Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. The Iraqi Oil Ministry has said that the North Refinery Company (NRC) has successfully added 10,000 barrels per day (bpd) capacity at Kirkuk oil refinery. The new unit brings total capacity to 40,000 bpd, with another 10,000 bpd planned to be added by the end of the year. It will produce oil […]
Gazprom Neft Badra — a subsidiary of Russia's Gazprom Neft — has commissioned three new production wells (BD-2, P-14 and P-10) at the Badra field in Iraq. Total production across all three wells is running at 23,000 barrels per day, with daily production at the field totalling 77,000 barrels. All three wells are operating under […]
Shares in ShaMaran Petroleum gained 5 percent on Thursday after the company announced its financial and operating results for year ended December 31, 2016. Unless otherwise stated all currency amounts indicated as "$" in this news release are expressed in thousands of United States dollars. Highlights and accomplishments included: Construction of the 30,000 bopd Atrush […]
By John Lee. The Ministry of Oil has given more information on the new investment opportunity to build a new 300,000-bpd refinery in Basra's Faw (Fao). The refinery is capable of being extended by adding new units for the petrochemicals industries. The execution is according to the methods of BOT or BOO according to the […]
By John Lee. A spokesperson of the Iraqi oil ministry has told Rudaw that the Ministry is not aware of any agreement between Prime Minister Haider al-Abadi and the Patriotic Union of Kurdistan (PUK) to end disputes over oil production and exports from the disputed Kirkuk oil fields. Reuters quoted PUK deputy chief Kosrat Rasul […]
China'a Anton Oilfield Services (Antonoil) has announced that the Group's general workover and well completion project in Southern Iraq market was successfully started with the first well being completed on Tuesday. Acquiring in the third quarter of 2015 with an amount of approximately US$140.0 million and a contract duration of 3 years, the project commenced […]
By John Lee. The Ministry of Oil has extended the closing date for supplying information packs relating to the tenders for the new refineries in Kut and Samawa. The packs will be available until the close of business on 16th March 2017 (instead of Tuesday the 28th February), while the last date for receipt of […]
By John Lee. According to a report from Bloomberg, the International Energy Agency (IEA) has predicted that Iraq will retain its position as OPEC’s second-biggest oil producer, adding 700,000 barrels per day (bpd) to reach 5.4 million bpd by 2022. Most of the increase will come from southern oilfields, such as the Shell's Majnoon project. […]
By John Lee. Russia's Lukoil is looking at different ways to increase oil production at West Qurna-2 from the current level of 400,000 barrels per day to 1.2 million bpd. The company's vice president in the region, Gati Al Jebouri [Gati Saadi Al-Jebouri] (pictured), told Gulf News: “Going forward, we are in discussions with Iraqi […]
By Sara al-Qaher for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. On Feb. 20, the Iraqi Oil Ministry signed a memorandum of understanding with the Iranian Oil Ministry to settle disputes over the joint oil fields and examine the possibility of building […]
By Ali Mamouri for Al Monitor. Any views expressed here are those of the author, and do not necessarily reflect the views of Iraq Business News. Saudi Foreign Minister Adel al-Jubeir made an unannounced visit Feb. 25 to Baghdad, seeking to re-establish long-severed ties with Iraq, perhaps with an eye toward the Saudi role in the […]
WesternZagros Resources has announced a 60 percent increase in the company's Proved plus Probable ("2P") Reserves and a 250 percent increase in the net present value of the future net revenue of such reserves discounted at 10 percent ("NPV10"). The company has also provide d an Operational Update and confirmation of receipt of all proceeds […]
