Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
IBBC Forms Partnership With NOF Energy, Will Co-host Event In October A new partnership has been forged between the Iraq Britain Business Council (IBBC) and NOF Energy, a business development organisation for oil, gas, nuclear and offshore renewables sectors. IBBC will serve as one of the organisation’s 33 Global Partners and will promote the business […]
By Denise Natali for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Since the overthrow of Saddam Hussein in 2003 and breakdown of the Iraqi state, ethno-sectarian partition has become a popular political mantra. The assumption is that a federal state based on three autonomous regions — […]
By John Lee. Iran and the Kurdistan Regional Government (KRG) have reportedly agreed the technical details of a plan to build a pipeline that could transfer as much as 250,000 bpd of Kurdish oil to Iran. Taha Zangana (pictured), the KRG's deputy minister of natural resources, told Al Jazeera: "We [the KRG and Iran] have an […]
DNO ASA, the Norwegian oil and gas operator, today reported receipt of USD 24.28 million from the Kurdistan Regional Government as a second payment towards May crude oil deliveries to the export market from the Tawke field. With the receipt of USD 15.00 million earlier this week, the payment completes settlement of the total invoiced […]
By John Lee. Russia’s Lukoil is in talks with Shell and Total regarding their participation in a petrochemical complex in southern Iraq. President Vagit Alekperov (pictured) told TASS: "To create a petrochemical complex - now the negotiations are under way with Shell and with Total. The Iraqi side supports our efforts." He added that Iraq […]
By John Lee. Reuters repors that crude oil exports from Iraq's southern ports are averaging 3.144 million barrels per day so far in June. An official from the South Oil Company (SOC) said on Tuesday that this was down from the 3.2 million bpd achieved in May due to maintenance work and weather conditions. (Source: […]
By John Lee. In its trading update on Tuesday morning, Petrofac has confirmed that it has reached "mechanical completion" of the third and final train on the Badra project. The scope of work included detailed design, engineering, procurement, construction, pre-commissioning, commissioning and start-up work on the Badra development’s central processing facility. (Source: Petrofac)
By John Lee. Work on a the $6-billion Karbala Refinery Project has reportedly been suspended. According to Korea Times, the work has been halted "due to the Iraqi government's late construction payment, raising concerns about its solvency." The Engineer, Procure and Construct (EPC) contractor for the Karbala Refinery Project is HDGSK, a South Korean joint […]
By John Lee. DNO ASA, the Norwegian oil and gas operator, today reported receipt of USD 15.0 million from the Kurdistan Regional Government as partial payment to DNO and partner Genel Energy plc for May crude oil deliveries to the export market from the Tawke field. The total invoiced amount for May is USD 39.28 […]
Amec Foster Wheeler announced this morning that it has been awarded a three-year framework agreement by BP Iraq NV to complete conceptual studies and pre-front end engineering design (FEED) work to support BP plans to sustain and grown production at the Rumaila oil field in Iraq. Rumaila, one of the world's largest oil fields and […]
On the sidelines of the SPIEF'16 - St. Petersburg International Economic Forum, Kurdistan Region Prime Minister Nechirvan Barzani and his delegation met Mr. Alexander Novak, Russian Minister of Energy. Minister Novka welcomed the participation of Prime Minister Barzani and his delegation at St. Petersburg International Economic Forum, stressing the need to further develop the old […]
By John Lee. Russia’s Lukoil plans to offset the costs on Iraqi fields in August, company President Vagit Alekperov (pictured) told TASS on Friday. He added that Iraq is ready to start negotiations to improved contract terms. (Source: TASS)
