Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. Reuters cites sources as saying that Basra Heavy crude, with an API gravity of 24 degrees, will be sold from May. It will be allocated to companies with technical service contracts, such as Lukoil , Petronas, CNPC, CNOOC, BP, ExxonMobil and Shell. The State Oil Marketing Organization (SOMO) had previously abandoned plans […]
By John Lee. India's oil ministry has instructed state refiners Indian Oil Corp and Hindustan Petroleum Corp (HPCL) to buy eight million barrels of Basra crude oil for delivery in May and June. The country is looking to build up its strategic petroleum reserve (SPR) at the current low market prices. A source told Reuters […]
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. Truth, Lies And Barrels Per Day: Confusion Reigns in Iraq-Kurd Oil Dispute The deal done to resolve Baghdad's issues with Kurdish oil looks shaky. Both sides have presented different oil […]
By John Lee. LUKoil boss Vagit Alekperov (pictured) has reportedly threatened to cut investment in Iraq unless Baghdad offers more oil in return. The Iraqi government reimburses IOCs' costs in physical shipments of oil. LUKoil is a partner in the West Qurna-2 project, and in the development of Block 10. (Source: Reuters)
By John Lee. Ashti Hawrami (pictured), KRG energy minister, has said that Iraqi Kurdistan is expected to reach financial self-sufficiency from Baghdad within months, despite central government withholding the region’s 17 percent share of budget. Speaking to Rudaw, he outlined plans to increase oil production to 750,000 bpd by the end of this year. In a […]
By John Lee. Share in Gulf Keystone Petroleum (GKP), operator of the Shaikan field in the Kurdistan Region of Iraq, gained 20 percent on Wednesday as the company announced that it has resumed production and truck loading operations at both its production facilities (PF-1 and -2), in line with the pre-payment of US$ 26 million […]
By John Lee. WesternZagros Resources has announced its operating and financial results for the fourth quarter and year ended December 31, 2014. WesternZagros achieved several key financial and operational milestones during 2014 and to date, including the commencement of light oil production and sales at an average rate of 5,000 barrels of oil per day […]
By John Lee. An un-named industry source has told BasNews that oil production in Kirkuk has risen to 400,000 bpd. He said that, to begin with, they were exporting only 150,000 bpd through the Kurdistan Region’s pipeline to Ceyhan Port in Turkey, but later increased this to 300,000 bpd, eventually reaching 400,000 bpd on Monday. […]
By John Lee. Iran’s PressTV said on Saturday that Iraq has started a new round of talks with Iran and Kuwait over the development of oil wells that are shared between the three countries. Oil Minister Dr. Adel Abdul Mahdi [Adel Abdel Mehdi] (pictured) said that this is consistent with Iraq’s policy of expanding its crude […]
By John Lee. India's oil imports from Iraq have seen a sharp increase in January, according to Platts, climbing 56 percent to 2.48 million mt. Eklavya Gupte, associate editor, Europe and Africa crude oil, at Platts said: “Indian refiners are importing Iraqi Basrah light crude oil to compensate for the drop in imports from Iran […]
By Patrick Schmidt. Once the price of oil rises again, the Iraqi government hopes to fix some of the financial issues attached to the lower oil prices. The Ministry of Oil hopes to create incentives for international oilfield operators to produce more oil even when prices are high. Other discussions include ways to cut costs […]
By John Lee. ShaMaran Petroleum reports updates to estimated reserves and contingent resources for the Atrush block as of December 31, 2014. The reserves and contingent resources estimates were provided by McDaniel & Associates Consultants Ltd. ("McDaniel"), the Company's independent qualified resources evaluator, and were prepared in accordance with standards set out in the Canadian […]
