Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Dubai-based Drake & Scull International PJSC (DSI) has announced that it has been awarded a AED 226 million ($61 million) engineering, procurement and construction (EPC) contract for the construction of a water injection network installation project at the Zubair oil field in Basra, Iraq by ENI Iraq B.V. (EIBV) a subsidiary of the Italian oil […]
By John Lee. The Iraq Mission Chief for the International Monetary Fund (IMF) has said that the staff-monitored program that started in November 2015 is designed with a focus on four key elements: reducing budget spending and restoring public finances to a healthy state and stabilize debt; protecting spending on the social front to ease […]
By Omar Sattar for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The status of Kirkuk province, which is disputed by Arabs, Turkmens and Kurds, returned to the forefront after the Iraqi presidency announced a proposal June 18 to make Kirkuk an independent region. The plan […]
By John Lee. The Iraq Mission Chief for the International Monetary Fund (IMF) has said Iraq's oil sector grew by 13 percent in 2015 and by more than 20 percent during the first five months of 2016. This contrasts with the fortunes of the non-oil economy, which contracted by 19 percent in 2015 and is […]
By John Lee. Gulf Keystone Petroleum (GKP) announced this morning that $500 million worth of company bonds are to be converted into equity, diluting current shareholders to a stake of just 5 percent of the company. The company's shares fell another 40 percent in early trading, and a new Chairman, Keith Lough, has been appointed […]
The Kurdistan Regional Government (KRG) has published its monthly production and export revenue overview for June 2016. During the month it exported 514k bpd from the Turkish port of Ceyhan, very slightly up on the previous month, at an average price of $36.43 per barrel, bringing in revenue of $562 million. The report is published […]
Iraqi Government, EU, IMF, UNAMI, and World Bank representatives participate at IBBC’s annual retreat in Windsor Dara Rasheed, Iraq’s acting Minister of Housing and Construction, Jan Kubis, Head of UNAMI and Special Representative of the United Nations for Iraq, Robert Bou Jaoude, World Bank’s Special Representative for Iraq, Patrick Simmonet, EU Ambassador to Iraq and […]
Genel Energy has announced that the TT-27x side-track well has been successfully drilled and completed in the Cretaceous Shiranish reservoir at the Taq Taq field (Genel 44% working interest, joint operator). The TT-27x side-track was the first well in the 2016 Taq Taq work programme, which aims to more evenly distribute the production rate over […]
By John Lee. A spokesman for Iraq's Ministry of Oil has said that oil exports from the central and southern fields totalled 95,260,680 million barrels in June, giving an average of 3,175,356 barrels per day (bpd). Mr. Assim Jihad added that at an average selling price of $40.367 per barrel, this brought in revenue of […]
By John Lee. Iraq exported its first shipment of liquified flare gas through Umm Qasr port on Saturday. Describing it as an "historical accomplishment and an economic event", Dr. Hamid Y. Salih, the Deputy Minister for the gas industry, said the exported quantity was 2,000 tons, with production now running at 5,000 tons/day. Mr. Simon Diamond, […]
Genel Energy has set out 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. The DTRs require companies in the UK and operating in the extractive sector to publicly disclose payments made to governments in the […]
By John Lee. Gulf Keystone Petroleum (GKP) has announced that the current Standstill Agreement between the Ad Hoc Committee of holders of the Notes and the Bonds and the Company expired on 1 July 2016 at 5pm BST and has not been extended. The Company is currently discussing the terms of an agreement with certain […]
