Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By Patrick Schmidt. The Iraqi Deputy Prime Minister announced that Iraq would try to increase its oil production along with exports in order to compensate for low oil prices. Iraq has recently lost 50 percent of its revenue due to the slump in world crude prices. The country aims to boost production with the Kurdistan […]
By John Lee. Gulf Keystone Petroleum (GKP) has appointed a new Chief Financial Officer. Sami Zouari (pictured), 42, joins the Company following careers in both the oil & gas industry and investment banking, where he also had a particular focus on the Energy and Commodities sectors in the Middle East and North Africa. Educated at […]
Shares in Genel Energy were down 3 percent on Wednesday morning following the company's trading and operations update in advance of the its full-year 2014 results, which are scheduled for release on 5 March 2015. The information contained herein has not been audited and may be subject to further review: HIGHLIGHTS A combination of low […]
By John Lee. Iraqi Oil Minister Adel Abdul Mahdi told a conference in Kuwait on Wednesday that oil prices are unlikely to fall further, following the drop of nearly 60 percent since June: "Our estimate is that the prices (of oil) have reached the bottom. It is very difficult to drop lower than this ... […]
By John Lee. Iraq and Turkey have agreed on a new natural gas pipeline project. The announcement was made during the visit of Turkey's Energy Minister, Taner Yıldız, to Iraq on Sunday to attend 17th meeting of the Turkey-Iraq Joint Economic Commission. Technical analysis on a new natural gas pipeline will start soon. According to […]
By John Lee. In its Trading Statement this morning, Dragon Oil issued the following update on its operations in Iraqi Kurdistan: "On 10 September 2014, the partners in Block 9 in Iraq, Dragon Oil (30%) and Kuwait Energy (70% and operator), announced their first oil discovery at the consortium's first target, the Mishrif formation, reached […]
By John Lee. Iraq produced a record of around 4 million barrels per day (bpd) of crude oil in December, Oil Minister Adel Abdel Mehdi (pictured) told a press conference on Sunday. This beat the previous record for Iraqi production of 3.56 million bpd in 1979, according to an official from the State Oil Marketing […]
By John Lee. A director of the National Iranian Gas Company (NIGC) has said that Iran plans to begin supplying natural gas to Iraq on a regular basis by May of this year. Azizollah Ramezani said about six to seven kilometers of the pipeline has yet to be laid on the Iraqi side of the […]
By John Lee. Reuters reports that a shipping insurer has warned that Iranian oil is being disguised as Iraqi, in an attempt to flout sanctions on Tehran. Insurer West of England said that Iranian crude labelled as Iraqi crude from Basra was being transferred ship-to-ship (STS) by smugglers at the Khor Fakkan port in the […]
His Excellency the Governor of Basra, Dr Majid Al-Nasrawi, together with representatives of the Basra Provincial Council, Mr Aqeel Al Khalidi, Mr Hayder Al Saadi, Mr Jabbar Al Saadi, and Mr Munther, joined the Chairman of the Iraq Britain Business Council (IBBC), Baroness Emma Nicholson, in a dinner at the new Shams Hotel on the […]
By John Lee. Reuters reports that the State Oil Marketing Organization (SOMO) is planning to export 3.3 million bpd of Basra crude from its southern ports in February. December's total figure hit 2.94 million bpd, the highest since 1980, of which a record 2.76 million bpd of oil was exported from the country's southern terminals. (Source: […]
By John Lee. Fouad Hussein, a member of the Kirkuk provincial council’s oil and gas committee, has told Bloomberg that Iraq will double shipments of Kirkuk crude “in the coming few weeks” from about 150,000 bpd currently to 300,000 bpd. To achieve this, he said that it will be necessary to install a new pipeline […]
