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.

KRG “Agrees 2020 Budget Share with Baghdad”

By John Lee. Erbil and Baghdad have reportedly reached an agreement on Erbil’s contribution to the 2020 federal budget. According to Reuters, the state news agency INA says the deal includes a transfer of 250,000 barrels per day (bpd) from the oil-producing region to Iraq’s national budget. Iraq’s 2020 federal budget is currently under discussion […]

Iraq 2020 – Discovering Business

Iraq Business News is delighted to bring you a major new guide to business in Iraq. Published by Allurentis, in association with Iraq’s National Investment Commission (NIC), Iraq 2020 – Discovering Business contains a wealth of case studies, commentary and data; it’s 68 pages of essential reading for everyone with an interest in the redevelopment […]

Iraq Oil Exports Fall in January

By John Lee. Iraq’s Ministry of Oil has announced preliminary oil exports for January of 102,485,497 barrels, giving an average for the month of 3.306 million barrels per day (bpd), down from the 3.428 million bpd exported in December. These exports from the oilfields in central and southern Iraq amounted to 101,062,366 barrels, while exports […]

ALE acquired by Mammoet

By John Lee. UK-based heavy lifting company ALE has been acquired by Dutch company Mammoet BV. ALE has worked on several major projects in Iraq, including Kerbala Refinery, and the oil fields at Majnoon, West Qurna 1 and 2, and Zubair. ING acted as financial advisor to Mammoet. (Sources: ALE, Mammoet)

IBBC Council meeting, Sector Tables and Members’ Dinner

IBBC hold Council Meeting, Sector roundtables, Reception & Dinner for Members on 28 and 29 January The Iraq Britain Business Council (IBBC) held its Council Meeting, Dinner & Reception for IBBC Members and distinguished guests on 28 January. The Council Meeting, hosted by Baroness Nicholson of Winterbourne, President of IBBC and the Prime Minister’s Trade […]

Oil Ministry Finalises Export Figures for December

By John Lee. Iraq’s Ministry of Oil has announced final oil exports for December of 106,265,346 barrels, giving an average for the month of 3.428 million barrels per day (bpd), down from the 3.500 million bpd exported in November. These exports from the oilfields in central and southern Iraq amounted to 103,090,550 barrels, while exports […]

Iraq Approves Fifth Round of Gas Contracts

By John Lee. Iraq has reportedly approved contracts in a fifth bidding round for gas exploration contracts. According to Reuters, the exploration deals relate to the development of fields in the eastern governate of Diyala that are expected to produce more than 750 million cubic feet of natural gas within 3 years. The contracts have […]

Iraq Bribery Trial starts in London

By John Lee. The trial has begun in London of three British businessmen accused of conspiring to pay bribes totalling $6m (£4.6m) to win contracts in Iraq worth $800 million. According to the UK’s Serious Fraud Office (SFO), Monaco-based Unaoil bribed Iraqi officials to help Dutch-based SBM Offshore [Single Buoy Moorings], and Singapore’s Leighton Offshore, […]

Palestine asks to Import Fuel from Iraq

By John Lee. The Palestinian Authority has reportedly filed a formal request to Israel to allow the import of fuel from Iraq. Palestinian Prime Minister, Mohammed Shtayyeh, told Israel’s Haaretz newspaper that although the request was made four months ago, Israel has yet to respond. He said: “Fuel is our biggest expense … The cheaper […]

GKP Plans 30% Year-on-Year Growth

Gulf Keystone Petroleum (GKP) has issued an operational and corporate update in advance of the Company’s full year 2019 results which are scheduled to be released on 26 March 2020. Operational Average gross production for 2019 of 32,883 barrels of oil per day (“bopd”), meeting original 2019 gross production guidance. Current production rates from the […]

Iraq may Stop Iran Gas Transfers if US Waiver Ends

By John Lee. The head of Trade Bank of Iraq (TBI) has reportedly said that the bank would stop processing payments for Iranian gas imports if a US sanctions exemption expires next month. Faisal al-Haimus told AFP: “As a bank, the most important thing we have is that we are compliant (with international regulations). That’s […]