Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. The Kurdistan Regional Government (KRG) has reportedly pumped 25 million barrels of crude oil through its independent oil pipeline to the Turkish port of Ceyhan. Turkish Energy Minister Taner Yildiz (pictured) said on Thursday that the oil was shipped from the port in 35 separate cargoes. (Source: Reuters)
By John Lee. Turkish refiner Tupras is to buy crude oil from Iraq Kurdistan sold by the Baghdad's State Oil Marketing Organisation (SOMO). The company's Deputy General Manager, Hasan Tan, told reporters the oil will be sent by pipeline to the Turkish Mediterranean port town of Ceyhan. The announcement comes a week after Baghdad and […]
In the first 3 quarters of 2014, the production of marketable hydrocarbons at LUKOIL Overseas (the operator of LUKOIL's international upstream projects) reached 70 million barrels of oil equivalent – a 44 percent year-on-year increase and a new record for LUKOIL's upstream operations abroad. Oil production more than doubled to reach over 6.5 million tons […]
By John Lee. TAQA, the Abu Dhabi National Energy Company, has said that first oil from its Atrush Block in Iraq is on schedule for late 2015. The company said that operations have resumed following a brief interruption to drilling activities after increased regional instability in August. (Source: TAQA)
By Padraig O'Hannelly. A recent report from Al Monitor highlights the shocking number of official and unofficial holidays in Iraq, and the affect that this is having on commercial activity and education. But that's just part of the picture. Due to its plentiful oil reserves, many would consider Iraq to be an example of a […]
From ProactiveInvestors. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Sara Akbar, the chief executive of privately-owned Kuwait Energy, says the company has no issues working in southern Iraq despite the current conflict in the country. She says being native to Iraq makes life […]
By John Lee. WesternZagros Resources has announced the successful closing of its rights offering which expired on November 14, 2014. The Rights Offering, together with the equity backstop arrangement provided by the Company's largest shareholder, Crest Energy International LLC, generated CDN$200 million in gross proceeds to the Company which will be used to fund development […]
From ProactiveInvestors. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Tony Hayward, the chief executive of Genel Energy (LON:GENL), insists Kurdistan, where Genel operates, is a ‘secure and stable’ place to do business despite the threat of terrorism in the region. Ex-BP CEO Hayward […]
Oil Prices between Economic Realities and Geopolitical Motives By Ahmed Mousa Jiyad. From June to mid-November 2014, oil lost almost one-third its price. Much has been written about this dramatic decline and different thoughts were offered attempting to explain what has been behind such downward movement. This paper addresses firstly the recent price movement by […]
By John Lee. The current average output from Iraq's southern oilfields is reported to be about 3 million bpd, according to a report from Reuters. Oil Minister Dr. Adel Abdul Mahdi [Adel Abdel Mehdi] told reporters that average export levels are about 2.5 million bpd. (Source: Reuters)
By John Lee. Security sources report that the Iraqi army has broken the five-month-long seige of Baiji [Beiji, Bayji] oil refinery in Salahadin province. Baiji is the largest town to be recaptured from Islamic State (IS) fighters since its offensive across northern Iraq in June. Xinhua News Agency suggests that the capture of Baiji would […]
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. My focus this issue is two-fold; firstly political stability and secondly the creation of a sustainable, successful private sector to promote a positive business and physical environment. I […]
