Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
A coalition of Iraqi oil technocrats has filed a legal challenge against a law to re-establish the Iraq National Oil Company (INOC), which is likely to delay - if not derail - a major restructuring of the country's oil sector. Under the law, which took effect in April, the government has a six-month window to […]
By John Lee. Oil Minister Jabar Ali al-Luaibi [Allibi, Luiebi] has announced the resumption of production at Qayara oil field in Nineveh province. The field has been rehabilitated following its destruction by the Islamic State group (IS, ISIS, ISIL, Daesh). It is currently producing 30,000 barrels of oil per day, with a plan to increase […]
By John Lee. Iraq’s State Oil Marketing Organization (SOMO) is reportedly trying to acquire storage tanks in Asia. According to Reuters, any deal may involve a profit-sharing arrangement. (Source: Reuters)
UK-based Aggreko (Middle East) and Iraq's North Refineries Company have signed a contract for rental of temporary power generators to supply 15MW of power to Baiji Refinery as a first stage. For Aggreko, the world’s largest supplier of temporary power, which also supplies South Refineries Company with 25MW, This contract will help broaden the partnership […]
Irish-based Petrel Resources has said it is "re-establishing its Baghdad operations". In its interim statement for the six months ended 30 June 2018, the company said: "As we approach the end of 2018, Iraq is fitfully emerging from conflict, and again open for responsible business. Baghdad has re-established its authority, by defeating Da'ech insurgents and […]
Gulf Keystone Petroleum (GKP) has announced the appointment of Kimberley Wood as a Non-Executive Director with effect from 01 October 2018. Kimberley Wood is a legal professional with 18 years' experience and a specialist in the oil and gas sector. Most recently she was Head of the Oil and Gas for EMEA at Norton Rose […]
Iraq is negotiating with the U.S. for exemptions from the impending snap-back of sanctions against Iran, arguing that it could not cut consumption of Iranian electricity and natural gas immediately without suffering serious economic harm and social instability. An Iraqi delegation was in Washington last week seeking a waiver for its cross-border trade, meeting with […]
BP, Shell, Basra Gas Company, LUKOIL, Petronas and Chevron discuss Basra’s oil and gas megaprojects The 5th annual CWC Basra Megaprojects Conference - Oil, Gas & Environment will be held from 9-10 October in Istanbul, Turkey chaired by the EU Ambassador to Baghdad, Ramon Blecau. In a show of support for the rebuilding of Iraq, […]
The oil minister of Iraq, Jabbar Ali Hussein Luaibi, and the Chief Executive Officer of Eni, Claudio Descalzi (pictured) met in Baghdad on Saturday. During the meeting Eni's CEO had the opportunity to outline the Company's current activities in the country in light of the recent achievements of the Zubair field development, where the production […]
By John Lee. Oil Minister Jabar Ali al-Luaibi [Allibi, Luiebi] announced on Sunday the full rehabilitation of the Salahaddin-2 unit at Baiji oil refinery. The refinery was shut down in 2014 due to the actions of the Islamic State group (IS, ISIS, ISIL, Daesh). The Salahaddin-2 unit has a capacity of 70,000 barrels per day […]
Canadian-based SNC-Lavalin (TSX:SNC) has announce that it has been awarded a framework agreement for project support services with LUKOIL Mid-East for the West Qurna phase 2 oil field in Iraq. Christian Brown (pictured), President, Oil & Gas, SNC-Lavalin, said: “We continue to build on our long-term relationship with LUKOIL and to help them realize their […]
The Deputy Chairman of the Iraq Britain Business Council (IBBC), Rasmi Al Jabri, and Managing Director, Christophe Michels, hosted a dinner for members and guests at the Babylon Warwick Hotel in Baghdad on 29th August. Many representatives from member companies were in attendance, including the Chairman of Khudairi Group and the International Islamic Bank, the […]
