Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. The chief executive of Russia's Tatneft has said the company is interested in projects in Iran and Iraq. Nail Maganov (pictured) was speaking to Reuters on Friday on the sidelines of the St Petersburg International Economic Forum (SPIEF). (Source: Reuters)
By John Lee. The First Deputy Chief Executive Officer of Russia's Gazprom Neft has said that the company plans to boost oil production at Iraq's Badra oil field from 65,000 barrels per day at present to 115,000 bpd "in the next year". Vadim Yakovlev told the St. Petersburg International Economic Forum (SPIEF) on Thursday that […]
By John Lee. The Kurdistan Regional Government (KRG) is reported to be ready to strike an agreement with the central government in Baghdad to increase oil exports. KRG spokesman Safeen Dizayee told Reuters it would be willing to sell its oil through Baghdad if it was guaranteed a monthly revenue of $1 billion: "If Baghdad […]
Gulf Keystone Petroleum (GKP) has confirmed that, further to the company's announcement of 1 June 2016, that the Standstill Agreement with the Ad Hoc Committee of holders of Notes and Bonds has been extended until 1 July 2016. The signatories to the extension of the Standstill Agreement are the same as to the prior standstill. […]
This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. As extremists are driven out of northern Iraq, the much contested Kirkuk province looks to the future. Politicians are discussing their options, including becoming an independent region. There are all […]
By John Lee. The Chief Executive of Russia's Lukoil has said he expects further investment in Iraq, now that the country "actively repaying" the international oil companies for their investment in the country. Vagit Alekperov (pictured) told Reuters: "Iraq is very actively repaying the operators. The situation has changed dramatically. "We know about the IMF […]
By John Lee. Russian oil company Lukoil has announced that, in the first quarter of 2016, the Group received 2.6 million tonnes of compensation crude from Iraq's state-owned South Oil Company as cost compensation within the West Qurna-2 project (in the first quarter of 2015, the Group received 2.3 million tonnes of compensation crude oil). […]
Packers Plus Energy Services Inc. has announced that it recently installed and stimulated an open hole completion system in the Kurdistan region of Northern Iraq. This is the first well in Northern Iraqi fields for Packers Plus, using its StackFRAC HD system. The open hole method has proven successful against a number of other completion […]
The Kurdistan Regional Government (KRG) today publishes the monthly crude oil export report for May 2016. The report for May 2016 details: All oil export volumes through the KRG-Ceyhan crude oil pipeline; all crude oil cargoes lifted from Ceyhan by the buyers; revenues received on account by the KRG during the month; and payments directly made […]
By John Lee. Iran's gas contracts with Iraq have been put on hold due to the difficulties in Iraq, Iranian Petroleum Minister Bijan Namdar Zangeneh said on Thursday. "We have two gas contracts with Iraq and we are ready to export gas to Baghdad but they have some difficulty. It depends on Iraqi system," Zangeneh said. (Source: Sputnik)
WesternZagros Receives Approval for Garmian Field Development Plan and Submits Kurdamir Field Development Plan WesternZagros Resources has announced the approval of the Garmian Block Field Development Plan ("FDP") from the Kurdistan Regional Government ("KRG") and the submission of the Kurdamir Block FDP. Garmian Block Field Development Plan Approval WesternZagros and its co-venturer, Gazprom Neft Middle […]
Shares in Gulf Keystone Petroleum (GKP) were trading down 4 percent on Wednesday despite an announcement that the company had secured a two-week extension of its standstill agreement with its bondholders: Further to the Company's announcement of 20 May 2016, Gulf Keystone announces today that, as discussions with the Ad Hoc Committee of holders of […]
