Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. In its trading update on Tuesday morning, Petrofac has confirmed that it has reached "mechanical completion" of the third and final train on the Badra project. The scope of work included detailed design, engineering, procurement, construction, pre-commissioning, commissioning and start-up work on the Badra development’s central processing facility. (Source: Petrofac)
By John Lee. Work on a the $6-billion Karbala Refinery Project has reportedly been suspended. According to Korea Times, the work has been halted "due to the Iraqi government's late construction payment, raising concerns about its solvency." The Engineer, Procure and Construct (EPC) contractor for the Karbala Refinery Project is HDGSK, a South Korean joint […]
By John Lee. DNO ASA, the Norwegian oil and gas operator, today reported receipt of USD 15.0 million from the Kurdistan Regional Government as partial payment to DNO and partner Genel Energy plc for May crude oil deliveries to the export market from the Tawke field. The total invoiced amount for May is USD 39.28 […]
Amec Foster Wheeler announced this morning that it has been awarded a three-year framework agreement by BP Iraq NV to complete conceptual studies and pre-front end engineering design (FEED) work to support BP plans to sustain and grown production at the Rumaila oil field in Iraq. Rumaila, one of the world's largest oil fields and […]
On the sidelines of the SPIEF'16 - St. Petersburg International Economic Forum, Kurdistan Region Prime Minister Nechirvan Barzani and his delegation met Mr. Alexander Novak, Russian Minister of Energy. Minister Novka welcomed the participation of Prime Minister Barzani and his delegation at St. Petersburg International Economic Forum, stressing the need to further develop the old […]
By John Lee. Russia’s Lukoil plans to offset the costs on Iraqi fields in August, company President Vagit Alekperov (pictured) told TASS on Friday. He added that Iraq is ready to start negotiations to improved contract terms. (Source: TASS)
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 […]
