Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By Alessandro Bacci. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Iraq’s Fifth Licensing Round: Some Preliminary Considerations After the Auction On the morning and afternoon of April 26, 2018, I participated in a petroleum scholar workshop organized in London by the Association of […]
International Oil Trading Co. (IOTC) announced today that the company has reached a full settlement with the Defense Logistics Agency - Energy (DLA), resolving all issues associated with IOTC's delivery of fuel to the Coalition troops during the Iraq War. The $40 million payment to IOTC represents amounts due for fuel delivered and received by […]
By John Lee. According to a report from Platts, Iraq has reached "key preliminary terms" with ExxonMobil and PetroChina on the South Integrated Project. The project involves the development of the Nahr Bin Umar and Ratawi oil fields in southern Iraq, with gas plants at the two fields, a multi-field water injection project, storage, pipelines […]
By John Lee. China's Zhongman Petroleum and Natural Gas Group (ZPEC) and BP Iraq have signed an integrated drilling service contract for 15 wells at Iraq's Rumaila oilfield The contract amount is worth approximately $60 million. It is understood that the project was publicly tendered in November 2017. According to a statement from the company, […]
By John Lee. Iraq’s Ministry of Oil has announced preliminary oil exports for April of 100,197,197 barrels, giving an average for the month of 3.340 million barrels per day (bpd), a slight increase from the 3.453 bpd exported in March. These exports were entirely from the southern terminals, with no exports registered from Kirkuk via Ceyhan. […]
By John Lee. The formation of the new Iraq National Oil Company (INOC) is "a power grab that could undermine all the progress," according to Nick Butler. Writing in the Financial Times, he says the new company will be a single entity with sole responsibility for all aspects of the development of the oil and […]
By John Lee. The Ministry of Oil's Petroleum Contracts and Licensing Directorate (PCLD) has published the templates for the contracts to be used for the 5th oil licensing round, the results of which were announced last week. Exploration, development and production contract (EDPC) Development and production contract (DPD) (Source: Ministry of Oil)
Under the Patronage of H.E Prime Minister, Dr. Haider Al Abadi, organized by the General Secretariat of the Council of Ministers and the National Investment Commission (NIC) in cooperation with Economy and Business Group, the Iraq Investment and Reconstruction Opportunities Forum was held in Baghdad on Thursday the 26th April witnessing a wide local, Arab […]
By John Lee. Iraq has reportedly signed a contract with two Chinese companies to build the Fao [Faw] oil refinery. An Iraqi oil official told Reuters the 300,000-bpd facility will include a petrochemical plant. It is to be built by the Power Construction Corporation of China (PowerChina) and Norinco. (Source: Reuters)
By John Lee. Having sold its stake in the West Qurna 1 project to Japan’s Itochu, Shell is now said to be "fully committed" to the giant Basra Gas Company (BGC), which captures gas from Iraq's southern oilfields. Frits Klap, managing director of BGC, told Reuters that processing capacity has more than tripled to 938 […]
By Alessandro Bacci. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Alessandro Bacci is an independent energy consultant in relation to business strategy and corporate diplomacy (policy, government, and public affairs). Much of his activity is linked to the MENA region, an area where […]
By John Lee. Basra Oil Company (BOC) has signed contracts with the Chinese company Anton Oilfield Services Group (Antonoil) and the US company KBR to operate and maintain the Majnoon oil field. A statement from the Ministry of Oil put the value of the contracts at $118 million, adding that there would be "other secondary […]
