Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
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 […]
By John Lee. Oil Minister Dr. Adel Abdul Mahdi [Adel Abdel Mehdi] (pictured) has announced the establishment of three new oil companies. The Dhi Qar Oil Company has been set up to put the extraction and production of oil from fields in Dhi Qar under their direct supervision of the people of the province. This […]
By John Lee. Iraq’s parliament approved the country’s 2015 budget on Thursday, based on a crude oil price of $56 a barrel. According to a report from the Wall Street Journal, the budget projects a deficit of $20 billion, compared with $40 billion in an earlier version. Iraq didn’t pass a budget for 2014. The […]
By John Lee. Shell has reportedly signed a deal with Iraq worth $11 billion (12.8 trillion Iraqi dinars) to build a petrochemicals plant in Basra. On Wednesday, Industry Minister Nasser al-Esawi [Nasser al-Issawi] told a press conference that the Nibras complex would make Iraq the largest petrochemical producer in the Middle East. The news comes […]
By John Lee. The tanker of oil from Iraqi Kurdistan, which had been waiting off the US coast for six months due to legal proceedings, is reported to have finally set sail on Tuesday. According to a report from BasNews, the United Kalavyrta [United Kalavrta] (pictured) is now headed for the Straits of Gibraltar, following […]
By John Lee. Shares in Afren plc have crashed by 67 percent by lunchtime on Tuesday, following an announcement from the company regarding its financing. The full text of the announcement follows: Afren plc ("Afren" or the "Company") provides an update regarding the review of its capital structure, liquidity and funding requirements announced on 20 […]
By Samar Rassam-Whitticombe, CEO of Somer Industrial Projects (SIP). This is an extract from an article originally published by Nina Iraq, and is reproduced here with permission. As we wave goodbye to 2014, I am reminded of all the superb achievements of the last 12 months. The ever-changing shifts in the international socio-political scene have […]
