Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. Crude oil exports from Iraq's southern fields averaged 3.364 million bpd in April, higher than March's average of 3.286 million. It was also close to the record of 3.37 million bpd exported in November, according to Reuters. The oil was sold at an average price of $33.26 per barrel, earning $3.343 billion, […]
By John Lee. In a Management Report released to the markets, Gazprom gave the following update on its operations in Iraq: The Badrah field (pictured) (30% held by Gazprom Neft Group): In 2015 production was 1.4 million tons of oil, a level sufficient for the project to pay back. The Garmian block in Iraq (Kurdistan) […]
By John Lee. Shares in Gulf Keystone Petroleum (GKP) closed down nearly 3 percent on Friday after it reached agreement with less than 75 percent of its bondholders to delay making interest payments. The company's full statement: Further to the Company's disclosure on 14 April 2016, Gulf Keystone confirms that constructive dialogue continues with a […]
By Padraig O'Hannelly. The United Kingdom's Ambassador to Baghdad has said Iraq has the potential to become an economic force in the region, and encouraged British businesses to take advantage of the opportunities it presents. Addressing senior executives at the Iraq Britain Business Council (IBBC)'s Spring Conference in London on Wednesday, H.E. Frank Baker OBE said […]
By John Lee. Oil exports from southern Iraq have reportedly reached a record rate of 3.43 million barrels per day so far in April. If sustained for the full month, Reuters reports that this would exceed the record of 3.37 million bpd reached in November. The increase partly reflects an easing of delays in the […]
By John Lee. General Electric (GE) has signed a "strategic framework agreement" with Iraq's Oil Ministry on Sunday. The projects are planned to generate more than 400 megawatts of power for oil installations by summer. Other initiatives are to maintain existing generating infrastructure and reduce gas flaring from oil fields. The ministry did not specify […]
By Simon Kent. Iraq's Deputy Oil Minister Fayadh Nema, who is currently acting Oil Minister until Abadi's new cabinet is finalized, has recently announced a trip to Tehran to discuss cross border oil fields. Once a controversial topic between Tehran and Baghdad, Iraq's many cross border oil fields are now back on the agenda as sanctions […]
By Simon Kent RSK Group have recently won the Queen’s Award for Enterprise in International Trade, widely seen as the most prestigious award for UK enterprise. Key to the award was their environmental work cleaning up the vast oilfields at Rumaila and Majnoon. But according to RSK Group, this was an opportunity they seized in […]
The Iraq Britain Business Council (IBBC) will be holding its Spring Conference on April 27 at Mansion House and on April 28 at Vintners' Hall in London. In recent weeks considerable political debate has taken place in Iraq following Prime Minister Abadi’s announcement of a technocrat reshuffle of his cabinet. It seems that the motto of the conference - ‘Iraq […]
Shares in Gulf Keystone Petroleum (GKP) plunged 30 percent to a new low following the mid-morning announcement of details of fundraising and investment options: Gulf Keystone today publishes further details on potential interim investment scenarios to build a common foundation for stakeholder discussions on the Company's need for near-term fundraising, upcoming debt obligations and possible […]
By John Lee. Reuters cites trade sources saying on Tuesday that crude oil exports from the southern Iraqi ports are set to fall to the lowest this year in May. A preliminary loading programme shows total Basra crude exports of 3.085 million bpd in May, down from 3.28 million bpd this month, with Basra Heavy […]
By Mohammed A. Salih for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The ongoing reform push by Iraq's Prime Minister Haider al-Abadi has brought about a sense of unity in the Kurdish ranks, unseen for the past couple of years. When Abadi […]
