Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Kuwait Energy Signs Block 9, Iraq Farm-out Agreement with Dragon Oil Kuwait Energy (KEC) has announced the signing of the Block 9, Iraq Farm-out Agreement with Dragon Oil (a wholly-owned subsidiary of Emirates National Oil Company Ltd, the national oil company of Dubai). As per the Farm-out Agreement, Kuwait Energy will assign a 15% participating […]
By John Lee. Iraq's Oil Ministry has announced that it has signed an agreement to build a 70,000-bpd oil refinery near Kirkuk. The statement said the refinery would be built by "Rania international company", which Reuters refers to as Ranya International, which it says is based in Iraqi Kurdistan. The plant will produce high octane […]
By John Lee. UAE-based Crescent Petroleum is reportedly planning a significant increase in its production of natural gas at its Pearl Petroleum operations in Iraq. President Badr Jafar (pictured) is quoted as saying that there will be an investment of $1 billion to boost production to 500 million cubic feet of gas per day by […]
DNO ASA, the Norwegian oil and gas operator, today announced a 50 percent hike in 2018 spending in the Kurdistan region of Iraq to USD 250 million net to the Company on the back of higher revenues and regular export payments. Annual 2017 revenues stood at USD 347 million, up 72 percent from 2016, bolstered […]
By John Lee. Oil Minister Jabar Ali al-Luaibi [Allibi, Luiebi] has met with Kati Al-Juboori, the CEO of Russia's Lukoil, and his entourage. During the meeting the two parties discussed ways to develop the oil sector in Iraq. Mr. Al-Juboori praised the keenness of the Ministry of Oil to cooperate with global companies and provide […]
By John Lee. Jordan has reportedly approved an agreement with Iraq to build a twin gas and oil pipeline between the two countries. The 1,680-km double pipeline will pump one million barrels of oil a day, and 258 million cubic feet of gas, from Basra to Aqaba. About 150,000 barrels of the oil from Iraq […]
By John Lee. British-based engineering company Rotork is to supply the Karbala Refinery project in Iraq. According to a press release from the company, Rotork will provide large quantities of IQ3 non-intrusive intelligent electric valve actuators, designed specifically for automated flow control systems in hazardous environments. Due to open in 2020, the State Company of […]
By John Lee. Iraq reportedly plans to increase production at the Majnoon oilfield from 240,000 bpd now to 450,000 barrels within three years. Ahmed Abdul Razzaq, the head of a committee in charge of developing the field, told Reuters that the Basra Oil Company (BOC), which will take over operations from Shell, is studying proposals from […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. The following is an abridged version of the Iraq chapter of Upstream Law and Regulation: A Global Guide, published by Globe Law and Business, which summarises the upstream regulation and the key […]
Iraqi Government Ministries heading to Berlin for International Meeting in February Iraq’s oil and gas industry has started 2018 with invigorating news including new blocks to be offered at a bidding round in May, several high profile deals finalised with international companies as well as the continued upstream reforms led by Minister of Oil Jabbar […]
By John Lee. Iraq says it plans to start oil exports to Iran from its northern Kirkuk oilfields next week, under the swap deal announced last month. Iraq will export 60,000 bpd of crude oil by truck from Kirkuk to Iran’s Kermanshah refinery (pictured), and ship back refined Iranian oil for southern Iraq. For the […]
By John Lee. In its 2017 Results, Baker Hughes, a GE company (BHGE) has said that rig count growth in Iraq and the UAE offset declines in other Middle Eastern markets. During the year, the company secured what it describes as the largest-ever turbomachinery and process solutions agreement with PetroChina for the provision of its […]
