Archive | Iraq Oil & Gas News

Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.

Caterpillar to take over Weir Oil and Gas

By John Lee. Scottish engineering company Weir Group has announced the sale of its Oil & Gas division to US-based Caterpillar Inc. The all-cash sale gives its Texas-based division an enterprise value of US$405m (£314m), subject to customary working capital and debt-like adjustments at closing. The move is part of Weir's strategy to become a […]

JGC signs Contract for Basra Refinery Upgrade

By John Lee. Yesterday (Thursday), the South Refineries Company (SRC) and Iraq's Ministry of Oil (MOO) signed the contract with Japan's JGC Corporation to start construction of a new Fluid Catalytic Cracking (FCC) Complex at Basrah Refinery. The project is funded by the Japan International Cooperation Agency (JICA)'s ODA (Official Development Assistance) loan project. The […]

Iraq announces Oil Export Data for Sept

By John Lee. Iraq's Ministry of Oil has announced initial oil exports for September of 78,388,619 barrels, giving an average for the month of 2.613 million barrels per day (bpd), slightly up from the 2.597 million bpd exported in August. These exports from the oilfields in central and southern Iraq amounted to 75,000,000 barrels, while […]

Finalised Iraqi Oil Export Figures for August

By John Lee. Iraq's Ministry of Oil has announced finalised oil exports for August of 80,494,536 barrels, giving an average for the month of 2.597 million barrels per day (bpd), down from the 2.763 million bpd exported in July. These exports from the oilfields in central and southern Iraq amounted to 77,505,136 barrels, while exports […]

Genel Energy issues New $300m Bond

By John Lee. Genel Energy has successfully completed the issuance of a new $300 million senior unsecured bond with maturity in October 2025. The new bond will have a fixed coupon of 9.25% per annum. The transaction is subject to customary closing conditions and settlement is expected to occur on or about 14 October 2020. […]

Petrel Resources updates on Iraq Interests

By John Lee. In its financial results for the six months ended 30th June 2020, Petrel Resources made the following statement on its interests in Iraq: "Petrel is active once more in Iraq after a hiatus since 2010 due to political and financial instability. We negotiated a large exploration block, Block 6, in the Western […]

Key Speakers to address Iraq Petroleum Virtual Event

Iraqi Government and Oil and Gas Industry Thought Leaders to Speak at Iraq Petroleum Virtual Event Annual Conference set to navigate the future of the oil and gas industry in Iraq Conference will include online conference sessions available live and on demand for all attendees Delegates will gain insights into the latest policy and project […]

Iraqi Oil Minister to head INOC

By John Lee. Iraq's Oil Minister, Ihsan Ismaael [Ahsan Abdul-Jabbar Ismail], will reportedly become the head of a recently-revived Iraq National Oil Company (INOC). Mr Ismael was previously the director general of the state-run Basra Oil Company (BOC); he joined the cabinet of Prime Minister Mustafa Al Kadhimi in June. More here. (Source: The National)

Genel Energy Publishes Sustainability Report

Genel Energy has published its first comprehensive Sustainability Report, prepared in accordance with the Global Reporting Initiative ('GRI') Standards core option. Bill Higgs, Chief Executive of Genel, said: "Genel has had a longstanding commitment to positively impact the communities in which we operate. This has focused on three core areas - economic development, education, and […]

DNO Starts Gas Capture in Kurdistan

DNO ASA, the Norwegian oil and gas operator, today announced that the USD 110 million Peshkabir Gas Capture and Injection Project in its Tawke license in the Kurdistan region of Iraq is onstream and has reached the one billion cubic feet of gas injection milestone. The project is expected to reduce annual emissions from the […]