Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. Reuters reports that spot premiums for Basra Light crude hit a multi-year high on Thursday, after Iraq cut supply of the grade to export more of its new Basra Heavy oil in June. Traders told the news agency that the premium for June-loading Basra Light surged to more than $1 a barrel […]
By John Lee. During his visit to Moscow, Prime Minister Haider Al-Abadi received the presidents of three major Russian oil and gas companies: Soyuzneftegaz group, Lukoil, and Gazprom. At the start of talks with Abadi in the Kremlin, Russian President Vladimir Putin said Russia is expanding cooperation with Iraq in the area of military technology, […]
By John Lee. Iraq has approved a $526.6-million (614 billion Iraqi dinar) drilling deal with China's Zhongman Petroleum and Natural Gas Group (ZPEC) for the West Qurna II oilfield, according to Reuters. Under the 28-month contract, ZPEC will drill 66 production oil wells at the Lukoil-operated field. Current production capacity at West Qurna II is […]
By John Lee. A report from Argus claims that Iraq has scheduled greater-than-expected initial volumes of its new Basra Heavy crude oil grade. The State Oil Marketing Organization (SOMO) plans to load more than 1.2 million bpd of Basra Heavy in June, boosting total Iraqi sales from its southern export terminals to a record high […]
By John Lee. The Turkish Petroleum Overseas Company (TPOC) has issued a request for expressions of interest in its Mansuriya Gas Plant The Mansuriya gas field is located in Diyala governorate approximately 45 km north of Ba’quba city in Iraq. This location is about 100 km north-east Baghdad and south-west of Hamrin Lake. Turkish Petroleum […]
Kurdistan Region Prime Minister Nechirvan Barzani has received a delegation from the Russian Federation that included President Vladimir Putin’s Envoy to the Middle East and Deputy Foreign Minister Mikhail Bogdanov, Chairman of Gazprom Neft, Alexander Dyukov, and Deputy Energy Minister, Yuri Sentyurin. The delegation highlighted historic relations between Kurdistan and Russia, and their intention to […]
By John Lee. BlackRock Frontiers Investment Trust has said that the fund's most significant detractors from performance were its Iraqi oil stocks. In its Half-yearly Report, the fund commented: "Although Kurdistan has started exporting oil through it's pipeline to Turkey, the International Oil Companies ("IOCs") are still not receiving payment for these exports which is […]
By John Lee. Oil major BP has reportedly agreed with the Iraqi oil ministry to cut this year's expenditure on development work at Rumaila oilfield from $3.5 billion (4.1-billion-Iraqi-dinar) to $2.5 billion. According to The Economic Times, the cut in spending will have no impact on production from the oilfield this year, where output is […]
Oryx Petroleum has announced its financial and operational results for the three months ended March 31, 2015. (All dollar amounts set forth in this news release are in United States dollars, except where otherwise indicated). Financial Highlights: Total revenues of $5.3 million on working interest sales of 128,700 barrels of oil and average realized sales […]
To review the latest prospects for and progress of the December 2, 2014 agreement between the KRG and the Federal Government of Iraq, a joint meeting between the Kurdistan Region Council of Ministers’ Presidency and Kurdistan representatives in Baghdad was held in Erbil on Wednesday. After being presented with details and data of oil export […]
From AFP. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Iraqi security forces are still battling for the control of the country's largest refinery in Baiji, where the Islamic state group has been launching several offensives:
International learning solutions provider Atlas Knowledge has signed a landmark deal that will see it work with the Iraqi Government to deliver world class safety and technical training to the country’s burgeoning oil and gas workforce. The contract with the Ministry of Oil and Baghdad Oil Training Institute (BOTI) will see Atlas Knowledge deliver a […]
