Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Kuwait Energy has announced that the consortium comprised of Kuwait Energy (70% and operator) and Dragon Oil (30%) has made its second oil discovery at 'Block 9', Iraq. The successful discovery was at the consortium's second target, the Yamama formation at 4,000 meters, in its Block 9 exploration well, ‘Faihaa-1’, located in Northern Basra, Iraq. […]
By Padraig O'Hannelly. The Director for the Middle East & Asia at the US State Department's Bureau of Energy Resources has said that while the Islamic State (ISIS, ISIL, IS) is not able to fully exploit the oilfields under its control, it could be able to produce as much as 50,000 barrels of oil a […]
By Padraig O'Hannelly. DNO Chairman Bijan Mossavar-Rahmani (pictured) has given an upbeat assessment of the company's operations in Iraqi Kurdistan. Addressing CWC's Kurdistan-Iraq Oil & Gas Conference in London last week, he said that the Tawke well was on target to hit a cumulative output of 100-million barrels of oil at some point in the […]
By John Lee. According to a 2009 revision of Iraq's Provincial Powers Act (also known as Law 21) the province of Basra is supposed to be receiving an extra $5 dollars of oil revenue per barrel produced in the province. If this was the case, the province could be receiving an income equivalent to that […]
By John Lee. The coming year will see BP expand drilling work and upgrades to equipment at the vast Rumaila oil field in southern Iraq, of which the company have a 50% stake. BP operate the field with PetroChina, Iraq's South Oil Company and SOMO. This work is carried out under the umbrella of the […]
By John Lee. It's a deal that could cement a prosperous shared future for Baghdad and Arbil. But despite the new good will between the two sides, there is huge political opposition from Iraqi Arabs who object to the current terms. In the Kurdish region, many feel that the history has already turned toward their […]
By John Lee. Prime Minister Al-Abadi discussed with the Jordanian Prime Minister the current political and security situation in Iraq and the region, as well as the importance of strengthening bilateral relations between the two countries. They also discussed bilateral cooperation in the fight against terrorism and cooperation in sectors such as economy, trade, agriculture, […]
After easing almost a year of financial crisis and terrorism threat, the Kurdistan Region last week hosted the 10th Erbil International Fair attended by 250 companies from 16 countries. In the wake of initial agreement between Erbil and Baghdad to resolve oil export and budgetary issues, and of security advances to halt the ISIS threat, […]
By John Lee. Chinese oil companies are to maintain their purchasing of crude oil from Iraq's State Oil Marketing Organization (SOMO) at the 2014 level for next year, according to a report from Reuters. The decision has been attributed to a slowing of demand growth in China, the varying quality of Iraq's "Basra Light" crude, […]
By John Lee. Reuters reports that Kuwait has accepted an Iraqi government request to delay payment of $4.6 billlion in war reparations, pending further discussions in Geneva. The reparations were imposed by the U.N. Security Council following Iraq's 1990 invasion of Kuwait, but the country's finances have been strained by the falling oil price and […]
By John Lee. Sharjah-based Dana Gas and its consortium partners, Crescent Petroleum and Pearl Petroleum, is pursuing $100 million (117 billion Iraqi dinars) in payments from the Kurdistan Regional Government (KRG). In a statement to the Abu Dhabi Securities Exchange (ADX), the company said: "The LCIA [London Court of International Arbitration] Tribunal recently ordered the […]
By John Lee. Shares in Gulf Keystone Petroleum (GKP) closed up more than 16 percent up on Tuesday, after the company issued an update on its operations at Shaikan, its key producing asset in Iraqi Kurdistan. The shares had been languishing at new lows earlier in the week, having lost more than three-quarters of their […]
