Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. DNO ASA, the Norwegian oil and gas operator, today confirmed receipt of USD 30 million to be shared pro-rata with its partner Genel Energy plc as a partial payment towards oil exported from the Tawke field by the Kurdistan Regional Government. The payment is the third such monthly payment received in 2015. […]
Gulf Keystone Petroleum (GKP) has confirmed that, further to the recent statement by the Kurdistan Regional Government regarding the November payment to the exporting international oil companies ("IOCs") in the region, a gross payment of US$15 million (US$12 million net to Gulf Keystone) has been received by the Company. This payment satisfies the Company's invoice […]
By John Lee. Iraq's oil exports rose to a record average of 3.37 million barrels per day in November, up from 2.7 million bpd the previous month, reports Reuters. Officials at the South Oil Company (SOC) said the jump in exports was facilitated by the large quantities of crude held in storage due to bad […]
By John Lee. UAE-based Dana Gas has announced that it has reached an “amicable and mutually beneficial settlement agreement” with RWE’s trading unit RWE Suppy & Trading GmbH (RWEST) to resolve a dispute over its operations in Iraqi Kurdistan. The detailed terms of the settlement agreement are to be treated in accordance with the confidentiality […]
In its Third Quarter results published today, Lukoil has given the following update on its operations at the West Qurna-2 oilfield: On December 12, 2009, a consortium of a Group company and Statoil won the tender for development of the West Qurna-2 field in Iraq, one of the largest crude oil fields discovered in the […]
By John Lee. Dana Gas has announced that the London Court of International Arbitration (LCIA) has ordered the Kurdistan Regional Government (KRG) to pay $1.98 billion to a consortium that it leads. In a statement to the Abu Dhabi stock exchange, the Sharjah-based company claims that the judgement is final, binding and internationally enforceable, and […]
By John Lee. Iraq is planning to produce up to 6 million barrels of oil per day by 2020, Oil Minister Adel Abdel Mahdi [Adil Abd Al-Mahdi] (pictured) has said. Speaking to a Shana correspondent he said that the country’s current oil production stands at 4.3 million barrels per day. He also announced that Iraq […]
Wood Group has won a new contract worth approximately $90 million to deliver services to one of the world’s leading blue-chip international oil companies (IOC) in Iraq. Wood Group PSN (WGPSN) will provide project management for an onshore facility under the three year contract, which is effective immediately. Concept and FEED work for future projects […]
By John Lee. The Chairman of Genel Energy has said that the KRG will begin exporting natural gas to Turkey within two or three years. Tony Hayward (pictured) told the Atlantic Council conference in Istanbul that 20 billion cubic metres will hit the Turkish market by 2020, with KRG Natural Resources Minister Ashti Hawrami saying […]
The Chairman of Iraq’s National Investment Commission (NIC), Dr. Sami Al-Araji, has signed the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (the ICSID Convention). Iraq has become the 160th country to sign the Convention and the 152nd country to become a member of the International Centre Settlement of […]
The UK's High Court has ordered the Kurdistan Regional Government (KRG) to pay a consortium led by Dana Gas $100 million within 14 days. In a statement, the KRG's Ministry of Natural Resources said: “The Court’s decision does not relate to the substantive merits of the claims and counterclaims in the on-going arbitration between the […]
By Simon Kent. In a striking admission of the policy of the Kurdish Regional Government (KRG) Minister of Natural Resources Ashti Hawrami (pictured) has described the outcome of the political deadlock with Baghdad, which has led to secret oil exports by the KRG. Quoted in Reuters, Hawrami says that following former PM Nouri-al Maliki's blocking of the KRG […]
