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 Organization (SOMO) has said that oil exports amounted to 95.447 million barrels in August, which equates to 3.079 million barrels per day. According to a report from Shafaaq, this generated revenue of approximately $3.874 billion, at an average price of $40.59 per barrel. Exported from the southern port of […]
By John Lee. ShaMaran Petroleum has announced the successful testing and completion of the Chiya Khere-8 ("CK-8") development well in the Atrush Block in the Kurdistan Region of Iraq. The CK-8 development well was drilled in the third quarter of 2014. The well was re-entered in July 2015 and two well tests ("DST") using an […]
By John Lee. Iran’s Deputy Oil Minister has announced that an office of the National Iranian Oil Company (NIOC) has been officially opened in Iraq. According to a report from Mehr News Agency, Roknoddin Javadi (pictured), who is also the Managing Director of the NIOC, stressed the need to be present in neighbouring countries, adding […]
By John Lee. In its latest Half Yearly Report, Russia's Lukoil reports that in the first half of 2015, the Group accrued revenue from the West Qurna-2 project in the total amount of $1,535 million, consisting of cost recovery of $1,475 million and remuneration fee of $60 million, compared to the revenue of $1,179 million […]
By John Lee. A suicide bomber has killed a police officer and an employee of the Kirkuk Oil Company (KOC), and wounded four others, according to a report from Shafaaq. The attack happened on the main road between Kirkuk and Debes. Kirkuk Provincial Council recently changed the name of North Oil Company (NOC) to Kirkuk […]
Further to the Ministry of Natural Resources communiqué of August 3, 2015 regarding payments to the exporting international oil companies (IOCs) in the Kurdistan Region, the Kurdistan Regional Government has confirmed that the Kurdistan Regional Council for Oil & Gas Affairs expects the first tranche of regular payments to be made available to the exporting […]
Shares in Gulf Keystone Petroleum (GKP) were trading up 12 percent on Thursday following the announcement of its results for the six months ended 30 June 2015. Operational highlights Security situation and HSE performance All operations in the Kurdistan Region of Iraq remain safe and secure with no significant HSE incidents during the period Shaikan […]
Just a year after it opened, the RSK combined geotechnical–environmental laboratory outside Basra, Iraq, is aiming to expand its services and recruit more young scientists to augment its staff of nearly 20. The RSK Iraq laboratory, which has been operational since May 2014, is the first combined geoenvironmental laboratory in Iraq to achieve this International […]
By John Lee. The Korea Gas Corporation (KOGAS), the state-run South Korean gas company, is to invest $4.9 billion (5.7 trillion Iraqi dinars) to develop the Zubair oilfield. In a stock exchange filing, the company said this investment is part of the total $19.4 billion capital expenditure required for the project, and added that it […]
By John Lee. Iraq has paid international oil companies (IOCs) $9 billion in remaining arrears for 2014, according to a report from Reuters. Oil Minister Adel Abdel Mahdi (pictured) said that the outstanding fees for 2015 will be paid in stages until the beginning of next year. (Source: Reuters)
A new report suggests that Israel has bought more than three-quarters of its oil from the government of Iraq’s semi-autonomous Kurdistan Region. According to the Financial Times, Israeli firms and refineries imported over 19 million barrels of oil worth one billion dollars between May and August 20-15. That’s almost 77 percent of the crude exported […]
Gulf Keystone Petroleum (GKP) has announced that Nadhim Zahawi (pictured) has been appointed as Chief Strategy Officer. Mr Zahawi is joining Gulf Keystone's management team and will be responsible for the evaluation of strategic options for the Company, reporting to CEO Jón Ferrier. Mr Zahawi, 48, is of Kurdish origin, and moved from Iraq to […]
