Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. Iraqi Oil Minister Jabar Ali al-Luaibi [Allibi] has officially launched the new Dhi Qar Oil Company (DQOC) [Thi-Qar Oil Company]. At a ceremony in Nasiriya, the Minister said he is working to develop the Nasiriya oil field and the other exploratory blocks and fields in the region, and called on international companies […]
Iraqi Oil Minister Jabar al-Luaibi has stated that Iraq has plans to increase oil output to five million barrels per day (bpd). Speaking at the Iraq Energy Forum in Baghdad, Luaibi said the ministry will “seriously try to develop oil production in the country”. “We need to progress the energy infrastructure and we have worked […]
Ahead of the 11th edition of the Iraq Petroleum Conference in May, the CWC Group Director Nawar Abdulhadi interviews one of the key speakers of this year’s event, Mr Shawki Al-Khalisi, Head of Studies, Arab Petroleum Training Institute, OAPEC, Ministry of Oil, Federal Government of Iraq. Mr Al-Khalisi shares with us his views on the […]
Oil Minister Jabar Ali al-Luaibi [Allibi] has stated that his country will soon complete a project for supplying gas to Kuwait in line with an earlier agreement hammered out between both sides. The minister made the remark during the third Iraq Energy Forum held in Baghdad, lauding good cooperative relations between Iraq and Kuwait. "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') […]
