Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
The Rumaila oilfield produced 1.467 million barrels per day (bpd) in 2018 – the oilfield’s highest annual rate of production for 30 years. 2018 also saw the milestone of four billion barrels of oil produced since the Rumaila Operating Organisation [ROO] began operating in June 2010. The results were reported in the 2018 Rumaila Annual […]
By John Lee. The Iraq Britain Business Council (IBBC) has welcomed four new members, bringing its membership to 71 companies: Crescent Petroleum: Sharjah-based Crescent Petroleum is the only foreign oil and gas company to maintain a continuous presence in Iraq for three decades, and is the largest private oil and gas investor in the Kurdistan […]
By John Lee. Oil Minister Thamer al-Ghadban has criticised ExxonMobil's decision to temporarily evacuate staff from the West Qurna oil field as “unacceptable and unjustified”. In a statement on Sunday, he said the move was "political", and pointed out that other international oil companies are continuing to work freely. According to CNN, the company evacuated […]
By John Lee. Oil Minister Thamer Ghadhban (pictured) has reportedly said on Thursday that Iraq has contingency plans in place to cope with any stoppage of Iranian gas imports. His comments come as the US increases sanctions pressure on Iran. According to Reuters, Ghadhban added that he hopes no such disruption will take place. (Source: […]
Stephen Whyte, Chairman of Genel Energy, gave the following update on the business at the Company's Annual General Meeting, held in London on Thursday: Genel had a very successful 2018, with free cash flow generation of $164 million even while making significant investment in growth. 2019 has seen us continue this success. We are delivering […]
DNO ASA, the Norwegian oil and gas operator, has completed the private placement of USD 400 million of new, five-year senior unsecured bonds with a coupon rate of 8.375 percent. The bond placement received strong investor demand across international markets and was oversubscribed. The bond issue is expected to be settled on or about 29 […]
An Iranian official said the exports of natural gas to Iraq are growing steadily and are expected to hit 40 million cubic meters a day in summer. Managing director of the Iranian Gas Engineering and Development Company (IGEDC) Hassan Montazer Torbati told Tasnim that Iran’s gas exports to Iraq are constantly increasing and nearing a […]
TTE Technical Institute has secured a new project with international energy and water company TAQA to provide technical training to Middle East based technicians. A group of 13 technicians from TAQA’s Atrush Block oil production facility in the Kurdistan region of Iraq are spending three months in the UK at TTE’s fully-equipped training centre in […]
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 […]
