Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Kurdistan Regional Government Prime Minister, Nechirvan Barzani, yesterday received the Japanese Ambassador to Iraq, Mr. Kazuya Nashida. The Japanese Ambassador thanked the Kurdistan Regional Government for its stance and support following the murder of the Japanese citizen in Syria at the hands of the Islamic State terrorist organization, known as ISIS. He conveyed his condolences […]
By John Lee. ShaMaran Petroleum has announced positive test results from the Atrush-3 well in the eastern part of the Atrush structure (Atrush Phase 2 appraisal area) in the Kurdistan Region of Iraq. Following the testing of the Chiya Khere-6 ("CK-6") Phase 2 area appraisal well announced in January 2015, the drilling rig was skidded […]
Fugro has been awarded a three year contract extension by Basra Gas Company (BGC). The contract covers the provision of topographic and geotechnical services in the Basrah province of Southern Iraq, as well as bathymetric surveys and metocean services. Since being awarded the contract in March 2014, Fugro has provided geotechnical and topographical survey investigation […]
By John Lee. In its 2014 Full-Year Results, Dragon Oil gave the following update on its operations in Iraqi Kurdistan: On 10 September 2014, the partners in Block 9 in Iraq, Dragon Oil (30%) and Kuwait Energy (70% and operator), announced their first oil discovery at the consortium's first target, the Mishrif formation, reached at […]
A Kurdistan Regional Government senior delegation, headed by Prime Minister Nechirvan Barzani was received in Baghdad yesterday by Iraq’s Prime Minister Haider al-Abadi and a number of Iraq’s federal government officials. The two sides held two meetings during this one day visit of the Kurdistan Region delegation to Baghdad. The main objective of the meetings […]
By John Lee. The former head of the Energy Studies Department at the Opec Secretariat in Vienna has said that delays in capturing associated gas from Iraq's oilfields is costing the country billions of dollars. Saadallah Al Fathi told GulfNews.com that the Basra Gas Company (BGC) is very slow in rehabilitating and maintaining the plants […]
By Patrick Schmidt. The Ministry of Oil announced that oil exports averaged 2.516 million barrels per day in January. This number represents a decrease of almost fifteen percent from December 2014. Based on international oil prices, this would create revenue of $3.258 billion. December 2014 boasted revenue of $5.161 billion for Iraq. Oil revenue makes […]
By John Lee. Islamic State (IS, ISIS, ISIL) militants have attacked Peshmerga forces on the Khazir frontline, north of Mosul, with the aim of seizing equipment and machinery belonging to US oil company ExxonMobil. A Peshmerga commander told BasNews that the extremist group was forced back from the area, including the key villages of Wardik […]
By John Lee. The continuing war against the Islamic State (IS, ISIS, ISIL), coupled with the decline in oil prices, have reportedly made Iraqi regulators and government more receptive to reforms that would strengthen the economy and the stock market, according to an article in UAE-based The National. Shwan Taha, head of Rabee Securities, has […]
By John Lee. Oryx Petroleum Corporation has announced an update regarding production, sales and development activities for the Hawler license area in the Kurdistan Region of Iraq (“KRI”). Highlights: Gross (100%) oil production: - December 2014 average of 3,900 bbl/d with a daily peak of approximately 8,500 bbl - January 2015 average of 3,100 bbl/d […]
By John Lee. Genel Energy chief executive Tony Hayward said on Tuesday that Iraq's output of crude oil would grow much more slowly than many expect. He told a conference in London that the world has entered a new era of lower oil prices, which would not recover to the $110 a barrel level in […]
By John Lee. Anadolu Agency reports that international oil companies (IOCs) operating in Iraqi Kurdistan are reconsidering their investments as they have not yet been paid by the Kurdistan Regional Government (KRG). Gulf Keystone Petroleum (GKP) recently suspended crude oil exports by truck from Iraqi Kurdistan, and was reported in November as saying that it […]
