Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. Russia's Gazprom Neft has said it expects production at the Badra oilfield to stay between 85,000 and 90,000 barrels per day (bpd) in 2018. Deputy chief executive Vadim Yakovlev (pictured) told Reuters that Baghdad has not asked the company to curtail production, despite reports that the Oil Ministry had asked foreign producers […]
By John Lee. Iraq's Ministry of Oil has hit back at Rosneft's recent decision to enter a production-sharing deal with the Kurdistan Regional Government (KRG) without its approval. In a statement, the Ministry warned: "The ministry of oil warns seriously all the countries and oil companies from contracting or dealing with any authority inside Iraq […]
Russia's Rosneft and Kurdistan Regional Government (KRG) have announced the start of joint implementation of an infrastructure project for the operation of the oil pipeline in the Kurdish Autonomous Region. According to a statement from Rosneft, its share in the project "may amount to 60%". "The other project participant with 40% share will be KAR […]
Gulf Keystone Petroleum (GKP) confirmed on Friday morning that its operations in Kurdistan continue safely and securely with the Company achieving average production of 34,525 bopd from Shaikan since the beginning of October 2017. Shaikan is performing as expected with cumulative production from the field now at 42.4 million barrels, an average of 35,966 bopd […]
By John Lee. Iraqi Oil Minister Jabar Ali al-Luaibi [Allibi, Luiebi] (pictured) has asked UK-based BP to develop the disputed Kirkuk oilfields. The move comes just a day after Baghdad regained control of the area from Kurdish forces. Control of the field remains split between the Kurdistan Regional Government (KRG) and Baghdad’s North Oil Company […]
Genel Energy has issued a trading and operations update for Q3 2017. The information has not been audited and may be subject to further review. Murat Özgül (pictured), Chief Executive of Genel, said: "During the quarter Genel executed a landmark settlement agreement with the KRG over historical receivables, which we expect to materially enhance our […]
Petrofac has been awarded a contract, valued at around US$30 million, to undertake Project Management Consultancy (PMC) services for the Halfaya Contract Area (Halfaya) in southern Iraq. Working in support of PetroChina International Iraq FZE (PetroChina), as the lead operator of Halfaya, Petrofac’s Engineering and Production Services (EPS) East business will undertake project management services […]
Russian state-controlled oil company Rosneft and the Government of the Kurdish Autonomous Region of Iraq signed the documents required to put into force Production Sharing Agreements (PSA) with respect to five production blocks located in the Kurdish Autonomous Region. The share of Rosneft Group Subsidiaries in PSA will be 80%, the amount of payments for […]
By Bijan Khajehpour, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Iran and the Kurdistan Regional Government (KRG) in Iraq have historically been on good terms. During the Saddam Hussein years, Iran was one of the main countries to host Kurdish leaders. In the post-Saddam […]
By John Lee. Iraq is reportedly considering using security forces to prevent Kurdistan from blocking oil output from Kirkuk. A spokesman for the North Oil Company (NOC) told Reuters that Kurdish officials indicated that they would shut down production at the Kirkuk oilfield, ostensibly for security reasons, but as a means of putting pressure on […]
Federal forces in control of large areas of Kirkuk city; further Kurdish withdrawals in Nineveh/Diyala Over the course of October 16, Iraqi federal forces advanced into many parts of Kirkuk city and adjacent military and energy facilities. The Counter-Terrorism Service (CTS), supported by the Iraqi Army and Federal Police took control of the K1 military […]
By John Lee. Iraqi armed forces have reportedly captured the headquarters for the North Oil Company (NOC), northwest of Kirkuk, from Kurdish forces, without fighting. A Kirkuk-based official told Reuters that the Baghdad's forces had also taken control of the K1 airbase and were deploying in the Baba Gurgur field and the North Oil refinery. […]
