Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
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 […]
The Kurdistan Regional Government (KRG) has publishes its monthly oil export report for December 2015. KRG exported 18,105,734 barrels of crude oil (an average of 584,056 barrels per day (bpd)) in the month of December through the Kurdistan pipeline network to the port of Ceyhan in Turkey. Of this amount, fields operated by the KRG […]
By John Lee. Bloomberg reports that Dana Gas PJSC is still waiting for payment of the $1.98 billion that it and two other energy companies -- Crescent Petroleum and Pearl Petroleum -- were awarded by the London Court of International Arbitration (LCIA) in November. The court gave the Kurdistan Regional Government 28 days to pay […]
By John Lee. MOL Hungarian Oil and Gas Plc has announced that, in agreement with its partners Gulf Keystone Petroleum (GKP) and the Kurdistan Regional Government's Ministry of Natural Resources, it has decided to relinquish the Akri-Bijeel Block in the Kurdistan Region of Iraq. The company said its decision was based on a comprehensive assessment […]
By John Lee. Iraq has this week established the Dhi Qar Oil Company (DQOC), which will take over responsibility for the Nassiriya and Garraf oil fields. The South Oil Company (SOC) has been renamed the Basra Oil Company (BOC), following the transfer of the Dhi Qar assets to the new company. (Source: Reuters)
The World Bank expects the Iraqi economy to grow 3.1 percent in 2016, according its flagship "Global Economic Prospects" report released yesterday. This follows an estimated growth of 0.5 percent last year, driven by increased oil production. Growth rates of 7.1 percent and 6.5 percent are predicted for 2017 and 2018 respectively. These figures are […]
By John Lee. The Iraqi Oil Ministry has said it exported 1.097 billion barrels of oil in 2015, generating revenues of $49.079 billion at an average price of $44.74 per barrel. Bloomberg reports that it sold 99.7 million barrels of oil in December, generating $2.973 billion. (Source: Bloomberg) (Oil image via Shutterstock)
