Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
At a major Iraqi business event on Monday, there was a strong sense that Iraq's fortunes are turning a corner, with the Islamic State group (IS, ISIS, ISIL, Da'esh) on the retreat, and substantial export funding newly available for projects in the country. More than 250 delegates attended the Iraq Britain Business Council (IBBC)'s Spring […]
By John Lee. Iraq's State Oil Marketing Organization (SOMO) and Russia's Lukoil have formed a joint venture to market crude oil. In a statement, the Iraqi Oil Ministry said Litasco -- Lukoil‘s international marketing and trading arm -- would help sell Iraqi crude and train Iraqi staff in marketing. (Source: Ministry of Oil)
This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Who owns Kirkuk, the major northern city with the major oil resources? The authorities in Iraqi Kurdistan have always considered it part of their semi-autonomous region which meant that the […]
By John Lee. The Director of the State Oil Marketing Organization (SOMO), Falah al-Amiri, has told reporters that crude oil exports so far in March average 3.756 million bpd, including 515,000 bpd exported by Iraqi Kurdistan. According to Reuters, Iraq's oil production is down by more than 300,000 bpd, to 4.464 million (bpd), due to OPEC […]
By John Lee. Shares in Genel Energy have bounced 7 percent from their recent lows this morning following the announcement of the company's full-year results (below), and bond buy-back offer. Highlights The KRG's February 2016 commitment to pay contractor export payments and address outstanding receivables led to a significant increase in cash proceeds during 2016 […]
Genel Energy Holding Company Limited has announced a reverse tender offer (the 'Buy-Back Offer') to holders of Genel Energy Finance plc's ('the Issuer') USD 730 million GENEL01 PRO senior unsecured callable bonds with ISIN NO0010710882 (the 'Bonds'). All bondholders, subject to legal constraints, are invited to offer Bonds to the Company, being the sole shareholder […]
By John Lee. Iraqi oil minister Jabar Ali al-Luaibi [Allibi] has announced that the last remaining oil fire at the Qayara oil field has been extinguished. The Islamic State group (IS, ISIS, ISIL, Daesh) had sabotaged 34 of the 50 wells at Qayara, setting 18 of them on fire. The Minister expressed his gratitude to […]
Shares in Genel Energy closed down 14 percent on Tuesday after the company announced a $181-million writedown in the value of its flagship Taq Taq oilfield in Iraqi Kurdistan, in which it has a 44-percent working interest. In a statement, the company said: As previously stated, the Company commissioned an updated Competent Person's Report ('CPR') […]
Gazprom Neft Badra, a subsidiary of Russia's Gazprom Neft, has produced the five-millionth tonne of oil at its Badra oil field. Thanks to the application of cutting-edge production and transportation technologies, this outcome has been achieved in just over two and a half years’ of commercial production. Total cumulative oil production since the start of […]
By John Lee. Iraq's Ministry of Oil announced exports of 91.6 million barrels for February, earning revenue of $4.5 billion. This equates to 3.271 million barrels per day (bpd), and an average oil price of $49.127 per barrel. The southern ports of Basra acconted for 90.8 million barrels, which brought in $4.46 billion, while Kirkuk […]
A study by the Iraqi Government into a planned oil pipeline that would extend from Iraq to Jordan has revealed that the project will cost between 5 and 7 billion dollars. Jordanian press quoted energy minister Ibrahim Seif saying that a decision over the implementation of the project is expected from the Iraqi side soon. […]
By John Lee. Iraqi oil minister Jabar Ali al-Luaibi [Allibi] has ordered the completion of a new tourism facility at Muftiya City, on the Shatt al Arab. The 38-acre water city will included a waterpark, a leisure resort for families, and an aquarium. There will also be a zoo over 52 acres, a closed football […]
