Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. A senior Iraqi oil official has told Reuters that international oil companies (IOCs) have warned of delays to projects to increase its crude oil output if the Iraqi government insists on drastic spending cuts this year. Investments by IOCs are repaid with crude oil, which has become a problem since oil prices […]
Entering Iraq: IBBC and members introduce Iraq to the Aberdeen Chamber of Commerce Representatives from the Iraq Britain Business Council (IBBC), members KCA Deutag and Control Risks, and UK Trade Envoy for Iraq Baroness Nicholson of Winterbourne, participated in a Lunch and Learn session at the Aberdeen and Grampian Chamber of Commerce on 13 May […]
From AFP. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Suicide attackers broke into a gas plant north of Baghdad on Sunday, killing at least seven people and setting fire to gas tanks, officials said.
By John Lee. Iraq plans to increase its exports of crude oil from its southern region to 3.47 million bpd in June, according to a report from Reuters. If achieved, this would beating the previous record volume set in November. The increase is planned to come mainly from the Basra Heavy grade, at 900,000 bpd, […]
BBC's File on 4 has produced a 38-minute programme on the recent allegations of corruption in the Iraqi oil industry, following the leaking of emails from Unaoil. The Monaco-based company denies that it helped companies win contracts by corrupting politicians and government officials. Jane Deith has been given access to the leaked papers and reveals […]
By John Lee. In its results for the first quarter of 2016, the Abu Dhabi National Energy Company PJSC (TAQA) has said that its Atrush oil project in Iraqi Kurdistan is expected to commence oil production this year with a maximum gross capacity of 30,000 barrels per day. (Source: TAQA)
By John Lee. Iraq's new Dhi Qar Oil Company (DQOC) is getting US$42 million in start-up capital following approval from the Iraqi Ministry of Finance, according to a report from OilPrice. The company was spun off from the South Oil Company (SOC) in January, taking over four of its fields in Dhi Qar governorate; the […]
By John Lee. In its First Quarter 2016 Results, oil services company Weatherford said that it has now largely completed its Zubair project in Iraq. Net cash expenditure on the project to date amounts to $47 million. Shares in Weatherford have fallen by almost 30 percent since the results announcement. (Source: Weatherford, Yahoo!)
UK-based energy services company Wood Group has secured two new, three-year contracts, collectively valued at over $140 million, to deliver technical services and expertise to one of the world’s leading international oil companies (IOC) in Iraq. Wood Group PSN (WGPSN) will provide brownfield front end engineering design, detailed engineering, project management, procurement services, system completion […]
Genel Energy has announced that Paul Schofield has been appointed as Chief Operating Officer. Paul has thirty five years' management and technical experience encompassing all aspects of the upstream oil and gas business. He started his petroleum engineering career at Shell in 1981, subsequently working with Enterprise Oil, Tuscan Energy and Hess. Paul joined Hess […]
By John Lee. The senior deputy minister for oil has said that production at the Badra oilfield in Wasit province will reach 65,000 bpd by the end of this year. Fayadh H. Niema made the announcement during his inspection visit to two oil and gas treatment units at the field. Assim Jihad, spokesman for the […]
The Kurdistan Regional Government (KRG) today publishes the monthly crude oil export report for April 2016. The report details: All oil export volumes through the KRG-Ceyhan crude oil pipeline; all crude oil cargoes lifted from Ceyhan by the buyers; and the revenues received on account by the KRG during the month. The Kurdistan Regional Government […]
