Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. Iraq’s Ministry of Oil has announced final oil exports for November of 105,050,819 barrels, giving an average for the month of 3.502 million barrels per day (bpd), considerably up on the 3.348 bpd exported in October. These exports were shipped by 40 multinational companies from the ports of Basra, Khor Al-Omaia and the SPM’s […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Developing Majnoon Oilfield by National Effort -- Important Move in the Right Direction On 21st December, the Ministry of Oil (MoO) approved a set of measures relating to the development of the […]
By John Lee. Oil Minister Jabar Ali al-Luaibi [Allibi, Luiebi] has called on his Ministry draw up plans to build a new system to protect Iraq's pipelines network using new technology including drones. New monitoring systems and advanced cameras will also feature in the scheme, which is due start in the first quarter of 2018. […]
By John Lee. Oil Minister Jabar Ali al-Luaibi [Allibi, Luiebi] has reportedly said that Iraq plans to build a network of pipelines to transport oil products throughout the country, as an alternative to expensive and hazardous road transport. Reuters quotes him as saying that the network will be part of a strategic plan that includes pipelines […]
The Iraq Britain Business Council (IBBC) has announced that one of Iraq’s most significant companies, Albilal Group, has joined the trade organization. Not only is Albilal a major EPC to many IOCs in Iraq, but also to the ministries of Electricity, Oil & Gas, Water and Infrastructure. ABG was established since 1993 with main offices in Iraq […]
By John Lee. Reuters reports that Iraq's oil ministry has said it had started to take over operations at Majnoon oilfield from Shell. Earlier this year, Shell said it will exit the field, which is expected to happen by the end of June. The ministry has formed a management team to handle production after the […]
By John Lee. Gulf Keystone Petroleum (GKP) has confirmed that a gross payment of $15.0 million ($12.0 million net to GKP) has been received from the Kurdistan Regional Government (KRG) for Shaikan crude oil export sales in August 2017. (Source: GKP)
By Alessandro Bacci. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The Ministry of Oil has repeatedly said that it would like to renegotiate the terms of its service contracts with the international oil companies (IOCs) to link the fees the companies receive for […]
By John Lee. Shares in Genel Energy closed the day up 5.9 percent on Wednesday, after the company's bondholders approved its proposal to reduce the outstanding bond debt from $421.8 million to $300 million. It will also extend maturity through amending and restating terms to a new 5 year tenor. DNB Markets and Pareto Securities […]
By Padraig O’Hannelly. This week at Iraq Business News, we are delighted to welcome a new Expert Blogger to our ranks: Alessandro Bacci (pictured) 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 […]
Genel Energy has announced the receipt of payments from the Kurdistan Regional Government (KRG) for oil sales during September 2017 from the Tawke and Taq Taq PSCs. DNO ASA, as operator of the Tawke PSC, has announced the receipt of $54.32 million from the KRG as payment towards September 2017 crude oil deliveries to the […]
Russia's Lukoil has signed contracts with the state-owned Iraqi Oil Exploration Company to carry out seismic surveys at the Eridu field in Block 10, and also at Block 10's southern and central parts, previously not part of the survey. The scope of appraisal works at Eridu field includes a 3D seismic survey of 983 square kilometers to […]
