Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Gulf Keystone Petroleum (GKP) announced today that the Kurdistan Regional Government has authorised a gross payment of US$15 million (US$12 million net to Gulf Keystone) to the company. Further to the KRG's Ministry of Natural Resources ("MNR") press release of 1 February 2016, this payment is being made on the basis of the Company's monthly […]
By John Lee. The International Atomic Energy Agency (IAEA) has told Reuters of a theft a radioactive source in Zubair. The industrial radiography device is described Ir-192 in a shielding container, which is classified as a Category 2 radioactive substance, meaning that if not managed properly it could be fatal to someone exposed for a […]
The KRG's Ministry of Natural Resources has published an updated Oil Production, Export and Consumption Report for 2015. The report provides a comprehensive overview of activity in the Kurdistan Region’s oil and gas sector in 2015, including the revenues derived from oil exports. The first edition of the report was prepared in November 2015, which […]
By John Lee. Prime Minister Haider al-Abadi (pictured) has reportedly offered to pay the salaries of the KRG’s employees if it ceases its independent oil exports. Facing a financial crisis due to low oil prices, the KRG announced recently that its employees will be paid only partial salaries until further notice, and that unpaid wages […]
By John Lee. Iraq is talking wtih Egyptian investors with a view to building two new industrial cities. Shafaaq News reports that Iraqi industry and minerals minister Mohammed Al Daraji (pictured) discussed the plan at talks in Egypt earlier this week. The agency also quoted Abdul Aziz Saifuddin, chairman of the Cairo-based Arab Industrialisation Organisation, […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. IEITI New Annual Report 2013: Again, Modest Progress but More Improvement Still Needed The Iraq Extractive Industry Transparency Initiative (IEITI) succeeded in launching its fifth annual Report 2013 on 10th December 2015, […]
By Dr. Kamal Field Al Basri and Mr. Mudher Sebahi, of the Iraqi Institute for Economic Reform (IIER). This article questions whether the government’s attempt to reform the economy is going to be successful. To achieve that end, it discusses why some countries that used identical polices are successful in reforming their economy while others […]
Prime Minister Dr. Haider Al-Abadi met business leaders and representatives of German companies in Berlin on Friday morning and welcomed the participation of German companies and investors in the building and reconstruction of Iraq and the development of its economy and the revitalisation of industry, agriculture, housing and other investment opportunities available in most of […]
By John Lee. An investment manager who correctly predicted that Dana Gas would miss payments on its Islamic bonds in 2012, has said the company's stocks and bonds are now core holdings for his company. Ghassan Chehayeb, who helps manage about $30 million of assets at Houston-based SanctaCapital Group, told Bloomberg that the $2 billion […]
By John Lee. Genel Energy (GENL.L) will resume drilling at its Taq Taq oilfield in the coming weeks. Genel CFO Ben Monaghan told Reuters that the restart of drilling work will mark the first time in more than a year that Genel has drilled in the region. "It's a symbolic restart of our investments," he added. […]
By John Lee. Iraq expects to load less Basra crude in March than in February, according to a report from Reuters. A preliminary loading programme for March shows exports of 3.38 million bpd from the southern terminals, down 6.9 percent from the 3.63 million bpd planned for February. February exports, if achieved, could exceed the […]
DNO ASA, the Norwegian oil and gas operator, today reported record oil and gas output in 2015 though the company's results were impacted by the sharp drop in world oil prices. Operated production was up 23 percent last year to 144,200 barrels of oil equivalent per day while revenues dropped to USD 187 million in […]
