Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. According to a report from Reuters, commodities giant Glencore will likely fall short of its target of raising $550 million to pre-finance the purchase of Kurdish oil. Industry sources told the news agency that investors are exercising caution despite the 12 percent bond yield, and that Glencore has received investor commitments for […]
By John Lee. ExxonMobil has reportedly pulled out of three of the six exploration blocks it operated in Iraqi Kurdistan. According to Iraq Oil Report, it has abandoned the Qara Hanjeer, Arbat East, and Betwata blocks, while retaining 80 percent stakes in the Al Qosh, Pirmam and Bashiqa blocks. KRG's Minister of Natural Resources, Ashti […]
Kurdistan Region Deputy Prime Minister Qubad Talabani outlined his government's reform initiatives during speech to the sixth Kurdistan Oil and Gas conference, organised by CWC Group, in London on Monday. Below is the transcript of Deputy Prime Minister's speech: Distinguished guest, ladies and gentlemen. I'd like to warmly thank CWC for inviting me back again […]
Blue Sky Energy Inc. (TSX VENTURE:BSI) has acquired from Sonoro Energy International Holdings BV, 100% of the issued and outstanding common shares of Sonoro Energy Iraq B.V. ("Sonoro Iraq"), a company incorporated in the Netherlands and the designated operator and party to several license agreements with the Al-Salah ad Din Provincial Government of Iraq for […]
Having had to postpone its autumn conference earlier this year, the Iraq Britain Business Council (IBBC) has confirmed that it has received full UAE Government approval to hold its conference on Sunday 18th December. It has convened 20 of the top decision-makers from the Government of Iraq and key industry sectors, who will come together […]
By John Lee. Monaco-based Unaoil, which has been implicated in an international bribery scandal, has launched legal action against the United Kingdom's Serious Fraud Office (SFO), alleging that it has unlawfully misused its powers. The SFO is currently conducting a criminal investigation into the activities of Unaoil, its officers, its employees and its agents in […]
By John Lee. Iraq’s Ministry of Oil has said that total oil exports for November have reached a record high of 4.051 million bpd. The figure is made up of 3.407 million bpd from the southern oilfields, 64,000 bpd from Kirkuk, and 580,000 bpd exported from fields controlled by the Kurdistan Regional Government (KRG). The Ministry […]
The Kurdistan Regional Government signed an agreement with the multinational professional services firm, EY (Ernst & Young), to audit oil and gas processes in the Kurdistan Region. During the signing ceremony on Wednesday, Prime Minister Nechirvan Barzani described the agreement as an important step by the Kurdistan Regional Government to be more transparent in the […]
By John Lee. Shell is reported to be considering selling its oil fields in Iraq, as part of a global $30-billion asset disposal program. The move follows the company's $54-billion acquisition of gas company BG Group earlier this year. Industry sources told Reuters that Shell has found only limited financial benefits in recent years from […]
The Kurdistan Regional Government's Ministry of Natural Resources (MNR) has announced that the new online Oilfield Services Company (OSC) registration and Approved Vendor List (AVL) listing system, hosted by the MNR Portal, is now open for applications. Having successfully completed an eight-week pilot, the MNR invites OSCs wishing to provide services to operators in the […]
By John Lee. The Iraq Britain Business Council (IBBC) has announced a new date and location for its Autumn Conference: 18th December, 2016 The Address, Dubai Marina. More information can be found here. (Source: IBBC)
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The Ministry of Oil: Reduced Transparency and the Return of Deplorable Secrecy Slowly but surely an environment of shrinking transparency at the Ministry of Oil is becoming increasingly visible, deepening and damaging, […]
