Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By Adnan Abu Zeed for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. The National Iranian Oil Company (NIOC) decided May 4 to open an economic representative office in Iraq. The decision was made during a meeting bringing together executives at Iraq’s Oil Ministry and […]
From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Iraq is looking to strengthen its economy after decades of war, sanctions, sectarian division and the rise of the Islamic State of Iraq and the Levant (ISIL or ISIS). It has achieved some […]
Iraq, one of the world's biggest energy producers, can address its current electricity shortfall and growing power needs through immediate action to relieve pressure on the system, according to an in-depth report published Thursday by the International Energy Agency. It also provides a medium-term strategy that makes the best use of the country’s abundant oil […]
By John Lee. According to Miriam Malek, writing for S&P Global Platts, Iraq is again becoming a viable destination for energy investment after the final defeat of Islamic State and the election of a new government revived interest in the region's second-largest oil producer. The US, Qatar, Saudi Arabia and Iran are now vying for […]
By John Lee. The China Petroleum Engineering and Construction Corporation (CPECC) has been awarded a contract to recover natural gas from the Halfaya oilfield. Planned production is put at 300 million standard cubic feet of gas per day, according to a statement from Iraq's Ministry of Oil. (Source: Ministry of Oil)
By John Lee. Japex is reportedly planning to increase production at the Gharaf oil field from around 90,000 barrels of oil per day (bpd) currently to 230,000 bpd by the end of 2020. S&P Global Platts quotes Japex director Michiro Yamashita as saying that the company has allocated capital expenditure of $460 million for the […]
By Padraig O’Hannelly. Building a successful business means delivering what you promise. When I recently needed to go to Baghdad at short notice, I remembered a conversation I had with Abir Burhan, Operations Director of Al-Burhan Group: “Any time you want to go to Iraq,” he said, “we can take care of your visa, flights, […]
By John Lee. At its regular meeting in Baghdad on Tuesday, the Iraqi Cabinet received a briefing on negotiations led by Iraq’s Ministry of Oil with ExxonMobil and PetroChina on the Southern Iraq Integrated Project. In a statement, the government describes the project as "a mega energy and infrastructure scheme consisting of building oil pipelines, […]
DNO, as operator of the Tawke field in Iraqi Kurdistan, has today issued an update on licence activity. Gross production from the Tawke licence, containing the Tawke and Peshkabir fields, averaged 126,759 bopd during the first quarter of 2019. Tawke production currently averages c.73,000 bopd, and Peshkabir c.54,000 bopd. There is an active 2019 drilling […]
DNO ASA, the Norwegian oil and gas operator, today reported USD 35 million in first quarter 2019 operating revenues from its newly acquired North Sea assets, bringing the total quarterly figure across the portfolio to USD 204 million. The Company generated a net profit of USD 51 million and exited the quarter with a cash […]
By John Lee. Pearl Petroleum is reportedly planning to raise additional funding for its drilling and development in Iraqi Kurdistan, According to Reuters, Patrick Allman-Ward, the chief executive of Dana Gas, which is the majority owner of Pearl Petroleum, told reporters that the funding will "comprise a mix of bank debt, a bond, Exim bank […]
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 […]
