Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. Gulf Keystone Petroleum (GKP) has confirmed that a gross payment of $27.0 million ($21.2 million net to GKP) has been received from the Kurdistan Regional Government for Shaikan crude oil sales during May 2018. (Source: GKP)
By John Lee. The state-run Basra Oil Company (BOC) has signed a memorandum of understanding with US oil company Chevron to develop oil fields BOC announced the start of the first phase of work and cooperation with Chevron US to develop some oil fields and the establishment of a company. The Director-General pointed out that […]
DNO ASA, the Norwegian oil and gas operator, today announced plans for its first dividend distribution to shareholders in 13 years following release of strong half-year 2018 results, including revenues of USD 289 million which were up 83 percent from the same period last year. The Company also reported a net profit of USD 61 […]
Third Deloitte report on Oil and Gas Review in the Iraqi Kurdistan Region, with newly added disclosures on local sales – Q1 of 2018 New verified data on the Kurdistan Region’s oil exports, consumption and revenues have been published, covering the period from 1 January 2018 to 31 March 2018, after a review of the […]
Petrofac has been awarded a contract worth around US$370 million by Basra Oil Company (BOC) for expansion of the Central Processing Facility (CPF), located in the Majnoon Field, Southern Iraq. Under the terms of the 34-month contract, the lump-sum engineering, procurement and construction (EPC) project scope of work includes two oil processing trains, able to […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Below is the full Arabic text and source of what was reportedly said by Abdul Alal AL-Yassiry, the Chairman of the Iraqi Centre for Economic and Investment Consultation in Karbala. What prompts […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Introduction KRG’ gross oil export revenues, for 2017, stood at $7.9billion but it was left with only $3.9billion as net earnings. When the Region receives less than half of its gross oil […]
By Youssef Ali. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. President Donald Trump’s decision to pull out of the nuclear deal and sign the executive order to reimpose sanctions on Iran has had a significant impact on the global oil markets. This move […]
Shares in Genel Energy jumped 12 percent on Tuesday morning after the firm announced increased profits in its unaudited results for the six months ended 30 June 2018. Murat Özgül, Chief Executive of Genel, said: "Genel continues to deliver on its focus. We are generating significant free cash flow, averaging over $10 million a month […]
Benaa Al Basra has been endorsed by the Iraqi Prime Minister’s office to make Basra’s Oil Operations Centre (OOC) operational. The OOC has appointed Sicuro Group, a CMC-licenced, Iraq-experienced tracking, communications and information provider as the exclusive operating partner. According to a press release from Sicuro, "this new partnership will ensure the required expertise and […]
Baker Hughes, a GE company has been awarded a contract by the South Gas Company of Iraq (SGC) for fast-track solutions to help the recovery of flare gas for Nassiriya and Al Gharraf [Garraf] oilfields. The importance of the project was highlighted by the attendance of several high-level officials, including HE Jabbar Al-Luaib, the Minister […]
By John Lee. Iraq’s Ministry of Oil has announced interim oil exports for July of 109,847,268 barrels, giving an average for the month of 3.543 million barrels per day (bpd), an increase from the 3.521 bpd exported in June. These exports were entirely from the southern terminals, with no exports registered from Kirkuk via Ceyhan. Revenues […]
