Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. Reuters reports that Baghdad has reached agreement with BP, Shell and Lukoil to restart stalled investment in Iraqi oil fields, allowing production to increase by 250,000-350,000 bpd in 2017. According to documents seen by Reuters, the three firms agreed to spend in the second half of 2016 roughly half the budgets they proposed […]
By John Lee. Platts reports that Iraq will export 3.257 million bpd of Basra crude oil in September, up 13 percent from August. According to a provisional loading schedule seen by Platts, this will consist of 2.324 million bpd of Basra Light and 933,333 bpd of Basra Heavy grade. This compares to 2.078 million bpd […]
By John Lee. WesternZagros Resources has announced its operating and financial results for the second quarter ended June 30, 2016. Commenting on the second quarter results and subsequent events, WesternZagros's Chief Executive Officer Simon Hatfield said: "A significant key milestone was reached with the approval of the Garmian Field Development Plan confirming the commercial potential […]
By John Lee. The Turkish company Karadeniz Holding has reportedly stopped supplying electricity from its three generating ships loctated in the ports of Khor al-Zubair, Umm Qasr and Abu Flous. Local media report that the move is due to the non-payment of debts to the company by the Iraqi Ministry of Electricity. The company had […]
By John Lee. Hundreds of people protested in Zubair on Sunday to demand jobs. Asharq al-Aswat reports that the protesters tried to block access to oil fields managed by BP and Eni, saying that the oil is "being stolen by thieves.” Despite its oil wealth, the Basra region suffers from poor services and huge unemployment, […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Introduction Within eight months, between December 2015 and July 2016, the National Secretariat (NS) of the Iraqi Extractive Industry Transparency Initiative (IEITI) launched two annual reports (2013 & 2014) and Inception Report […]
DNO ASA, the Norwegian oil and gas operator, today reported receipt of USD 30 million from the Kurdistan Regional Government as partial payment to DNO and partner Genel Energy for June crude oil deliveries to the export market from the Tawke field. The total invoiced amount for June is USD 38.41 million, of which USD […]
The Kurdistan Regional Government (KRG) has published its monthly production and export revenue overview for July 2016. During the month it exported 457k bpd from the Turkish port of Ceyhan, down from the previous month's figure, at an average price of $32.53 per barrel, bringing in revenue of $461 million. Please click here to view or […]
Minister of Foreign Affairs Dr Ibrahim Al-Jaafari received a copy of credentials of the new Hungarian Ambassador Mr Attila Tar, on 3 August 2016, at the ministry headquarters. During the meeting, they reviewed the bilateral relations and means to promote them to serve the interest of the two friendly peoples. The minister wished the new […]
By John Lee. Iraq's crude oil production in July rose to 4.632 million bpd, compared with 4.559 million bpd in June, and its highest level since January's 4.775 million bpd according to Reuters. Exports from the southern ports rose to an average daily rate of 3.202 million bpd in July, up from 3.175 million bpd in […]
By John Lee. The Islamic State group (IS, ISIS, ISIL, Daesh) has deliberately opened an oil pipe to let the oil flow into the Tigris River near Qayara (45 km south of Mosul) to pollute its water. BasNews reports that the pipe was opened early on Monday in retaliation for the defeats that Daesh has […]
By John Lee. Militants from the Islamic State group (IS, ISIS, ISIL, Daesh) have reportedly attacked two energy facilities in northern Iraq on Sunday. Reuters reports that four men stormed the 'AB2' gas compressor station, about 15 km northwest of Kirkuk, shooting dead four employees, wounding others, and setting off around five explosions. Counter-terrorism forces […]
