Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
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 […]
Mr. Abdul Mahdy Al-Ameedi, the Director General of Petroleum Contracts and Licensing Directorate (PCLD), delivered a presentation to the Iraqi parliament on 13th December 2015 on the subject of Iraq's oil service contracts and bidding rounds. The presentation (in Arabic) provides an excellent comparison between the Ministry’s Service Contracts and Production Sharing Contracts of the […]
By John Lee. The Tukish Ministry of Energy and Natural Resources has said its security forces defused a bomb on Saturday on the oil pipelines between Iraqi Kurdistan and Ceyhan port in Turkey. The ministry claimed that the Kurdistan Workers’ Party (PKK) was behind the attempted attack. (Source: BasNews) (Sabotage image via Shutterstock)
The Ministry of Natural Resources announces a collection of five reports covering oil production, export consumption, revenue and expenditure from 2007-2015. Some of the reports have been published individually before, or were given to KRG officials or Parliament, but for completeness they are published together here. The reports are as follows, please click the links […]
Malta-based Medserv has announced that it has today completed the acquisition of Middle East Tubular Services (METS), a group of companies based in the UAE, Oman and Iraq. Established in 2006 in Sharjah, UAE, METS has grown rapidly becoming a market leader due to its position as the only one-stop-shop for oil country tubular goods […]
By John Lee. French oil company Total and Swiss oil-trading company Vitol have been fined for corruption by a French court in relation to Iraq’s oil-for-food program. According to Bloomberg, Total was guilty of corrupting foreign civil servants, and has been fined EUR 750,000, while Vitol has been fined EUR 300,000. Other corruption charges against Total […]
The Kurdistan Regional Government (KRG) today relaunches the monthly crude oil export reports, to include additional information that further increases the transparency of the KRG’s direct oil sales. All future monthly reports will contain this new information. For the first time the monthly reports include the revenues received by the KRG on account and cargoes […]
ALE has completed the year-long operations for the Badra heavy transportation contract in Iraq. The global heavy lifting specialists were contracted as part of the Badra Oil Field Development Project to receive and transport 44 heavy and Out of Gauge (OOG) items 600km to site. With weights up to 230t and dimensions up to 48m […]
By John Lee. Iraqi Oil Minister Adel Abdel Mahdi [Adil Abd Al-Mahdi] has said that Iraq’s oil and gas industry will need an investment of $300 billion over the next 15 years. He made the statement during a visit to Japan, at which he also discussed the long relationship between the two countries in the energy […]
By John Lee. In its final results for the 52 week period ended 1 January 2016, released today, Weir Group announced that services revenues were more resilient with growth in Iraq partially offsetting declines in the North Sea and the Caspian. The company also said that is had acquired a service facility in southern Iraq. Keith […]
