Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Genel Energy has announced an update on activity at the Taq Taq Field (Genel 44% working interest). Testing of the TT-32 well has now completed. The well flowed oil from three separate zones, with a maximum individual zone flow rate of c.5,500 bopd with a 36/64" choke. The free water level was encountered at 1458 […]
By John Lee. Iraq’s Ministry of Oil has announced interim oil exports for January of 113,111,437 barrels, giving an average for the month of 3.649 million barrels per day (bpd), down from the 3.726 bpd exported in December. These exports from the oilfields in central and southern Iraq amounted to 110,245,281 barrels, while exports from Kirkuk […]
By John Lee. Reports from Lebanon suggest that an old pipeline between Iraq's Kirkuk oilfield and the Lebanese city of Tripoli is expected to be brought back into service. Cesar Abi Khalil (pictured), Lebanon's Acting Minister for Energy and Water, is quoted as saying that Lebanon is in contact with officials in Iraq and Syria […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. IEITI: Making Iraq “Compliant” Again! The Extractive Industries Transparency Initiative (EITI) suspended Iraq's status as a “compliant” country on October 2017; the suspension, after initial irrational denial, prompted the Iraqi authorities to […]
By John Lee. Iraq’s Basra Oil Company (BOC) has agreed a deal with the state-owned Iraqi Drilling Company (IDC) to drill 40 new oil wells in the giant Majnoon oilfield. In a statement on Thursday, the Ministry of Oil said the aim is to increase production at the field to 450,000 barrels per day (bpd) […]
By John Lee. Iraq's Ministry of Oil has signed a contract with the China National Offshore Oil Corporation (CNOOC) to carry out seismic surveys of two oil exploration blocks. One of the fields is in the territorial waters of Iraq in the Gulf, while the second in the city of Faw (Fao). (Source: Ministry of […]
By Bruce Riedel, Brookings Institution. The opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. What Iran's Revolution meant for Iraq The collapse of the shah's government in Iran in early 1979 impacted the entire world but no country was more affected than Iraq. Saddam Hussein's […]
By John Lee. Russian Foreign Minister Sergey Lavrov has said that Moscow is very interested in increasing trade, economic and investment ties with Iraq. Following a meeting on Wednesday with Iraqi Foreign Minister Mohamed Ali Alhakim, he said: "In the field of investment, especially in the hydrocarbon sector, there is a very good result. Lukoil, […]
By Osama Al Sharif for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Jordan’s King Abdullah’s one-day visit to Baghdad on Jan. 14 was hailed as “historic” by Iraqi President Barham Saleh. It was the first trip to Iraq by the Jordanian monarch in more than […]
By John Lee. Iraq’s Ministry of Oil has announced final oil exports for December of 115,517,974 barrels, giving an average for the month of 3.726 million barrels per day (bpd), a increase from the 3.377 bpd exported in November. These exports from the oilfields in central and southern Iraq amounted to 112,450,367 barrels, while exports by […]
Shares in Genel Energy were trading up 6 percent on Monday afternoon after the company announced that it has reached agreement to acquire stakes in the Chevron-operated Sarta and Qara Dagh blocks (pictured), in the Kurdistan Region of Iraq. Genel will acquire 30% equity in the Sarta licence by paying a 50% share of ongoing […]
Shares in Gulf Keystone Petroleum (GKP) closed 4.3 percent higher on Wednesday after the company provided an operational and corporate update. Operational Production operations, underpinned by strong performance of the Shaikan Jurassic reservoir, continue in line with expectations. Average gross production of 31,563 barrels of oil per day ("bopd") was achieved in 2018, at the […]
