Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. Turkey's energy ministry has confirmed that the smaller of the two parallel pipelines from Kirkuk to Ceyhan (pictured) was sabotaged early on Wednesday in the district of Cizre in Turkey. Only the 40-inch line was operational at the time of the attack, with the parallel 46-inch line currently idled. Crude oil exports […]
By John Lee. Iraq's Electricity Minister, Qassem Fahdawi [Qassim al-Fahdawi] (pictured), has reportedly said that his ministry is looking to invest in solar energy projects, in an attempt to solve the continuing shortage of electricity. He said the country produces only about 11,000 MW of power, but needs 21,000 MW. According to Kuwait's KUNA news […]
By John Lee. China’s Anton Oilfield Services Group (Antonoil) has announced that the Group has received a notification from an oil company customer operating oilfield projects in south Iraq, adding that "the general contract is awarded to Antonoil for the provision of oilfield workover and completion services". A press release from the company continued: "Internal approval […]
By Ahmed Mousa Jiyad. Managing Volatility of Oil Export Revenues This is part three of a 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 years. The Executive Summary of the study was […]
By John Lee. Chinese company Honghua Group Ltd has announced that it entered into an oilfield services agreement worth approximately US$26.0 million (approximately HK$201.5 million) with an Iraqi client in early July. Pursuant to the oilfield services agreement, the company will provide drilling services using two rigs which are expected to gradually begin operations in August and September 2015. In […]
By John Lee. While describing its activities in Iraq as 'muted', oil services company Schlumberger gave details of two projects in the country in its Second-Quarter 2015 Results. Italy's ENI awarded the company a three-year integrated well construction contract which covers the drilling of 30 wells and includes the provision of land drilling rigs, directional […]
By John Lee. Iraq became South Korea’s third-largest suppier of oil in the first half of this year, according to a report from Bloomberg. Purchases of Iraqi crude oil soared 73 percent to 8.25 million metric tons through June in 2015, the highest level since at least 2000. (Source: Bloomberg)
By John Lee. Iraq's oil exports in 2014 accounted for 95.5 percent of the country's total revenue from exports, according to statistics released by the Ministry of Planning's Central Bureau of Statistics. A total of 918 million barrels of oil were exported over the year, up 5.3 percent on the 872 million barrels shipped in […]
By John Lee. A spokesman for Iraqi Prime Minister Haider al-Abadi (pictured) has said that the nuclear deal announced on Tuesday between Iran and world powers will be "a catalyst for regional stability." Saad al-Hadithi told the Associated Press that it will lead to better unity in the fight against terrorism. But Hamid al-Mutlaq, an […]
By John Lee. Iran has reportedly started construction on a new gas pipeline to Iraq, which will feed two power plants near Baghdad. The line is an extension of Iran’s 6th cross-country gas pipeline, and will extend 590 kilometers and include five booster stations. The Managing director of Iran's Gas Engineering and Development Company, Alireza […]
By John Lee. According to a report from Platts, 9 of the 14 tankers intending to load oil from Iraq's State Oil Marketing Organization (SOMO) at the Turkish port of Ceyhan in June, have had their orders cancelled and have left the area. The remaining five are also cancelled but are still waiting, as they […]
By John Lee. Genel Energy has issued the following trading and operations update in advance of the Company's half-year 2015 results, which are scheduled for release on 6 August 2015. Tony Hayward, newly-appointed Chairman of Genel, said: "Production has grown rapidly in the first half of the year, increasing 41% year on year, with operational […]
