Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
A pipeline pumping around 90,000 bpd from a field near Kirkuk to the Turkish port of Ceyhan (pictured) via Kurdistan reportedly stopped operations on Monday morning due to a "technical defect". North Oil Company (NOC) sources told Reuters on Wednesday that maintenance teams are working to repair the pipeline, which is expected to resume operations within […]
By John Lee. Platts reports that Iraq plans to export an average of 3.28 million barrels per day (bpd) of crude oil in October, a rise of 23,000 bpd from the previous month. It cites data from the State Oil Marketing Organization (SOMO) showing planned export volumes of 80.68 million barrels (2.6 million bpd) of […]
By John Lee. Rudy Giuliani, the former Mayor of New York, and current advisor to Republican presidential hopeful Donald Trump, has defended the Trump’s statement that the US should have taken Iraq’s oil. When asked in an interview if that was legal, Giuliani, a lawyer, said: “Of course it’s legal. It’s a war. Until the […]
By John Lee. Iraq’s Ministry of Oil has said it will try to retake full control of all Kirkuk oilfields that were administered by the North Oil Company (NOC) before the Islamic State group (IS, ISIS, ISIL, Daesh) entered Iraqi territories, and "before the Peshmerga forces seized some oil wells during the previous government.” It […]
Gulf Keystone Petroleum has issued the details of the payments made to governments for the year ended 31 December 2015, as required under the Disclosure and Transparency Rules of the UK Financial Conduct Authority. Basis for preparation Total payments below £86,000 made to a government are excluded from this report as permitted under the Regulations. […]
By John Lee. US Presidential candidate Donald Trump has said that the Islamic State group (IS, ISIS, ISIL, Daesh) grew because the United States failed to “take the oil” in Iraq after invading the country, allowing IS to use it to finance their operations. He told NBC: "I've always said, shouldn't be there, but if […]
By John Lee. Iraqi oil minister, Jabbar al-Luaibi (Allibi), met with the head of Exxon Mobil Iraq, Paul Thiss, in his office on Wednesday to discuss cooperation and investment in the Iraqi energy sector. The Minister said Iraq is about to enter a new age of development of its oil and gas industry and is […]
By John Lee. Iraq has reportedly put out fires at six more oil wells in the Qayara region, which Iraqi forces recaptured from the Islamic State group (Daesh, IS, ISIS, ISIL) last month. But Reuters quotes the Iraqi oil ministry as saying on Tuesday that at least three fires are still blazing. The wells had […]
By John Lee. The Korea National Oil Corporation (KNOC) is to withdraw from the Sangaw South oil field project in Iraqi Kurdistan. A spokesman for the company told Reuters that exploration results were "uneconomic." A Korean consortium headed by KNOC holds 60 percent of the project, with half of that owned by KNOC. KNOC has […]
The Kurdistan Regional Government (KRG) has published its monthly production and export revenue overview for August 2016. During the month it exported 412k bpd from the Turkish port of Ceyhan, down from the previous month’s figure, at an average price of $32.44 per barrel, bringing in revenue of $414 million. Please click here to view or […]
By John Lee. Trading sources have told Reuters that Baghdad's State Oil Marketing Organization (SOMO) and Kurdistan have resumed joint exports of crude oil from the giant Kirkuk oil field. The field normally delivers 150,000 barrels per day via the Turkish port of Ceyhan (pictured). Exports have been suspended since March in a dispute over […]
By John Lee. Iraq’s crude oil exports from its southern ports rose to 3.230 million bpd in August, compared with 3.202 million bpd in July, according to the Ministry of Oil. Revenues for the month hit $3.93 billion, giving an average selling price of $39.248 per barrel. (Source: Ministry of Oil)
