Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. Oil Minister Dr. Adel Abdul Mahdi [Adel Abdel Mehdi] (pictured) has said he expects the country's oil exports to average 3 million bpd in March. According to the report from Reuters, this is assuming that the weather in the Gulf is good, and that Iraqi Kurdistan exports the quantities of crude oil […]
By John Lee. Pumping of crude oil from Iraqi Kurdistan to the port of Ceyhan in Turkey has reportedly been halted since Monday. An official at Turkey's state pipeline operator Botas said told Reuters that there had been a theft on the pipeline and that repairs would take around one to two days. (Source: Reuters)
By John Lee. Iraq’s State Oil Marketing Organisation (SOMO) has narrowed the discount for April crude deliveries to Asian buyers by the most since November 2011, according to Bloomberg. Asian shipmentas are priced relative to the Dubai-Oman crude benchmark, published by Platts, the energy-information division of McGraw-Hill. Basrah Light to Asia will sell at a […]
By John Lee. The Managing Director of the National Iranian Gas Exports Company has said that Iran is ready to sign an agreement with Iraq to supply Basra with 5 million cubic meters (mcm) of natural gas per day in next Iranian calendar year. Alireza Kameli (pictured) said Iran will start export one year after […]
By John Lee. Shares in Genel Energy bounced 4 percent from a long-term low on Thursday morning following the publication of its results for the year ended 31st December 2014. Highlights 2014 revenue of $520 million, an increase of 49% on 2013 2014 EBITDAX of $411 million, an increase of 49% on 2013 2014 production […]
By John Lee. The Iraqi government has reportedly requested talks with ExxonMobil to restructure oil agreements to help Iraq meet its near-term cash requirements. CEO Rex Tillerson (pictured) is quoted by Reuters as saying that "by and large we are current in our payments," adding that any change would have to be beneficial to Exxon. […]
By John Lee. DNO, the Norwegian oil and gas operator, produced its first 100 million barrels of oil at its flagship Tawke field in February. Executive Chairman Bijan Mossavar-Rahmani told a conference in Oslo: "Output will pick up at Tawke this spring with the expansion of the field's capacity to 200,000 barrels per day." A […]
By John Lee. A spokesman for Iraq's Ministry of Oil has said that Iraq is looking for international companies to build a pipeline from Haditha to the Jordanian port of Aqaba. Assem Jihad told NINA: "Iraq signed an agreement with Jordan to extend a pipeline to transport oil through Haditha in Anbar to the Jordanian […]
Remarks on Recent Statements from the Ministry of Oil By Ahmed Mousa Jiyad. In the past two weeks, several statements reportedly attributed to the Minister of Oil, Mr. Adel Abdul Mahdi, have been circulating. An earlier one advocates the benefits of the Production Sharing Contracts, while the recent one deals with the alleged Iraqi indebtedness […]
By John Lee. Turkish energy minister Taner Yildiz said today that agreements with Iraqi administrations open the door for Turkish oil exploration in Iraqi Kurdistan: "We have agreements with Baghdad and [the government in] northern Iraq ... In the frame of these agreements, we will explore for oil there ... "There can be an additional […]
By John Lee. Roza Othman, a member of the Natural Resources Committee in the Kurdistan Parliament, has said that the KRG will sign a contract with Iran to import gas and electricity. The imported electricity and gas will be for civilians, and the gas will be delivered by pipeline. The Head of the Parliamentary Committee […]
By John Lee. Shares in Afren plc were trading 20 percent higher on Monday after the company announced that it has negotiated a deferral of the US$50m amortisation payment due on 31 January 2015 until 31 March 2015. The agreement was made with the lenders of the US$300m Ebok debt facility. In addition, the Board […]
