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 State Oil Marketing Organisation (SOMO) has adjusted its official selling prices for its Basra and Kirkuk crude oil for September. In common with some other countries, Iraq’s oil is priced relative to regional benchmark prices: For shipments to US, contracts are priced are relative to the Argus Sour Crude Index (ASCI); […]
By John Lee. Iraq’s crude oil production climbed to an all-time high of 4.18 million barrels a day in July, according to statistics from the International Energy Agency (IEA). This was up from the 4.15 million bpd produced in June. The southern oilfields accounted for exports of 3.06 million bpd, up about 40,000 barrels from […]
By John Lee. Kirkuk Provincial Council has reportedly decided to change the name of North Oil Company (NOC) to Kirkuk Oil Company (KOC). A local source told Shafaaq that the decision came after the Islamic State (IS, ISIS, ISIL) terrorist organization took control of many areas in which the company worked, leaving it now with […]
By Samar Rassam-Whitticombe, CEO of Somer Industrial Projects (SIP). This is an extract from an article originally published by Nina Iraq, and is reproduced here with permission. After celebrating the end of Ramadan, I hope that everyone experienced a welcoming Eid al-Fitr. Unfortunately, the time of joy for Iraqi citizens was tinged with sadness due […]
The Kurdistan Regional Government (KRG) has published its monthly export report for July 2015. The KRG exported 16,019,090 barrels of crude oil (an average of 516,745 barrels per day (bpd)) in the month of July through the Kurdistan pipeline network to the port of Ceyhan in Turkey. Of this amount, fields operated by the KRG […]
At Iraq Business News, we are committed to providing our readers with the very best business information on Iraq. To that end, we are delighted to announce the launch of our new Reference pages, which will support our news service by giving all the background information that our readers need about the country. We are […]
Shares in Genel Energy were trading down 6 percent on Thursday morning, following the company's announcement that revenues for the 6 months to 30 June 2015 were slightly below analysts expectations. The shares are still up about 10 percent since the KRG announcement that it had put payment plans in place. Highlights Our operations in […]
By John Lee. A senior official at the Iraqi state-owned North Oil Company (NOC) has been assassinated in the city of Kirkuk. The incident occurred on Friday, claiming the life of Saad Ali Hussein, the head of pipeline maintenance at the company, and his driver. According to Reuters, Hussain was appointed NOC's chief of operations after […]
The Kurdistan Regional Government has announced plans to start paying oil companies a proportion of the revenues from crude oil sales. Starting from September 2015, the Kurdistan Regional Government, KRG, will, on a monthly basis, allocate a portion of the revenue from its direct crude oil sales to the producing international oil companies, IOCs, KRG […]
By Ahmed Mousa Jiyad. Assessing Government Spending This is an updated version of the last part (and the list of consulted references) of the research work commissioned by the Natural Resource Governance Institute (NRGI), USA, as part of the preparation for NRGI’s strategic plan for interlinked and complementary interventions in Iraq during the upcoming three […]
WesternZagros Resources has issued an update in advance of the company's standard second quarter results which are scheduled for release on 13th August, 2015: Garmian Block Second quarter production from the Sarqala-1 well averaged 5,427 barrels of oil per day ("bbl/d). WesternZagros continues, in accordance with the KRG, to supply this production to the domestic […]
Statement by KRG's Ministry of Natural Resources on attacks on the Kurdistan to Ceyhan oil export pipelines in Turkey Since July 27th, there have been repeated attempted thefts and sabotage attacks on the pipelines that carry crude oil from the Kurdistan Region to Ceyhan (pictured) in Turkey. This has led to an almost complete stoppage […]
