Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Iraq's Cabinet has named Jabbar al-Luiebi, the current oil minister, to head the new Iraqi National Oil Company (INOC) - giving new momentum to a fundamental restructuring of the country's oil sector. "Yes, he is the president of the Iraqi National Oil Company," said Oil Ministry Spokesperson Assem Jihad, in an interview with Iraq Oil […]
By Amberin Zaman for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. Turkish Foreign Minister Mevlut Cavusoglu (pictured) is due to travel to Iraq on Oct. 11 for a two-day official visit to the capital Baghdad and the Iraqi Kurdistan Region’s seat of government, Erbil. […]
Shares in Genel Energy were trading up more than 5 percent on Wednesday as the company issued a trading and operations update in respect of Q3 2018. The information contained herein has not been audited and may be subject to further review. Murat Özgül (pictured), Chief Executive of Genel, said: "Genel continues to rapidly increase […]
Iraq is pursuing major infrastructure projects to add millions of barrels per day of export capacity, in an effort to keep pace with ambitious plans to raise production. In the short term, the Oil Ministry is looking to jump-start work on a long-delayed pipeline contract with the Australian company Leighton Offshore. Beyond that, Iraq is […]
DNO ASA, the Norwegian oil and gas operator, today announced production at the Peshkabir field in the Kurdistan region of Iraq has ramped up to 50,000 barrels of oil per day (bopd), meeting the end-2018 target ahead of schedule and below budget. One of two recently completed wells, Peshkabir-7, is producing over 10,000 bopd from […]
Petrofac’s Engineering & Production Services (EPS) East business has secured a four-year renewal of a contract for maintenance management services for an international oil company client in Iraq. Under the agreement, which is worth approximately US$50 million, Petrofac will continue to provide specialist personnel to support maintenance services for existing mature assets and new production […]
By John Lee. Iraq’s Ministry of Oil has announced interim oil exports for September of 106,795,022 barrels, giving an average for the month of 3.560 million barrels per day (bpd), a slight decrease from the 3.583 bpd exported in August. These exports were entirely from the southern terminals, with no exports registered from Kirkuk via Ceyhan. […]
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 […]
