Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. Iraq's oil exports hit a record 3.08 million bpd in April, according to Reuters, up from 2.98 mln bpd in the previous month, Exports from the southern terminals reached 2.627 million bpd, while exports from the north via the Kurdistan pipeline were 450,000 bpd. At an average price of $51.70 per barrel, […]
Iraq’s Deputy Prime Minister, Dr Bahaa Al Araji (pictured), told a high level international conference in Baghdad on Wednesday that his country recognised the vital importance of foreign investment and Iraq was full of opportunity. Dr Bahaa said the Government was ready to extend all facilities and offer incentives for businesses to come to Iraq. […]
By John Lee. The Iraqi Council of Ministers has approved the expenditure needed to drill 23 oil wells in the West Qurna area. The drilling had been recommended by the Economic Ministerial Committe, and is to be carried out by the South Oil Company (SOC) and the Russian company Lukoil. (Source: AIN) (Oil drilling image […]
By John Lee. Iraq's new Basra Heavy crude grade is now expected to be further delayed. Reuters quotes sources as saying that the State Oil Marketing Organization (SOMO) has informed oil companies that it will start supplying Basra Heavy against entitlements from June instead of May. (Source: Reuters)
This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Matter of National Security? The Turkish-Kurdish 'Secret Agreement' An 18-month-old “secret agreement” between Iraqi Kurdistan and Turkey goes for 50 years and potentially affects national security and oil exports. Nobody […]
Advertising Feature Southern Iraq’s pre-eminent valve engineering specialist was recently awarded its fourth contract for valve management in the Rumaila field. It has also achieved its mid-term target for workforce localisation. Severn Valve Solutions is an authority in valve performance, compliance and reliability. The business draws on 50 years of OEM valve expertise, 30 years’ […]
By John Lee. Iraq's Independent High Electoral Commission (IHEC) has reportedly rejected a request for referendum to make Basra an autonomous region. Anadolu Agency reports that Commission said it had received an official request from Basra city that included the signatures of 44,366 citizens, but the lists were missing the signatories' identification numbers and ration […]
By John Lee. France's Technip, in partnership with UNICO, a Japanese engineering consultant, has been awarded a Project Management Consultancy (PMC) contract on a reimbursable basis, for the upgrading of the Basra refinery. This contract, awarded by Ministry of Oil's South Refineries Company (SRC), covers the engineering, procurement, construction, commissioning, start-up and warranty management phase […]
Iraq’s Prime Minister and many of his most senior colleagues will address a top-level international business conference being held in Baghdad later this week. Organised by the Iraq Britain Business Council (IBBC) together with Iraq’s National Investment Commission (NIC) and the Federation of Iraqi Chambers of Commerce, the event will also be attended by senior […]
By John Lee. A report from Reuters suggests that Iraq's oil output in 2015 is likely to remain flat as Baghdad struggles to cope with low oil prices. Oil executives and market experts say that increasing production next year will be even more challenging if prices remain low, and if Baghdad fails to repay oil […]
By John Lee. Petrojet has been awarded a $185-million (216-billion-Iraqi-dinar) contract to build the first gas-processing plant for Iraq’s Siba field. The Egyptian state-owned company will handle all the gas-processing plant’s related works including engineering, procurement, and construction (EPC). The project aims to increase the field’s production to 110 million cubic feet per day within […]
By John Lee. Genel Energy's chief executive has said he may step down as CEO as early as the end of this year to become Chairman. Reuters reports that Tony Hayward (pictured) also told the FT Commodities Summit in Lausanne, Switzerland, on Wednesday that low oil prices will trigger consolidation in the oil industry in […]
