Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
The National Iranian Oil Company (NIOC) will set up a representative office in Iraq to facilitate activities by Iranian producers and constructors in the neighboring state. The issue was discussed in a meeting between Iranian oil industry equipment producers and senior managers of the Iraqi Ministry of Oil on the sidelines of the 24th Iran […]
By John Lee. Iraq’s Ministry of Oil has announced interim oil exports for April of 103,988,853 barrels, giving an average for the month of 3.466 million barrels per day (bpd), up from the 3.377 million bpd exported in March. These exports from the oilfields in central and southern Iraq amounted to 100,635,009 barrels, while exports […]
By John Lee. Genel Energy has announced that it "will only proceed with significant investment in Bina Bawi once an agreement is reached on a commercial framework that provides a clear route to monetisation." In a statement, the company said: "As previously announced, the deadline to meet the conditions precedent relating to the Bina Bawi […]
By John Lee. Iraq’s Ministry of Oil has announced interim oil exports for March of 104,696,872 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 100,909,946 barrels, while exports from […]
By John Lee. Petrofac has announced that it has secured new awards and contract extensions, with a combined value of over US$30 million, to provide training solutions for key National Oil Company and International Oil Company clients in Oman, the UAE and Iraq. In Iraq, where Petrofac has delivered more than 50,000 in-country delegate training […]
Cumulative production at the West Qurna-2 field has reached 100 million tons of oil as part of successful implementation of Phase 1 of the project. With 184 wells drilled at the field, the average daily production rate is 400,000 barrels. Operator Lukoil said in a statement that, to manage the field's production, it uses "the […]
By John Lee. China's Zhongman Petroleum and Natural Gas Group Corp., Ltd. (ZPEC) has reportedly started drilling its first oil well in Iraq's eastern province of Diyala on Tuesday. The mayor of Qazaniya told Xinhua that it is more than fifty years since an oil well was drilled in Diyala province. Mazin al-Khuzaie added that […]
By John Lee. Sonangol has said it plans to increase production at its Najmah and Qayara oilfields to about 230,000 barrels per day (bpd). The Angolan state oil company owns 75 percent of the oilfields, south of the city of Mosul, with estimated oil reserves of more than 1 billion barrels. Output at Qayara is […]
By John Lee. Sharjah-based Dana Gas has announces that during Q1 2019, Pearl Petroleum has received $112 million (AED 411mm) from the sale of condensate, LPG and gas in the Kurdistan Region of Iraq (KRI). Dana Gas is a 35% shareholder in Pearl Petroleum and accordingly, its share of such receipts by Pearl Petroleum is […]
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 […]
