Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
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 […]
By John Lee. Shares in Irish-based Petrel Resources were trading 20 percent down on Friday after the company said it had reached a settlement in respect of the disposal of 2.2 million Petrel shares by Amira Petroleum's advisers notwithstanding a lock-in agreement entered into on 19 August 2013. According to the company: On 14 August […]
Petrofac’s Engineering & Production Services (EPS) division has secured an award worth US$160 million from Basra Oil Company (BOC), previously known as South Oil Company (SOC), for its Iraq Crude Oil Export Expansion Project (ICOEEP). The new two-year extension reflects Petrofac’s continued delivery focus and five-year track record as the incumbent operations and maintenance service […]
By John Lee. Iraq's Ministry of Oil has announced that it will start rehabilitation of the Salahuddin refineries 1 and 2 in Baiji district. Through its North Refineries Company (NOC), it has called on local and international companies to supply the equipment outlined below: (Source: Ministry of Oil)
By Ahmed Mousa Jiyad. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Reforming and Transforming SOMO This analysis was presented via Skype Conference to the management and staff of Iraq's State Oil Marketing Organization (SOMO) on 12th December 2017: Please click here to download […]
By John Lee. Private investors from Iraq and Turkey have reportedly held preliminary negotiations with Iran to expand and modernize its fuel stations. According to a report from Petrol Plaza, there are 3,600 fuel stations and 2,400 compressed natural gas (CNG) stations in Iran which need renovation and investment. To date, more than 250 state-controlled […]
By John Lee. The state-owned Korea Gas Corporation (KOGAS) has said that it has recouped its $2.49 billion investment in the Zubair oil field in southern Iraq. According to a report from Yonhap, the company has recovered $2.53 million as of December, which exceeds its initial outlay. The oilfield is currently producing around 360,000 barrels […]
By John Lee. Oil Minister Jabar Ali al-Luaibi [Allibi, Luiebi] has hosted a meeting in Baghdad with the French Minister of State for Foreign Trade, Jean-Baptiste Lemoyne, confirming the significance of the economic and financial relations between the two countries. Both sides expressed hopes for major cooperation in all sectors, including oil, industrial, agricultural, commercial, […]
DNO ASA, the Norwegian oil and gas operator, today announced a tripling of production from the Peshkabir field in the Tawke license in the Kurdistan region of Iraq to 15,000 barrels of oil per day (bopd) following completion of the Peshkabir-3 well testing, stimulation and cleanup program. A total of 11 zones in a 1.2 […]
