Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
US-based technology and engineering company Emerson has officially opened its expanded facility in Al Majal Business Park in North Rumaila. The company moved from its existing facility in Albradheya, Basrah to the new facility to increase its capabilities and address the needs of its continuously expanding installed base. The Al Majal facility will serve as […]
By Padraig O'Hannelly. The Iraq Britain Business Council (IBBC) has had to cancel its Autumn Conference, originally scheduled for 6th November in Dubai, due to circumstances beyond its control. A spokesperson told Iraq Business News that planning is now underway for an alternative conference to be held in Baghdad in December, with details to be […]
By John Lee. Iraq's Ministry of Oil has requested proposals from international oil companies interestsed in developing a number of small- and medium-sized oil fields. The fields concerned are: Sindebad (Basra governorate); Umm Qasr [Um Qaser] (Basra governorate); Rachi (Basra governorate); Abu Khema (Basra governorate); Kumait (Missan governorate); Noor (Missan governorate); Umara (Missan governorate); Dema […]
By John Lee. Reuters reports that oil prices came under pressure on Monday as Iraqi oil minister Jabar Ali al-Luaibi [Allibi] said Baghdad wants to be exempt from any production cut the Organization of the Petroleum Exporting Countries (OPEC) is aiming to achieve. Falah al-Amiri, head of the State Oil Marketing Organization (SOMO) added that […]
By John Lee. In its results for the third quarter of 2016, oilfield services company Schlumberger has said that it has increased process systems deliveries in Iraq. While Middle East & Asia Area revenue declined 1% sequentially, lower activity in Indonesia, the UAE, and the South East Asia was mitigated by higher revenue in Saudi […]
The managing director of the National Iranian Gas Company (NIGC) said the Islamic Republic is fully ready to start exporting gas to neighbouring Iraq as soon as the Arab country opens a line of credit (LC) for the project. “Iraqis are now negotiating with international banks so they can open an LC,” Hamid Reza Araqi […]
By John Lee. WesternZagros Resources has announced that it has reached agreement with its major shareholder, Crest Energy International, to further extend the date by which the Company must deliver to Crest the first drawdown notice (the "Drawdown Deadline") for both debt tranches. Pursuant to the terms of the Loan Agreement, Crest has agreed to […]
By John Lee. WesternZagros Resources has announced that it has received US$5.5 million from an insurance claim related to the drilling program for the Hasira-1 well in Iraqi Kurdistan, where testing of the well had to be prematurely terminated in early 2015 due to a considerable influx of reservoir formation debris plugging the tubing. "The […]
By John Lee. Iranian deputy oil minister Ali Kardor has reportedly urged Iraq to pay off its outstanding debts relating to the construction of a joint gas pipeline with the Islamic Republic. According to Mehr News Agency, he said that if Baghdad fails to settle its outstanding debts, Tehran will not deliver gas to Iraq. The […]
By John Lee. Gulf Keystone Petroleum (GKP) has announced the appointment of David H Thomas and Garrett Soden to its board as Non-Executive Directors with immediate effect. The company said in a statement: David H Thomas is a highly experienced oil and gas professional, having held a number of board level, senior executive and international […]
By John Lee. Kuwait Energy has announced the commencement of production from the Faihaa-2 well in the Block 9 concession. in Basra Governorate. The Faihaa 2 well was spudded on 3 January 2016, with production testing commencing on 23 September 2016 at 52/64 inch choke size at an initial rate of 9,583 barrels of oil […]
By John Lee. Reuters reports that Glencore is seeking to increase oil trading with Libya, Iran and Iraq to beat what looks to be a much tougher trading environment compared with last year. Alex Beard, the company's global head of oil, told the Reuters Commodities Summit that Glencore would be seeking to trade more crude from […]
