Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By Patrick Schmidt. After more than twenty-five years without an embassy in Iraq, the Saudi Foreign Ministry has announced that it will reopen its embassy in Baghdad. Saudi officials will travel to the country this week to begin preparations for the construction of the new facility. Saudi Arabia also plans to open a consulate in […]
By John Lee. Dublin registered Dragon Oil has announced a second oil discovery at the Block 9 exploration well, 'Faihaa-1'. This is good news for the consortium who have a 30% stake in the well along with the operator, Kuwait Energy who have a 70% stake in the block, located in the northern part of Basra […]
By John Lee. Iraq and Russia are leading the global surge in oil exports despite a highly competitive market. This has maintained low prices not seen since 2009, with a February settlement for Brent Crude at $56.42 a barrel. Bloomberg reported record export data of 10.6 million barrels a day from Russia and 2.9 million bpd […]
In the presence of Prime Minister Nechirvan Barzani, China’s Vice Foreign Minister, Zhang Ming, officially opened China’s consulate general in Erbil today. Prime Minister Barzani in his speech applauded the decision of the government of China to open its consulate general in Erbil. He said: “Opening the consulate general of the People’s Republic of China […]
By Ali Mamouri for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Since the establishment of modern Iraq in 1921, its provinces have had different positions toward decentralization as a result of the country's ethnic and cultural diversity. In addition, economic resources have varied widely from one […]
From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. On the frontlines outside the Iraq's city of Kirkuk, contact between Kurdish Peshmerga forces and the Islamic State in Iraq and the Levant (ISIL) is regular. While Kurdish forces' lines have held so […]
Iraqi State Budget 2015- It Deserves Careful Reading But Needs Serious Revision By Ahmed Mousa Jiyad. The first reading of the draft law for budget 2015 by the Federal Parliament was done on 25 December at a presence of only 229 members of the Parliament. According to the parliamentary procedure the first reading entail reading […]
By Padraig O'Hannelly. Dr Ashti Hawrami (pictured), the KRG's Minister for Natural Resources, has clarified the two stage process involved in the recent agreement between Erbil and Baghdad regarding oil exports. Speaking at CWC's Kurdistan-Iraq Oil & Gas Conference recently in London, Dr Hawrami said that the first stage of the resolution covers the issues […]
The opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Statement/ Open Letter* by Iraqi Energy Experts and Professionals on the Latest Oil Agreement with KRG H.E. the Prime Minister esquire; H.E. the Speaker of the Federal Parliament esquire; T.E: Members of the Federal Parliament and […]
By John Lee. Reuters reports that Iraq’s oil exports may hit a record high in December. Shipping data for the first 23 days of December suggest that exports from Iraq’s southern terminals have averaged at least 2.6 million barrels per day. Additionally, the State Oil Marketing Organization (SOMO) has been exporting about 180,000 bpd of […]
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 […]
