Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
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 […]
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 […]
