Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Remarks on the Second Amendment of Oil Refining Investment Law 64 of 2007 The Second Amendment of Oil Refining Investment Law has specific very serious flaws, and should be either rejected or […]
By John Lee. Genel Energy has announced that the Taq Taq field partners have received a gross payment of $23.37 million from the Kurdistan Regional Government ('KRG') for oil sales during July 2016. Genel's net share of the payment is $12.85 million. The payment reflects full settlement of the invoiced amount for July 2016 oil […]
By John Lee. Oil Minister Jabar Ali al-Luaibi (Allibi) has called for local and international companies to invest in the Nasiriya Refinery project in Thi-Qar province. He also called the concerned authorities to solve all the administrative hindrances which might delay the project in order to award it to the companies which are going to […]
By John Lee. Major oil companies including BP, Shell and Lukoil are reported to be cutting investment in Iraq. “You’re going through difficult months,” said Ariel Flores, general manager of the BP-led Rumaila Operating Organization (ROO) told the Wall Street Journal. “You slow down and you make decisions to pause efforts.” Rumaila oil field now […]
By John Lee. Oil Minister Jabar Ali al-Luaibi (Allibi) said on Thursday that while Iraq will support a production ceiling next week at an informal meeting of oil producers in Algeria, it aims to defend its share of output of between 4.75 million and 5 million barrels of oil per day. Producers are expected to […]
Gulf Keystone Petroleum (GKP) has announced its results for the six months ended 30 June 2016. Operational highlights Security situation and HSSE performance All operations in the Kurdistan Region of Iraq remain safe and secure with no significant HSSE incidents during the period Production and sales Strong production performance resulted in gross production of 6.0 […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Two recent statements from a non-oil producing province proposing a new oil refinery in the province, to be financed by private investor(s), were reported by local media. No reference was found to […]
By John Lee. On Tuesday, Iraqi oil minister Jabbar al-Luaibi [Allibi] met the envoy of the British Prime Minister, Baroness Emma Nicholson, who was leading a delegation from the Iraq British Business Council (IBBC). The two parties discussed cooperation and the development of the oil and gas industry in Iraq. Mr. Allibi said the Ministry […]
By John Lee. Iraq's oil production in August has been revised down from 4.638 million bpd to 4.622 million bpd, according to a report from Platts. The latest estimate is still a 16,000 bpd increase from July, and is the fourth time Iraq has passed the 4.5 million bpd threshold. The State Oil Marketing Organization […]
By John Lee. BasNews reports that the Kurdistan Workers' Party (PKK) is planning to extract crude oil in the border areas it controls in the Kurdistan Region and transport it to Iran by truck. According to some local sources, a PKK team is building a new 5-km road across the border areas of Kurdistan Region […]
By John Lee. Iraq's Ministry of Oil has agreed with Foster Wheeler to cooperate on implementing projects of increase oil storage and export capacity. At a meeting with representatives of the company, Mr. Fayadh H. Niema, the Senior Deputy Minister of Oil, said that the ministry is keen to develop and update the "exportation, reservation, […]
By John Lee. Iraq's Ministry of Oil has denied that there is any new agreement between Baghdad and Erbil regarding the export of crude oil. In a statement issued on Monday, the ministry confirms that "the last agreement is still active ... [and it] includes the budgets of the last two years in addition to […]
