Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
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 […]
By John Lee. Reuters reports that Iraq's oil exports rose in February to an average 2.597 million barrels per day, up from 2.535 million bpd in January. Iraq's southern terminals reached 2.293 million bpd, slightly down on the previous month due to bad weather, while exports from the north via the Kurdistan pipeline more than […]
By John Lee. The tanker which was blocked for months by a Baghdad legal challenge from unloading its 1 million barrels of Kurdish crude oil in Texas, has reportedly delivered its cargo to Israel. The United Kalavyrta [United Kalavrvta, United Kalvrvta] (pictured) spent several months off the coast of Texas after Baghdad tried to have […]
By John Lee. Oil Minister Dr. Adel Abdul Mahdi [Adel Abdel Mehdi] met recently with a delegation representing the Japanese ministry of commerce and industry, headed by Mr. Shozo Takada. Also in attendance were representatives from the Japanese companies Mitsito, Hitachi, Mitsubishi Heavy Industries and Tio Engineering. Discussions concentrated on the development of commercial, economic, […]
By John Lee. Following yesterday's gain of 55 percent on the announcement of a possible takeover, shares in Gulf Keystone Petroleum (GKP) were down 7 percent on Thursday morning. The company has confirmed receipt into its bank account of a further US$26 million [30 billion Iraqi dinars] gross payment (US$20.8 million net to Gulf Keystone) constituting […]
By John Lee. Shares in Gulf Keystone Petroleum (GKP), operator of the Shaikan field (pictured) in the Kurdistan Region of Iraq, jumped 65 percent on Wednesday after the company announced that it has recently engaged in discussions with a number of parties in relation to possible asset transactions or a sale of the company. GKP […]
By John Lee. Turkey has agreed to provide a $500-million [600 billion Iraqi dinar] loan to the Kurdistan Regional Government (KRG) to help pay the wages of state officials. According to a report from Daily Sabah, the loan will be repaid by either being set off from Turkey's crude oil debts or being repaid directly […]
Kurdistan Region Prime Minister, Nechirvan Barzani told the press that Kurdistan Regional Government is committed to the agreement reached between Erbil and Baghdad last December on oil export and Kurdistan Region's share in the 2015 federal budget. In a meeting held yesterday with representatives of media outlets in Kurdistan Region, Prime Minister Barzani highlighted the […]
By John Lee. The Head of Tehran Chamber of Commerce, Yahya Al-e Es'haq [Yahya Ale-Eshaq] (pictured), has said that Iran exported technical and engineering services valued at almost $6 billion (7.2 trillion Iraqi dinars) to Iraq in the first eleven months of the current Iranian calendar year (March 21, 2014-February 19, 2015). Fars News Agency […]
