chief Executive Officer, and as a member of the Board of Directors, with immediate effect. Esa Ikaheimonen, Chief Financial Officer, has also been appointed to the Board. Dr. Higgs joined Genel as Chief Operating Officer in October 2017, and has since led on the […]
Genel Energy has announced that, at the bondholder meeting held today, the Company's proposal was adopted and the waiver of the dividend restriction in 2019 has been confirmed. With respect to the 2018 financial year, a year in which free cash flow totalled $164 million, the Board has accordingly recommended a final dividend of 10¢ per […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. This article may also be downloaded here in pdf format. Restraining the Game-Changer: A Decade of Uneven Development in Iraq Petroleum Sector* Abstract and Introduction The development of the Iraqi petroleum sector […]
By John Lee. The Speaker of the Lebanese Parliament has reportedly called for the restoration of an oil pipeline between Iraq and Lebanon, which ceased operation during the Iran-Iraq war more than 30 years ago. On the last of a four-day visit to Iraq, during which he met with Iraqi President Barham Salih, Nabih Berri […]
Russia's Gazprom Neft has commissioned a third production well at its Sarqala field in the Kurdistan Region of Iraq (KRI) Potential production at this new well is estimated at 12,000 barrels per day. Cumulative daily oil production at the field following the commissioning of the Sarqala-3 well has increased by 25 percent reaching 35,000 barrels. […]
By John Lee. Oil giant Shell has just published details of its transactions with the Government of Iraq in 2018 in respect of the Majnoon oilfield, as part of its Report on Payments to Governments 2018. Click on image below to see in more detail: (Source: Shell)
By John Lee. Iraq’s Ministry of Oil has announced interim oil exports for March of 104,686,779 barrels, giving an average for the month of 3.377 million barrels per day (bpd), down from the 3.621 bpd exported in February. These exports from the oilfields in central and southern Iraq amounted to 100,899,853 barrels, while exports from […]
