Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. Shares in Petroceltic plc were trading up nearly 4 percent on Tuesday, following a positive note from a London-based broker. Peel Hunt analyst James Carmichael claims that near-term drilling in Iraqi Kurdistan could significantly increase Petroceltic’s resource base. Proactiveinvestors says the broker has a ‘buy’ recommendation and a 202p price target for […]
By John Lee. Oil Minister Dr. Adel Abdul Mahdi [Adel Abdel Mehdi] has announced a plan to build new oil storage tanks to help smooth oil production during bad weather. Iraq's exports were restricted in January due to bad weather in the Gulf. (Source: AIN) (Oil tanks image via Shutterstock)
By John Lee. Talisman Energy, the Canadian producer being acquired by Spain’s Repsol, has fully impaired its investment in Block K44 in the Kurdistan region of Iraq by $234 million, after determining that future investment in a capital constrained environment was unlikely. The company has an interest in two blocks, Kurdamir and Topkhana, covering in […]
By John Lee. China Petroleum Pipeline (CPP) and North America Western Asia Holdings (NAWAH) have announced that the two companies have entered into an agreement to jointly pursue potential energy sector development projects in Iraq. Under the agreement signed during a formal ceremony in CPP’s global headquarters in China, CPP and NAWAH will seek an […]
By John Lee. Shares in Gulf Keystone Petroleum (GKP) were down 10 percent on Friday morning, after it announced the suspension of crude oil exports by truck from Iraqi Kurdistan. The company said it remains in a dialogue with the Kurdistan Regional Government's Ministry of Natural Resources ("MNR"), in order to receive the outstanding payments […]
By John Lee. Parsons has announced that it was recently awarded the front-end engineering design (FEED) for South Oil Company’s Common Seawater Supply Project in southern Iraq. This landmark project will provide 12.5 million barrels of water per day (bwpd) of treated seawater to oilfields in southern Iraq. Parsons’ scope of work includes conducting 14 […]
By Patrick Schmidt. The United States Department of Defense announced this week that the Islamic State (IS, ISIS, ISIL) no longer receives the majority of income from oil sales. Officials now believe that the group is funded mainly through private donations as well as black market sales. Additional pressure has mounted against the Islamic State […]
By John Lee. Norwegian oil and gas operator DNO reported record oil and gas output in 2014, but the results were impacted by one-off impairment charges in the fourth quarter driven in part by the drop in global oil prices. Gross output was up 66 percent last year to 117,482 barrels of oil equivalent per […]
By John Lee. The Islamic State (IS, ISIS, ISIL) is reported to be exports 100 tankers of crude oil every day from the Hamrin oil fields in southern Kirkuk. The US has previously warned that IS is using oil as a major source of funds. An Iraqi army officer, who declined to be identified, told […]
By John Lee. Iran has issued a tender to build a second pipeline to carry natural gas to Iraq. Trade Arabia reports that the $1.5-billion project will be granted on a build-operate-transfer (BOT) basis, and all costs will be recovered through revenues from gas exports to Iraq. A pipeline will be built from the Iranian […]
By John Lee. Exports of crude oil from Iraq's southern ports dipped in January to an average of 2.389 bpd, according to a report from Reuters. This is down from the record high of 2.76 million bpd in December, and was due to bad weather in the Gulf. (Source: Reuters)
By John Lee. Production at the Khabbaz oilfield, 20 km southwest of Kirkuk, remained suspended on Monday following severe damage during a weekend attack by Islamic State (IS, ISIS, ISIL) insurgents. Oil Minister Dr. Adel Abdul Mahdi [Adel Abdel Mehdi] (pictured) said there is severe damage to the field, which was recaptured by Kurdish forces on […]
