Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
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 […]
By John Lee. Energy services company Wood Group has said that the "pace of activity" on its contract with Exxon in Iraq is "slower than anticipated." Exxon operates the West Qurna I field in southern Iraq. In its Annual General Meeting Statement on this morning, the Scottish-based company added that management’s expectations of full year […]
By John Lee. Oil Minister Jabar Ali al-Luaibi [Allibi] has met with the Algerian minister of energy Mr. Nooraldeen Botarfa in Baghdad at Wednesday to discuss increasing cooperation between the two countries in the oil sector. In addition to exchanging ideas about the development of the oil sector, they also discussed the "necessary coordination between […]
DNO ASA, the Norwegian oil and gas operator, today reported receipt of USD 41.40 million from the Kurdistan Regional Government as payment towards February 2017 crude oil deliveries to the export market from the Tawke field. The funds, to be shared pro-rata by DNO and partner Genel Energy plc, include USD 34.73 million toward monthly […]
Oil Minister Jabar Ali al-Luaibi [Allibi] has met with a delegation from the German company Ruhrpumpen, headed by Mr. Khavier Garza. The meeting was attended also by the counselor of the minister and the director general of the oil projects company. Mr. Al-Luiebi discussed with the delegation about developing the bilateral cooperation to execute the […]
By John Lee. Algeria's Energy Minister is to visit Baghdad on Wednesday and Thursday. According to the report from Reuters, Nouredine Bouterfa (pictured) will discuss OPEC-related issues with the Iraqi Minister of Oil. (Source: Reuters)
UK-based EnerMech has launched a joint venture with the Khudairi Group in Iraq to target both the re-emerging oil and gas and large infrastructure sectors. The JV, with one of the country’s longest established family-owned groups, is expected to generate $20 million-plus turnover within a short period. The downstream energy and infrastructure rejuvenation along with […]
By John Lee. Iraq’s Ministry of Oil has announced preliminary oil exports for April of 97,574,813 barrels, giving an average for the month of 3.252 million barrels per day (bpd), slightly less than the 3.259 bpd exported in March. Exports from the southern terminals totalled 96,900,433 barrels, with 674,380 barrels exported from Kirkuk. Revenues for the month were $4,612,815,000, […]
The eleventh edition of the Iraq Petroleum Conference taking place on 22-23 May 2017 in London is set to gather the Country’s industry experts to discuss the future of Iraq’s hydrocarbons sector. Ahead of the conference, CWC Group Director Nawar Abdulhadi interviews one of the key speakers of this year’s event, Mr Loris Tealdi, Managing […]
