Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
The Kurdistan Region Council for Oil and Gas Affairs met on Wednesday with the five political parties of the Kurdistan Regional Government, KRG. Recent developments regarding oil and budget issues between the KRG and the Iraq Federal Government were discussed. It was reaffirmed that the KRG has been abiding by the December agreement with Baghdad […]
By John Lee. Reuters reports that exports from Iraq's southern terminals have averaged 3.00 million barrels per day in the first 15 days of June, up from 2.69 million bpd in the month of May. The increase is due in part to the splitting of Basra crude into two grades, Basra Heavy and Basra Light. […]
The KRG's Ministry of Natural Resources (MNR) notes the decision by the Seoul Western District Court in Korea to grant an application from the Korean National Oil Company (KNOC) ordering the Korea Times newspaper to delete all published articles relating to allegations by a Korean MP of a misuse of funds by the KRG and […]
Air Energi has been awarded its first major contract with BP Iraq. The five year agreement will see Air Energi deliver talent acquisition services to support BP Iraq’s operations in the Middle East. The agreement includes the supply of expatriate talent to support Iraq’s giant Rumaila and Kirkuk oil fields. With estimated recoverable reserves of […]
By Madeleine White, capacity building specialist and co-founder of Nina Magazine For Arabic please go to arabic.nina-iraq.com It was the third and final day of last week's Iraq Petroleum conference, hosted by CWC in London. It was breakfast time and I was just about to take a second bite of my croissant, when the guy next […]
By Ahmed Mousa Jiyad. Anatomy of Perceived Failed States in MENA Region: The Case of Iraq The latest and severest manifestation of resource curse attacks in MENA region is the potential threat of dismantling the “nation state” model through a transitional phase of creating the conditions of a “failed state”. This could be the case […]
By John Lee. Prime Minister Haider al-Abadi said in televised remarks on Saturday that Iraq's oil revenues are even lower than projected in the country's already austere 2015 budget. According to a report from AFP, al-Abadi declined to providing exact figures on the shortfall. Iraq's parliament approved a budget of 119.5 trillion Iraqi dinars in January […]
By John Lee. Iraq has reportedly surprised traders in Asia with a sharp increase in the price of its new Basrah Heavy crude grade. Despite the grade selling at a sharp discount in the spot market last month, the State Oil Marketing Organization (SOMO) raised the Official Selling Price (OSP) for Basrah Heavy by 85 […]
By John Lee. Reuters reports that Iraq has again reduced its oil production targets. Speaking at a conference in London, Falah Alamri, head of the State Oil Marketing Organization (SOMO), said Iraq now planned to produce 5.5-6.0 million bpd by 2020, down from the previously target of 8.4-9.0 million bpd. This would represent an increase […]
By John Lee. Reuters reports that oil production at the West Qurna II oilfield is currently running at around 402,000 barrels per day. The news agency quotes Lukoil Overseas senior vice president, Gati Al-Jebouri (pictured), as telling at a conference in London that output is expected to rise to 420,000 bpd by the end of […]
Turkish-based storage tank company Ergil has completed a comprehensive engineering, design, material supply and fabrication project in Iraq. ROSCO (Rafidain Oil Services Co., part of the Jurmat Group Of Companies), the EPC contractor for the New Flow Tanks EPC Project, has awarded the company the engineering, design, material supply and fabrication of 33m dia & […]
Regus, the global workplace provider, has just announced the expansion of its global network to include Iraq, its 105th country. Its new centre in Erbil, Kurdistan, will support the activities of companies in the region, particularly in the fields of oil and gas, engineering and technology. Located in the prime commercial district of Erbil, close […]
