Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
The Kurdistan Regional Government has published its Monthly Export Report for May 2015. The Kurdistan Regional Government (KRG) exported 17,906,242 barrels of crude oil (an average of 577,621 barrels per day (bpd)) in the month of May through the Kurdistan pipeline network to the port of Ceyhan in Turkey. Of this amount, fields operated by […]
Restrata has been awarded a $1.2 million dollar (1.4 billion Iraqi dinar) contract to deploy a new managed internet network across six locations in Iraq, including West Qurna 2 Oilfield, Baghdad, Basra Central and Iraq Energy City. This new managed network enables Restrata to provide their clients with IP connectivity required to access bandwidth-hungry services […]
By John Lee. Gulf Keystone Petroleum (GKP) has confirmed that it is in the process of appointing Jón Ferrier as CEO. Following a brief transition period, John Gerstenlauer will retire as CEO and, at the forthcoming Annual General Meeting, as a Director of the Company. A further announcement will be made in due course. Jón […]
By John Lee. Iraq exported an estimated 97 million barrels of oil in May through the State Oil Marketing Organization (SOMO), giving a daily rate of 3.13 million bpd. Early statistics indicate that this brought in revenues of $5 billion (6 trillion Iraqi dinars), equating to about $51.5 per barrel. (Sources: AIN)
DNO ASA, the Norwegian oil and gas operator, today announced a new daily record of 170,000 barrels of oil produced from the Tawke field in the Kurdistan region of Iraq, of which 30,000 barrels were sold into the local market and the balance allocated for export. Tawke production in the first quarter of 2015 was […]
By John Lee. The head of the state-run Iraqi Drilling Company (IDC), Idriss Mohsin al-Yasiri, is reported to have held closed-door talks with the CEO of Iran’s North Drilling Company, Hedayatollah Khademi. According to Iran's PressTV, Al-Yasiri said the Iranian company was able to provide a “full cycle of services”, and said he expected the […]
By John Lee. According to a report from Reuters, the new Basra Heavy crude oil grade has been trading at a widening discount. Malaysia's Petronas reportedly sold 2 million barrels for June loading to Indian refiner Essar Oil at a discount of more than $1 a barrel to its official selling price. bigger than expected […]
By John Lee. Iraq is planning to boost crude exports by about 26 percent, according to a report from Bloomberg. Shipping schedules suggest exports of a record 3.75 million bpd in June. Deputy Oil Minister Fayyad al-Nimaa said recently that export capacity is currently capped at 3.1 million bpd. Commenting in Forbes, petroleum economist Michael […]
According to the April 2015 report published by the Kurdistan Regional Government, KRG, Ministry of Natural Resources, KRG commitments under the 2015 Federal Budget Law have been met, and oil production has reached record levels. According to an agreement on oil export and budget, reached last December between the KRG and the Federal Government of […]
By Ahmed Mousa Jiyad. Iraq Extractive Industry: Legal, Fiscal and Revenue Allocation and Management Issues This is an Executive Summary 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. This […]
By Lemya Ayub. This is an extract from an article originally published by Nina Iraq, and is reproduced here with permission. Interview with H.E. Ambassador of Japan to Iraq, Mr. Kazuya Nashida It is 2:00 pm Monday afternoon. I have been preparing my questions and kind of know what to expect, however, I am also […]
By John Lee. The Iraqi Oil Ministry has announced that it has paid compensation of more than 3 million Iraqi dinars ($2.6 million) to farmers whose lands were damaged their lands because of oil projects in Wassit province. The amounts relate to the years from 2012 to early 2015, and were paid to 618 farmers. […]
