Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By Simon Kent. Heightening speculation that a new, comprehensive deal may be reached between the Kurdish Regional Government (KRG) and Baghdad over oil exports and revenues, news has emerged that the federal North Oil Company (NOC) is allowing exports of Kirkuk crude via the Kurdish pipeline through Turkey. This could add up to 150,000 bpd […]
By Simon Kent. Gazprom Neft, the Russian oil and gas giant, has announced increased production at the Badra field, reaching an aggregate production of 3 million tons in less than two years, according to Sputnik news. Badra has estimated reserves of over 3 billion barrels, and this year Gazprom added another 3 wells, totaling an additional […]
By Simon Kent. Two recent reports point to the possibility of an imminent oil deal between Baghdad and Erbil over revenues and exports, following the breakdown of the fourth revenue and exports deal in early 2015. In an interview with Kurdish publication Rudaw, KRG spokesman Safeen Dizayee (pictured) noted that there was a positive view of new Iraqi Minister […]
By Simon Kent. Norway's DNO ASA have launched a new drilling campaign at Tawke, Oilvoice reports. The field, currently producing 117,000 bpd and selling at an average price of $34 per barrel, earned DNO $16 million in profit in the second quarter. DNO Chief Executive Bijan Mossavar-Rahmani (pictured) noted that the profits would help underpin the current new investment. […]
By Simon Kent. New Iraqi Oil Minister Jabar Ali al-Luaibi has said he wants to work to increase Iraq's oil reserve estimates and increase exports while working with OPEC on quotas, which currently stand at 14% of OPEC production for Iraq. Luaibi noted, "We will work to draw up stable policies and work to achieve […]
By Simon Kent. Iraq's new oil Minister Jabbar Al Luaibi, who was appointed April 14th, has remarked that the Kurdish Regional Government (KRG) and Baghdad are planning a new oil exports and revenue sharing deal to replace the one which collapsed in early 2015. According to Gulf News, Safeen Dizayee, a spokesman for the KRG also confirmed new […]
By Simon Kent. Iran is to start exporting gas to Iraq from the South Pars field after a year long delay, Bloomberg reports. The shipments will begin at 7 million cubic meters a day for power generation in Baghdad. Another export route is planned for 2017, which will serve Basra, totaling 70 million cubic meters a day […]
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, […]
