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 State Oil Marketing Organisation (SOMO) has adjusted its official selling prices for its Basra and Kirkuk crude oil for May. It has also issued separate prices for its new Basra Heavy grade, giving a significant discount to the more desireable Basra Light, but Reuters cites industry sources as saying that shipments […]
Shell Iraq staff dug deep into their own pockets to raise money for the AMAR International Charitable Foundation. They collected almost £10,000 ($14,700), which Shell management generously agreed to double. The photo from Khanke IDP camp near Dohuk today show AMAR staff distributing essential supplies for babies and young children which were bought with some […]
By John Lee. Islamic State militants (IS, ISIS, ISIL) breached the security perimeter around Baiji [Beiji, Bayji) refinery on Monday, but were repelled by security forces and coalition airstrikes. The 20-square-kilometer site was under siege for five months last summer, until its liberation in November. According to Reuters, provincial council member Khazaal Hammad said the […]
By John Lee. Reuters reports that Iraq's plan to split its Basra crude into 'heavy' and 'light' grades from May should reduce quality issues dogging its exports, but adds that there will be challenges getting the price it wants and setting up the required infrastructure. An official at the state-run South Oil Company (SOC), who […]
By John Lee. The Iraqi Oil Minister Adil Abdul Mahdi claims that the Islamic State (IS, ISIS, ISIL) are selling oil for as little as $30 a barrel. BasNews quotess the Minister as saying that the militants are getting their oil from two major sites in Salahaddin Province; the Allas and E’jeel oil fields. This […]
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. Kurdistan of the South? Basra Takes Further Steps Toward Independence Inside Iraq Those who believe that the resource-rich province of Basra would be better off as a semi-autonomus region say […]
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 […]
