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 Ambassador to Iran, Rajeh Saber Aboud al-Moussavi, has said that Tehran and Baghdad are in talks on investment in the joint Azadegan oilfield. The field, situated 80-100 kilometres west of Ahvaz in Khuzestan province in Iran, was discovered in 1999, and has reserves estimated at 33 billion barrels. It is already […]
By John Lee. The KRG’s Ministry of Natural Resources (MNR) has issued a statement which it claims will "set the record straight on oil export and revenue:" The full text of the statement is shown below: In 2014, Dr. Maliki’s government cut the entire Kurdistan budget creating a financial crisis for the people of the […]
By John Lee. DNO ASA, the Norwegian oil and gas operator, set record production levels from the Tawke field in the Kurdistan region of Iraq during the second quarter of 2015 with output averaging 153,346 barrels of oil per day (bopd). A total of 118,037 bopd, representing 77 percent of field production, was delivered to […]
By John Lee. During a visit to the West Qurna II oilfield in Basra, Prime Minister Haider al-Abadi reiterated his government's commitment to ensuring the security of the southern oilfields and their workers. He met with senior management of the Russian operator Lukoil, following protests by locals demanding jobs. A Lukoil official told Reuters that […]
By John Lee. Sabotage and theft from pipelines has cost the Kurdistan Regional Government (KRG) an estimated $501 million (584 billion Iraqi dinars) since the start of July, the KRG's Ministry of Natural Resources said in a statement: "Persistent theft and attempted theft from the Iraq-Turkey crude oil pipeline in the southeast of Turkey continues […]
Russian oilfield services group ERIELL has signed a contract with LUKOIL Middle East to drill 25 production wells at the West Qurna-2 oilfield. “Company’s entry to the Iraq market marks the beginning of development of the Middle East region, which we deem extremely promising in terms of implementation of the ERIELL strategy of the contract portfolio […]
By Shwan Rahman. The Impact of Foreign Direct Investment on Legal Compliance in the Iraqi Oil and Gas Industry This study seeks to ascertain the causal link between the inflow of Foreign Direct Investment (FDI) and compliance with international law standards. The reasons why various Iraqi governments since 1958 have been very reluctant to open […]
By John Lee. Shares in WesternZagros Resources Ltd. (TSX VENTURE:WZR) closed 3 percent down on Thursday following the announcement of its operating and financial results for the second quarter ended June 30, 2015. Second quarter production from the Sarqala-1 well averaged 5,427 barrels of oil per day ("bbl/d"). The Sarqala-1 well has produced approximately 1.8 […]
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 […]
