Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. The German newspaper Sueddeutsche Zeitung reports that the Islamic State (IS, ISIS, ISIL) now has control of just one functioning oil field in Iraq, the Qayara field south of Mosul in Nineveh Province. As a result, oil production in areas under its control is now estimated at 2,000 bpd, just 5 percent […]
By John Lee. Genel Energy has announced that it has completed its issue of the U.S. $230 million 7.5% senior unsecured bonds due 14 May 2019. As part of the issue of the bonds, Genel Energy Finance 3 plc (as issuer) and Genel Energy plc (as parent) entered into a bond agreement on 9 April […]
Gazprom Neft, the operator of the Badra field development project, has received the first batch of Kirkuk grade oil from the Iraqi government. The crude oil has been given to the company in compensation for its investment in the field development. 500 thousand barrels (about 70 thousand tonnes) of oil was delivered in the first […]
Gulf Keystone Petroleum (GKP) this morning announced its results for the year ended 31 December 2014. HIGHLIGHTS Operational 2014 gross production of 6,484,391 barrels of oil (2013: 496,921 barrels of oil) with significant growth expected in 2015 Gulf Keystone's operations in the Kurdistan Region remained secure with production operations and crude oil export deliveries from […]
Russia's Bashneft has completed field seismic surveys at Block 12 as part of the geological exploration programme approved by the Iraqi Ministry of Oil. The Oil Exploration Company, an Iraqi company specializing in geological and geophysical exploration, which won the open tender in the spring of 2014, has been employed as a contractor to conduct […]
The Ministry of Natural Resources (MNR) welcomes the passage of the Oil & Gas Revenue Fund law through the Kurdistan Parliament and congratulates the people of the Kurdistan Region, the members of parliament, and the Kurdistan Regional Government Council of Ministers for the entry of the law into the Region’s statute books. MNR will ensure […]
By Ahmed Mousa Jiyad. The Minister of Oil, Mr. Adil Abdul Mahdi, made a recent statement through which he highlighted three interrelated important issues: the first is that Iraq “lost $14,448,146,000” since 2011 up to the end of 2014 as “compensation” payment to IOCs; the second he referred to article 12.5 of the long term […]
By John Lee. Oil exports from Iraq increased in March to 2.980 million barrels per day (bpd), up from to 2.597 million bpd in February. Exports from the Gulf terminals reached 2.712 million bpd, while exports by pipeline from the north amounted to 268,000 bpd. Iraq exported a total of 92.401 million barrels over month, […]
By John Lee. Gulf Keystone's former Chairman Simon Murray (pictured), whose retirement was announced by the company on Tuesday, told Reuters he was effectively forced to quit the company. Murray said he disagreed with the firm's decision to raise $41 million through an equity issue at a 21 percent discount to the market, a move intended […]
By John Lee. A Greek shipping company has reportedly agreed to settle with Baghdad over its role in the export of crude oil from Iraqi Kurdistan, which Baghdad regards as illegal. Last September, the federal government in Baghdad filed a $300-million lawsuit against Marine Management Services (MMS), and subsequently banned three of its oil tankers from […]
The Iraq Britain Business Council (IBBC) Spring Conference 2015 will be held at the Mansion House on the 1st June and the Royal Overseas League on the 2nd June. Baroness Nicholson of Winterbourne, IBBC Executive Chairman and UK Trade Envoy for Iraq, the Executive Committee and Council Members, will welcome distinguished speakers such as H.E. […]
By John Lee. Shares in Gulf Keystone Petroleum (GKP) closed the day down 9.9 percent, following the announcement that the company has successfully raised $40.7 million through a conditional placing of shares at a price of 32 pence per share, a 21 percent discount to the previous market close. The shares were placed through Mirabaud […]
