Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. Iraq has invited international oil companies (IOCs) to bid for contracts to explore and develop nine new oil and gas blocks. The blocks are along the borders with Iran and Kuwait, with one located in the territorial waters. According to Reuters, the bidding terms will be finalised by the end of May, […]
By John Lee. Iraq's Oil Ministry has announced that it will build a new pipeline from Baiji to Fishkabur, enabling Kirkuk oil to be exported again from Turkey's Ceyhan port (pictured). Kirkuk’s oil was previously being exported via the Kurdistan Regional Government’s (KRG) pipeline to Ceyhan, but this has been on hold since Baghdad took […]
By John Lee. Reuters has reported that both BP and Eni have expressed an interest in developing the giant Majnoon oilfield, which Shell plans to exit next year. Iraqi oil officials told the news agency that Iraq's Ministry of Oil has not yet started negotiations with either company. BP is currently developing the Rumaila field, […]
Baker Hughes, a GE company, has signed an agreement for the provision of turbine generators to PetroChina International Iraq, in the biggest Turbomachinery & Process Solutions (TPS) agreement ever between the two companies. BHGE will deliver its Frame 6B gas turbine electric generator trains to support power generation for the Halfaya oilfield located in the […]
Following from the recent launch of its new Iraq-based bunkering operation, Al Iraqia Shipping Services and Oil Trading (AISSOT) has announced its first shipment of crude oil from Iraq. The company said it shipped its first 2 million bbl of crude oil on their very large crude carrier MT Basra (pictured) on November 18, "successfully […]
By John Lee. Reuters reports that oil exports from southern Iraq have risen to close to a record high. It cites industry sources as saying that exports in the first 20 days of November averaged about 3.50 million bpd, up 150,000 bpd from October's average. The current monthly record of 3.51 million bpd was achieved […]
By Omar Sattar for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. The first draft of Iraq’s federal budget for 2018, approved by the government at the start of the month, envisions slashing the Kurdish region’s share from 17% to 12.7% […]
By John Lee. Sources have told Reuters that China's state-run Zhenhua Oil will supply diesel (500 parts per million (ppm) sulphur) to Iraq's State Oil Marketing Organization (SOMO) through a term contract for the first time. It will supply 600,000 tonnes of the 2.37 million tonnes sought by SOMO in a tender for delivery in […]
ShaMaran Petroleum has announced its financial and operating results for the three and nine months ended September 30, 2017. (Unless otherwise stated all currency amounts indicated as "$" in this news release are expressed in thousands of United States dollars). HIGHLIGHTS AND DEVELOPMENTS Operations Oil production on the Atrush Block commenced in July 2017. Atrush […]
By Nahwi Saeed for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. Although Baghdad imposed its authority on Kirkuk on Oct. 16 and appointed a new temporary governor, Kurds still hope to reach an agreement with Baghdad that will allow them to […]
By John Lee. UK-based drilling and engineering contractor KCA Deutag has announced that it has been awarded a one year contract for two rigs to carry out land drilling operations in Southern Iraq. Its T-210 rig (pictured) will move from Oman to work along with the T-601, bringing the company's total number of rigs in […]
By John Lee. Oil Minister Jabar Ali al-Luaibi [Allibi, Luiebi] (pictured) has said that Iraq plans to increase oil production at the Kirkuk oilfields to one million barrels per day. According to Reuters, exports from Kirkuk have been on hold since Iraqi forces took back control of them from the Kurds last month. At least […]
