Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. Genel Energy has announced that the Taq Taq field partners have received a payment of $11 million from the Kurdistan Regional Government for oil sales during April 2016. Genel's net share of the partial payment for April 2016 Taq Taq oil sales is $6.05 million. The payment reflects part settlement of the […]
The Chairman of Iran-Iraq Chamber of Commerce, Yahya Ale Eshaq, has called for increased investment and trade with the southern provinces of Iraq, including Basrah. Iraq's Basra Province is a good market for export of Iranian commodities including oil, gas, food, building materials, technical and engineering services, he added. The official referred to the resolution […]
By John Lee. The Iraqi Ministry of Oil has declared oil exports of 100.9 million barrels for April, which brought in revenues of 3.386 billion dollars, according to the final statistics of the State Oil Marketing Organization (SOMO). This equates to an average selling price of $33.38 per barrel, and an export rate of 3.363 million […]
By John Lee. The head of the State Oil Marketing Organisation (SOMO) said on Tuesday that Iraq is seeing increasing demand for its Basrah Light and Basrah Heavy crudes oil grades. Falah Alamri told Reuters: "There is a lot of demand in summer, more consumption now than the beginning of the year." He added that […]
By Simon Kent. Iraq's Ministry of Oil have announced a 20,000 m3 shipment of condensate, the third since exports began in March. It is likely that the proceeds from this sale will go to pay IOCs, who are still owed funds for contractual work, as stipulated by their Technical Service Contracts. A number of observers […]
By John Lee. Monaco-based Unaoil , which has been accused of widespread bribery and corruption in the Iraqi oil industry, has issued a statement claiming that it has been the victim of an extortion attempt. The full statement from Unaoil follows: Unaoil can confirm it has been the victim of a four-month extortion attempt by […]
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)
