Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. Output from BP’s Rumaila oilfield has hit the milestone three billion barrel mark, according to a report from Energy Voice. The field is producing oil at its highest rate in 27 years; since BP joined the partnership to redevelop the field in 2010, output has increased by 40 percent. In the past […]
WesternZagros Resources has announced that Jonathan Oestreich has been appointed to Western Zagros's Board of Directors as an independent director effective immediately. Mr. Oestreich has also been appointed to the Board's Audit Committee and the Health, Safety, Environment, and Security Committee. In conjunction with this appointment, 500,000 options have been granted to Mr. Oestreich on […]
Petrofac has secured a contract worth US$75 million from South Oil Company (SOC) for its Iraq Crude Oil Export Expansion Project (ICOEEP). The one-year contract, with a one-year option, was awarded following a competitive tender and Petrofac, as the incumbent, plans to build on its four-year track record of safe and successful delivery on behalf […]
By John Lee. Bloomberg reports that Sinopec -- the state-owned China Petroleum & Chemical Corporation -- is considering a takeover of the recently restructured Gulf Keystone Petroleum (GKP). The news agency cites un-named sources as saying that the world’s biggest refiner is working with advisers and has made an approach to the company, which was […]
The Kurdistan Regional Government (KRG) has published its monthly production and export revenue overview for November 2016. During the month it exported 588k bpd from the Turkish port of Ceyhan, up from the previous month’s figure, at a decreased average price of $35.05 per barrel, bringing in revenue of $568 million. Please click here to view […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Budget Law 2017 and OPEC Production Cut Impact - Preliminary Remarks On 7 December, the Iraqi Parliament passed Budget Law 2017 by a majority voting with 186 attendances, before the House went […]
By John Lee. Iraqi oil minister Jabar Ali al-Luaibi [Allibi] met with Frank Baker, the British ambassador in Baghdad, and discussed relations between the two countries in the oil and gas industry. The Minister confirmed the necessity of strengthening relations between the countries, and invited British oil companies to invest in projects which will be […]
By John Lee. The Maysan Oil Company (MOC) wants to develop the Howaiza oil field, an associated field located on the Iranian border and extending to 63 kilometers to the east of Maysan governorate. Mr. Adnan N. Sajit, the director general of the MOC, said the first well was drilled at the Howaiza field at […]
KRG Foreign Minister Falah Mustafa shed light on KRG’s international outreach, ties with Baghdad and the neighboring countries and Kurdistan’s contribution to regional stability, at this week's Kurdistan-Iraq Oil & Gas Conference, arranged by CWC Group in London. Below is the full text of Minister Mustafa’s speech: Excellencies, distinguished guests, ladies and gentleman, I am […]
By Padraig O'Hannelly. The Kurdistan Regional Government’s Minister of Natural Resources, Dr Ashti Hawrami (pictured), has defended the KRG's treatment of oil companies in the Region. This follows criticism by the head of Norwegian oil and gas operator DNO, which operates the Tawke block, at CWC Group’s Kurdistan-Iraq Oil & Gas Conference in London. Executive […]
By Padraig O'Hannelly. The Kurdistan Regional Government's Minister of Natural Resources, Dr Ashti Hawrami, has announced that 20 new and redrawn oil blocks will become available for bidding in 2017. Speaking at this week’s Kurdistan-Iraq Oil & Gas Conference in London, arranged by CWC Group, the Minister said that contract terms "will continue to be […]
By John Lee. Sky News has learnt that the former head of BG Group, Chris Finlayson, is being lined up to take over from Tony Hayward as Chairman of Genel Energy. An appointment is unlikely to be finalised until sometime in the new year, and Genel is also considering other candidates for the role, according to […]
