Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. The head of the state-run Maysan Oil Company (MOC) has told Reuters that China National Petroleum Corporation (CNPC) can go ahead with plans to double output at Halfaya (pictured) to 400,000 bpd if it agrees to be reimbursed when the additional oil is actually produced. Adnan Noshi denied Iraqi media reports that the […]
Gazprom Neft has announced that a new process train (process train B) has been brought into operation at the central processing facility at Iraq’s Badra field (pictured). The commissioning of this new infrastructure facility increases capacity at the central processing facility from 45,000 to 85,000 barrels per day. Process train B is intended for the […]
By John Lee. Shares in Genel Energy were down 10 percent in early trading on Wednesday, after the company issued a trading and operations update in advance of the Company's full-year 2015 results, which are scheduled for release on 3 March 2016. Murat Özgül (pictured), Chief Executive of Genel, said: "2015 was a very challenging […]
By John Lee. In its trading update this morning, Genel Energy gave the following plans for its operations in Iraqi Kurdistan: The majority of planned activity and capital expenditure in the KRI is discretionary, which confers significant flexibility. The Company will leverage this flexibility and match activity to the level of cash proceeds received from […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Long Term Service Contracts Are Good But Not Perfect My article on Service Contracts Vs Production Sharing Contracts Revisited, posted on this IBN website, has attracted good deal of formal and professional […]
By John Lee. Iran's Minister for Petroleum, Bijan Nadar Zangeneh (pictured), has revealed plans to increase production at the country’s western joint fields with Iraq by 200,000 bpd. The increase will happen over the next eight months and "surge to 700,000 bpd in the years to come", according to a report from PressTV. Iran has […]
Genel Energy has announced that Sir Graham Hearne has indicated his intention to retire from the Board of Genel Energy at the 2016 AGM. In addition Genel Energy has today appointed Simon Lockett as an independent non-executive director with immediate effect. He will also become a member of the Remuneration and HSSE Committees of the […]
‘If this financial crisis continues, it will have a great effect on the front lines. You cannot send your fighters with empty stomachs to the fight,’ Dr Fuad Hussein told a group of journalists from American media outlets on Friday morning. He added, ‘We need support and help. We are [in Washington] to explain this […]
By John Lee. According to a report from Platts, South Korea's state-owned Korea Gas Corporation (KOGAS) plans to sell a 47 percent stake in its 100 percent-controlled Akkas gas field. The company is under pressure from the Korean government to reduce its debts. The project was originally awarded to a consortium of Kogas and KazMunaiGas […]
This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. A Pipeline In The Pipeline: Can Exporting Natural Gas Save Iraqi Kurdistan? Beginning 2016 Iraqi Kurdistan will begin to build a new natural gas pipeline to Turkey. But analysts say […]
By John Lee. Prime Minister Dr. Haider Al-Abadi has inaugurated the new 500-MW Najibiyah gas power station in Basra province. The Prime Minister congratulated the citizens and the people of Basra on this important achievement which will increase the supply of electricity. Dr. Haider Al-Abadi said electric power is the lifeblood of the country and […]
By John Lee. According to a report from the International Monetary Fund (IMF), the external outlook for Iraq has worsened since the latest Article IV consultation assessment (May-June), mainly owing to a further weakening of global oil prices. The analysis finds: "Lower capital spending on the back of falling oil revenue is expected to contract […]
