Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
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 […]
By John Lee. Reuters reports that Iraq plans to cut crude oil exports from its southern ports to 3.24 million bpd in November, down from the 3.28 million bpd planned for this month. According to data from a preliminary loading programme of the State Oil Marketing Organization (SOMO), exports of Basra Light grade are expected […]
By John Lee. Norwegian oil and gas operator DNO has announced the completion of three new production wells at the Tawke field in the Kurdistan region of Iraq, as part of a stepped up drilling program kicked off in July 2016. The Tawke-31 well, targeting the main Cretaceous reservoir will be brought on production following […]
By John Lee. Oil Minister Jabar Ali al-Luaibi (Allibi) met the President of Russia's Lukoil, Vagit Alkpirov [Alekperov], at the his office on Sunday. The Minister confirmed plans to develop the production and investment gas this year and next year, at called for Lukoil to participate in new projects to be started next year. Mr […]
By John Lee. Oil Minister Jabar Ali al-Luaibi (Allibi) met Indonesian Ambassador Banbage Intaricso and his entourage in his office on Thursday. The two parties discussed the strengthening the cooperation between the two countries in the oil an gas sector. Mr. Allibi called on Indonesian companies to participate in the sharing investment contracts in the […]
By John Lee. Iraq's Ministry of Oil has announced that it has agreed to limit its oil production target to 4.75 - 5 million barrels per day. The country is currently producing around 4.6 million bpd. Oil Minister Jabar Ali al-Luaibi (Allibi) is going to participate in the OPEC meetings at the end of November, […]
CWC’s third Basra Oil, Gas and Infrastructure Conference will take place this year in Beirut, Lebanon on 24-25 of October 2016. In a pre-conference interview with the Chairman of the Oil and Gas Committee of Basra Council, Mr Ali Fares outlined the most important issues that the Basra delegation will focus on during the conference, […]
