Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. Petra reports that the Jordanian Minister of Energy and Mineral Resources, Ibrahim Saif, will meet his Egyptian and Iraqi counterparts in Cairo on Tuesday to discuss developments regarding the Basra-Aqaba pipeline project. The project, agreed by the three countries in Amman in November 2015, will see oil and gas pipeline running from […]
By John Lee. Gulf Keystone Petroleum (GKP) has confirmed that the gross payment of US$15 million was received from the Kurdistan Regional Government on 4 March. Following the payment, the Company's current cash position is US$56 million. (Source: GKP)
By John Lee. Shafaaq reports that Iraq will pay foreign oil companies about $2 billion in remaining arrears for 2015 in April. The arrears were accumulated to international oil companies (IOCs) such as BP, Shell , ExxonMobil, Eni and Lukoil, which operate in under service contracts, whereby they are paid a fixed dollar fee for […]
The Kurdistan Regional Government (KRG) today publishes the monthly crude oil export report for February 2016. The report details: All oil export volumes through the KRG-Ceyhan crude oil pipeline; all crude oil cargoes lifted from Ceyhan by the buyers; and the revenues received on account by the KRG during the month. The KRG exported 10,151,944 […]
Khudairi Group, a leading provider of services to the energy, engineering and construction industries in Iraq, has been appointed by Shell as its macro-distributor for lubricants in the country. The new partnership was formalised at a signing ceremony attended by representatives from Khudairi Group and Shell in Dubai, UAE. Commenting on the partnership, Mr. Aziz […]
By John Lee. The Kurdistan Regional Government is cementing control over oil produced in the north of the country by agreeing to sell crude pumped in the contested province of Kirkuk, according to a report from Bloomberg Business. Kirkuk Governor Najmuddin Omar Karim (pictured) told Bloomberg that the agreement covers oil produced in Kirkuk, which Kurdish […]
Oryx Petroleum Corporation Limited and Zeg Oil and Gas Ltd have announced that they have entered into a definitive agreement whereby Zeg Oil has subscribed for and been issued 75.7 million common shares of the Corporation for consideration of $30 million. In addition, Oryx Petroleum intends to contract with an affiliate of Zeg Oil for […]
Twenty-eight technicians from Shell Iraq will call North East England home for the next 16 weeks as they complete a specialist training programme at Middlesbrough-based TTE Technical Training Group. The trainees, who will be accompanied by a supervisor from Shell, are a mix of electrical, instrumentation and process professionals, who are completing an upskilling course, […]
Italy's Eni SpA has said it is delaying planned investments in Iraq in an effort to preserve cash, as it deals with the effects of lower oil prices. Chief Executive Claudio Descalzi (pictured) told The Wall Street Journal that the company wants to concentrate on more profitable oil and gas projects, but declined to say […]
By John Lee. Iraq's Ministry of Oil said on Tuesday that exports from the south fell in February to 3.225 million bpd, down from 3.285 million bpd the previous month. Bad weather was blamed for the drop. Reuters reports that, for a fifth consecutive month, Baghdad exported no oil via its northern pipeline to Ceyhan. […]
By John Lee. An explosion has been reported on the oil pipeline between Kirkuk and Erbil on Tuesday. According to the report from BasNews, the cause of the explosion and the extent of the damage are not yet unknown. (Source: BasNews) (Explosion image via Shutterstock)
By John Lee. Shares in Genel Energy fell by more than 40 percent on Monday after the firm announced a 75 percent reduction in proven and probable (2P) reserves for its Taq Taq field, in which it has a 44 percent working interest. According to a statement from the company: The results of this internal […]
