Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Oryx Petroleum Corporation has announced its financial and operational results for the year ended December 31, 2015. All dollar amounts set forth in this news release are in United States dollars, except where otherwise indicated. 2015 Financial Highlights: Total revenues of $20.5 million on working interest sales of 588,200 barrels of oil (“bbl”) and an […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Proposed INOC Law Could Disintegrate Petroleum Sector and Damage the Iraqi Economy At short notice I was asked to give opinion on the text of the proposed Iraqi National Oil Company (INOC) […]
By John Lee. Anglo–Swiss commodity trader Glencore has reportedly paid Iraqi Kurdistan $300 million as an advance for oil shipments. Anonymous sources told Reuters that the company made a prepayment in recent days, and will start receiving crude from mid-year. The Kurdistan Regional Government (KRG) said on Monday it had received $100 million in February […]
By John Lee. According to a report from Reuters, Indonesia's state-owned energy company Pertamina hopes to seal a deal this year with an un-named Indian refiner to process around 1 million barrels of Iraqi crude oil each month. Chief Executive Dwi Soetjipto (pictured) told reporters: "It is better if we purchase the crude and then utilize […]
By John Lee. Finance Minister Hoshiyar Zebari (pictured) has said that Iraq is inclined to accept a global deal to freeze oil production in order to lift crude oil prices. He told Reuters: “The idea of a freeze in production is I think acceptable to all parties, even to us. “Everybody is suffering from this […]
By John Lee. The Midland Refineries Company (MRC) has been awarded the international standard ISO 9001: 2008 by the Central Organization for Standardization and Quality Control (COSQC). The company was awarded with the certificate having met the required conditions for three years. (Source: Ministry of Oil)
By John Lee. The World Bank has awarded Iraq's Ministry of Oil a certificate of appreciation for its efforts and success in reducing the flaring of associated gas. The award was made for the work of the Basra Gas Company (BGC), by the Bank's Global Gas Flaring Reduction Partnership (GGFR), a public-private initiative comprising international […]
By John Lee. Iraq's Ministry of Oil quotes a report by Rystad Energy as saying that Iraq has the world's third-lowest-cost crude oil. Kuwait came in lowest at $8.50 per barrel, with Saudi Arabia at $9.90, followed by Iraq at $10.70. Fourth place went to UAE at $12.30, and Iran took fifth place with $12.60. […]
By John Lee. Iraqi Oil Minister Adel Abdel Mahdi [Adil Abd Al-Mahdi] visited Egypt and headed a delegation to attend the Tripartite Meeting of the oil Ministers of Iraq, Egypt and Jordan to complete the discussions about the oil and gas transportation pipeline. He signed a memorandum of understanding with the Egyptian minister of petroleum and […]
By John Lee. TradeArabia reports that Iraq remains the Gulf’s third-largest project market, with $358 billion in active infrastructure projects. More than $90 billion of these are in the gas, oil, and power sectors. Ahead of the Meed Iraq Energy Projects conference taking place on March 21 in Dubai, Meed Projects said ongoing infrastructure projects […]
By Omar Sattar, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Oil revenues accruing from oil field development and production in Iraq no longer match the revenues made before the licensing contracts the Ministry of Oil signed in 2009-2010. The Iraqi government will be […]
By John Lee. In its results for 2015, published this morning, UK-based oil and gas engineer Amec Foster Wheeler re-affirmed the importance of the Iraqi market. While it had no new contract wins to announce in Iraq over the past year, the company stated: "Iraq remains an important market for us, as we support various […]
