Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. Kuwait Energy has started producing natural gas from the Siba field, south of Basra, on Wednesday. Oil Minister Jabar Ali al-Luaibi [Allibi, Luiebi] (pictured) announced an inital production rate of 25 million cubic feet a day (mcf/d), increasing to 100 mcf/d by the end of the year. Kuwait Energy was awarded a […]
By John Lee. Iraq's Ministy of Oil has awarded all four development projects, and two of the seven exploration blocks, that it offered in its fifth auction of oil licences. Only nine of the 26 companies originally pre-qualified took part in the auction, with majors such as Lukoil (Russia), ExxonMobil (US) and Total (France) not bidding. Development […]
Gazprom Neft subsidiary Gazprom Neft Middle East B.V. has commissioned a second well — the Sarqala-2 — at its Sarqala field (within the Garmian block), located in the Kurdistan Region of Iraq (KRI). The new well is currently producing 11,000 barrels per day (bpd), with potential to increase this to 15,000. Total daily production at […]
The Iraq Britain Business Council (IBBC) held its annual Spring Conference at the Mansion House in London and a newly formatted second day forum for Iraqi and UK SMEs to discuss business opportunities at the Royal Overseas League on the 24th and 25th of April. The event proved to be a huge success, with record […]
DNO ASA, the Norwegian oil and gas operator, today announced expansion and acceleration of operations in the Kurdistan region of Iraq while building up its North Sea exposure. First quarter revenues, the highest in nearly four years, stood at USD 142 million and net profit at USD 18 million. The Company exited the quarter with […]
By John Lee. Iraq could transport up to a million barrels of oil per day through the Jordanian port of Aqaba (pictured), according to a report from The National. Ali Nazar Faeq Al Shatari, deputy director general for the State Oil Marketing Organization (SOMO) told The National: “That project is still in place and we’re […]
By Padraig O'Hannelly. At a major Iraqi business event in London on Tuesday, there was a strong sense that Iraq’s perceived risk profile is improving, and that this is an excellent time to do business in the country. Nearly 300 delegates attended the Iraq Britain Business Council (IBBC)‘s Spring Conference at the Mansion House, which focused […]
By John Lee. Iraq has extended the deadline to bid for the construction and operation of a new 100,000-bpd Qayara refinery. The full statement from the Ministry of Oil is as follows: The ministry of oil would like to announce for the investment refinery in Ninawa governorate/ Qayara with a capacity of 100 thousand barrels […]
By John Lee. Iraq’s Ministry of Oil has announced final oil exports for March of 107,050,000 barrels, giving an average for the month of 3.453 million barrels per day (bpd), a slight increase from the 3.426 bpd exported in February. The exports were entirely from the southern terminals, through 39 international companies, with no exports registered […]
By John Lee. Talks between ExxonMobil and Iraq on the multi-billion-dollar Common Seawater Supply Project (CSSP) have reportedly reached an impasse. According to Reuters, two sides differ on contract terms and costs. Ian Thom, principal analyst at consultancy Wood Mackenzie, told the news agency: “The CSSP would be expensive and challenging but there’s opportunity here […]
By Elena Kornienko. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Once upon a time, there lived a widow woman and her son, Jack, on their small farm in the country. Every day, Jack would help his mother with the chores -- chopping the […]
Genel Energy has announced that the Taq Taq partners have received a gross payment of $8.30 million from the Kurdistan Regional Government (KRG) for oil sales during January 2018. Genel's net share of the payment is $4.57 million. Genel also notes the announcement from DNO ASA, as operator of the Tawke PSC, that the Tawke […]
