Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Oryx Petroleum Corporation has announced an update regarding development, production and sales for the Demir Dagh field in the Kurdistan Region of Iraq ("KRI"). Highlights: The Demir Dagh-7 well will be tied into the Demir Dagh production facilities in the coming weeks, taking total Demir Dagh gross (100%) productive capacity to more than 15,000 bbl/d […]
Shell and the Foundation of Football Club Barcelona (FFCB) have signed an agreement extending the award winning extra-curricular school programme “FutbolNet”, for an additional two seasons in Basrah. The “FutbolNet” programme is based on FFCB’s methodology of using football to develop life and leadership skills, respect, tolerance, teamwork, responsibility and effort amongst children and encouraging […]
By John Lee. DNO ASA, the Norwegian oil and gas operator, today confirmed receipt of USD 30 million (36 billion Iraqi dinars) as first payment for oil exported by the Kurdistan Regional Government from the Tawke field during 2014. The payment will be shared by DNO (USD 20.625 million) and partner Genel Energy plc (USD […]
From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Iraq's government has reached a temporary agreement with authorities in the Kurdish region to end a dispute over oil exports and budget payments to the semi-autonomous region. Al Jazeera's Jane Arraf reports from […]
By John Lee. Baghdad and Erbil have reached an agreement resolving the long-running dispute over oil exports and budget payments. Finance Minister Hoshyar Zebari said that 550,000 barrels per day (bpd) of oil would be sent to the Iraqi oil ministry. In return, the Kurds will receive their 17% share of the national budget. The […]
By John Lee. Genel Energy has announced that the Taq Taq field partners have received an initial gross payment of $30 million (35 billion Iraqi dinars) from the Kurdistan Regional Government ('KRG') for oil exported through the Kurdistan Region of Iraq ('KRI')-Turkey pipeline. The Tawke field partners will also receive a $30 million gross payment. […]
By John Lee. Iraq’s State Oil Marketing Organization (SOMO) has reportedly abandoned plans to sell two grades of crude oil from its southern Gulf terminals next year. Platts reports that SOMO informed customers last week that "due to logistical issues" a single type of crude will continue to be marketed in 2015, but with two […]
By John Lee. Dragon Oil said on Monday that it was backing out of plans to make an offer of 230 pence a share for Irish operator Petroceltic, which has interests in Iraqi Kurdistan. Shares in Petroceltic closed down 35 percent at 112.45 pence on Monday, 50 percent below their recent peak. Chief Executive Brian […]
By John Lee. Total and Marathon Oil have confirmed a discovery of light oil and gas with condensates at the Harir Block, 60 kilometers from the city of Erbil. The Jisik-1 discovery well was drilled to a depth of 4,511 meters and encountered light oil and gas with condensates intervals in Jurassic and Triassic carbonate reservoirs. […]
By John Lee. Gulf Keystone Petroleum (GKP) has announced that, further to the recent statement by the Ministry of Natural Resources (MNR) of the Kurdistan Regional Government (KRG) regarding payment to producers for crude oil exports, an initial payment of USD 15 million (17.5 billion Iraqi dinars) gross has been made to the company. Gulf […]
By John Lee. Lukoil's West Qurna-2 project in Iraq has added $1.25 billion to the company's earnings in the third quarter. In a statement to the markets the company said: "The Group launched the "Mishrif Early Oil" stage on the West Qurna-2 field and reached the planned production of 120 thousand barrels per day in […]
By John Lee. Finance Minister Hoshiyar Zebari said he will soon present his proposed 2015 budget to Cabinet, based on an oil price of $70 per barrel. The Minister said: “We are proposing a budget of $100 billion. This is projected ... “We have based our projections on about $70 a barrel. This could fluctuate. […]
