Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Shares in Gulf Keystone Petroleum (GKP) were trading down 4 percent on Wednesday despite an announcement that the company had secured a two-week extension of its standstill agreement with its bondholders: Further to the Company's announcement of 20 May 2016, Gulf Keystone announces today that, as discussions with the Ad Hoc Committee of holders of […]
By John Lee. Iraq's Ministry of Oil has issued a statement denying media reports that it is going on to export 5 million additional barrels of crude oil in June: "The ministry confirmed that it is committed with the monthly available exportation quantities for June, which will be the same as the previous months, as […]
By John Lee. Iraq plans to supply an additional 5 million barrels of crude oil to its partners in June, according to industry sources cited by Reuters. The country joins other Middle East producers in attempting to increase market share ahead of an OPEC meeting in Vienna later this week. Iraq had already been targeting […]
By John Lee. Former U.S. Ambassador to Iraq and Afghanistan, Zalmay Khalilzad, has said that Iraqi Shi’ite officials have complained of Iran’s interference in their country’s affairs, saying the militias backed by Tehran might turn against each other in the future over a dispute on oil. In an interview with Asharq Al-Awsat, he added: "[Iraqis] […]
Iran dispatched the first cargo of its gas oil to Iraq’s Kurdistan region on Wednesday, Alireza Ashnagar Iran’s Kordestan province deputy governor general for political, security and social affairs said. He noted that 290,000 liter of gas oil were sent by 10 tankers to the Iraqi Kurdistan region in a bid to enhance living condition […]
By John Lee. Gulf Keystone Petroleum (GKP) has announce that a gross payment of $6.0 million has been received from the Kurdistan Regional Government for Shaikan crude oil exports in April 2016. This is a partial payment of the invoiced amount and the balance is expected to be paid shortly. A further announcement will be […]
By John Lee. Norwegian oil and gas operator DNO, as operator of the Tawke field, has announced that the Tawke field partners have received a payment of $16 million from the Kurdistan Regional Government for oil sales during April 2016. The payment reflects part settlement of the invoiced amount of $32.3 million for April 2016 […]
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 […]
