Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Genel Energy announced on Friday that Ben Monaghan (pictured), Chief Financial Officer, has advised the Board of his intention to leave the company on 30 June 2017. The company said a search for a suitable replacement is ongoing and an announcement will be made in due course. Murat Ozgul, CEO of Genel, said: "Ben has […]
By John Lee. Oil Minister Jabar Ali al-Luaibi [Allibi] has reportedly appointed a new Deputy Minister for upstream operations. Spokesman Asim Jihad told Reuters that Kareem Hattab [Kareem Hattab Jaafer] (pictured), who will oversee exploration and production, has previously served as director general of the state-owned Iraqi Oil Exploration Company. (Sources: Reuters, Iraq Oil Report)
By John Lee. Iraq’s Ministry of Oil has announced final oil exports for April of 97.6 million barrels, giving an average for the month of 3.253 million barrels per day (bpd), slightly less than the 3.259 bpd exported in March. Exports from the southern terminals totalled 96.9 million barrels, with 700,000 barrels exported from Kirkuk. Revenues for the […]
By John Lee. The head of the State Oil Marketing Organization (SOMO) has reportedly suggested that Iraq is interested in creating an oil price hedging program that would lock in prices for future trades far in advance. Falah Al Amri is quoted as saying: “We will not rush. This is a long process ... We […]
By John Lee. Reuters reports that following the setting up a new oil trading firm with Lukoil subsidiary Litasco, the State Oil Marketing Organization (SOMO) is considering setting up similar ventures in shipping and oil storage. The news agency quotes the head of SOMO, Falah Alamri, as telling the CWC Iraq Petroleum Conference: “The idea is […]
By John Lee. Iraq's Ministry of Oil has announced new investment opportunities to build the following refineries: A refinery in Diwaniya governorate with a production capacity of 70 thousand barrels/ day. A refinery in Al-Anbar governorate with a production capacity of 70 thousand barrels/ day. The investment is according to the methods of BOT or […]
By Tariq Shafiq and Ahmed Mousa Jiyad. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Abstract: This paper (in Arabic only) addresses the currently proposed INOC Law, which was subjected to first reading by the Parliament; provides critical assessment and proposes specific provisions to […]
Oil-producing countries yet to address their gas flaring may begin to feel there are no more excuses. In a remarkable and bold decision, the government of Iraq recently endorsed the “Zero Routine Flaring by 2030” Initiative, (ZRF), which means the country has committed to not routinely flare associated gas in any new oil fields and […]
By John Lee. Oil production at the Atrush block is expected to start "around late June to August", according to a report from Rudaw. The pipeline (pictured) from the oilfield, in Kurdistan's Duhok governorate, is reported to be nearing completion, with initial production expected to be about 30,000 bpd. The website of the Abu Dhabi National […]
By John Lee. Egypt has reportedly received two million barrels of oil from Iraq today. The shipment was the first consignment from a deal reached between the countries in April, under which Iraq will supply 12 million barrels of oil annually to Egypt. (Source: Prensa Latina) (Pictured: Egyptian Petroleum Minister, Tareq al-Mulla)
By John Lee. WesternZagros Resources has announced that it has entered into a definitive agreement with Crest Energy International LLC and its wholly owned affiliate WZG Acquisition Ltd. ("Crest AcquireCo") to take the company private. Crest is an affiliate of Crest Investment Company, a Houston, Texas-based principal investment company. Under the deal, Crest AcquireCo will […]
By John Lee. Iraq is planning to export 3.215 million barrels per day of Basra crude in June, according to a report from Reuters. Sources told the news agency that the total is slightly lower than last month's due to a reduction in supplies of the Basra Heavy grade. The exports consist of 2.448 million […]
