Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Iraq’s Oil Ministry announced that Tehran and Baghdad have signed a memorandum of understanding (MoU) to carry out studies on the construction of a pipeline to export crude oil from the northern Iraqi fields of Kirkuk via Iran. In a statement, the Iraqi ministry said the agreement was signed during a recent ceremony in the […]
Russia's Rosneft group has started drilling its first exploration well at Block 12 in Iraq. The Salman-1 well will be drilled to the measured depth of 4,245 m through Kurra Chine target horizon to be followed by further testing of five prospective targets. The Company plans to complete drilling in July 2017. Company of Rosneft […]
By John Lee. Iraqi oil minister Jabar Ali al-Luaibi [Allibi] has announced an increase of 10 billion barrels in Iraq's oil reserves, bringing its total proven reserves to 153 billion barrels. He said the increase comes from seven oil fields in central and southern Iraq, but did not name the fields in question. Iraq will ask […]
By John Lee. US Defense Secretary Jim Mattis has promised that the Trump administration will not try to take Iraq’s oil. On Monday, during his first trip to Iraq as Pentagon chief, he told reporters: “All of us in America have generally paid for our gas and oil all along, and I am sure we […]
By John Lee. Reuters quotes Oil Minister Jabar Ali al-Luaibi [Allibi] as saying that Iraq plans to acquire a "large fleet" of oil tankers. Having owned as many as 24 tankers in the 1980s, the state-owned Iraqi Oil Tankers Company's fleet was largely destroyed in the Iraq War in 1991. (Source: Reuters) (Picture credit: Tasnim, […]
Iraq prepares to curb greenhouse gas emissions through development of a roadmap for mitigation action A total of 27 Iraqi experts and officials discussed and agreed on an outline for Iraq’s actions towards mitigating the cause of climate change that will lead to the finalization of the country’s Roadmap for Nationally Appropriate Mitigation Action (NAMA). […]
By John Lee. UAE-based Dana Gas has said it had won a judgment against the Kurdistan Regional Government (KRG) at the London Court of International Arbitration (LCIA). The consortium of Dana Gas, Crescent Petroleum and Pearl Petroleum has been seeking to confirm its contract rights and obtain payment from the KRG for gas production. The company […]
By John Lee. At least three people have been killed while seven others were injured when an oil tank exploded at the Bai Hassan oilfield on Monday. A spokesman for the North Oil Company (NOC) said the blast occurred during a welding operation. (Source: TBP)
The largest cargoes ever to arrive in Iraq have been unloaded at Basra Multipurpose Terminal (BMT), in the port of Umm Qasr. The four LPG Bullets with unit weights of 665 tons were carried on the MV Happy Star. They measure 65 meters in length and 12 meters in diameter, and will be used at […]
Genel Energy has announced that it has finalised documentation of previously agreed terms of Amended and Restated Production Sharing Contracts ('PSC's) and Gas Lifting Agreements ('GLA's) for both the Miran and Bina Bawi gas fields. The Amended and Restated PSCs and GLAs for Miran and Bina Bawi incorporate the commercial terms as announced in the […]
By John Lee. Reuters reports that Iraq plans to cut crude oil exports from Basra to 3.013 million bpd in March. This would be comprised of 2.207 million bpd of Basra Light blend, and 806,000 bpd of Basra Heavy. According to the report, this would be the lowest Basra export since August. (Source: Reuters)
DNO ASA, the Norwegian oil and gas operator, today announced a stepped up drilling campaign in the Kurdistan region of Iraq and the Sultanate of Oman on the back of 2016 operating profits and improved payments for exports from its flagship Tawke field in Kurdistan. The Company also released its annual reserves report which showed […]
