Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. In a joint meeting held on Thursday between the Kurdistan Region Prime Minister, Nechirvan Barzani, Deputy Prime Minister, Qubad Talabani, and Iraqi Oil Minister Dr. Adel Abdul Mahdi in Erbil, both sides agreed to reach a comprehensive settlement of all the outstanding issues between the Iraqi federal government and the Kurdistan Regional […]
By John Lee. Iraq’s State Oil Marketing Organisation (SOMO) has adjusted its official selling prices for its Basra Light and Kirkuk crude grades for December. In common with some other countries, Iraq’s oil is priced relative to regional benchmark prices: For shipments to US, contracts are priced are relative to the Argus Sour Crude Index […]
By John Lee. DNO, the Norwegian oil and gas operator, has reported third quarter 2014 gross production of 124,396 barrels of oil equivalent per day (boepd) on the strength of uninterrupted operations at its flagship Tawke field in the Kurdistan region of Iraq. Increasing volumes of Tawke oil were directed from local sales to exports […]
Genel Energy has announced that it has reached an agreement with the Ministry of Natural Resources ("MNR") of the Kurdistan Regional Government ("KRG") for the development of the Miran and Bina Bawi gas fields. In addition, Genel has agreed key terms with OMV to acquire its 36% operated stake in the Bina Bawi gas field. […]
By John Lee. Gulf Keystone Petroleum (GKP) has given an update this morning on its operations at Shaikan, its key producing asset. Shares in the company are up more than 70 percent from their low in October. The Company is on track to complete all remaining work in order to achieve 40,000 gross barrels of […]
By John Lee. Genel Energy has issued the following trading update and preview ahead of a capital markets day presentation for analysts and investors in London commencing at 14:00 GMT. The presentation materials will be published at 12:00 GMT on www.genelenergy.com with the event broadcast live on the website, and available for download shortly afterwards. […]
By John Lee. SNC-Lavalin has announced that Kentz Corporation, a member of the SNC-Lavalin Group, has signed a Project Management Contractor Agreement in Iraq with one of the world's leading blue-chip International Oil Companies (IOC) for a three-year term with a potential value of up to approximately US$97 million (113 billion Iraqi dinars). The contract […]
Kurdistan Region Prime Minister Nechirvan Barzani and Deputy Prime Minister Qubad Talabani talked to the press following yesterday’s Parliament session hosting the Kurdistan Region Oil and Gas Council. Prime Minister Barzani said the Region would not hand oil control to the Iraqi State Oil Marketing Organisation, SOMO. He noted the federal government cannot export oil […]
By John Lee. Iraqi Oil Minister Adel Abdul-Mahdi [Adil Abd al-Mahdi] met on Sunday with the Korean Ambassador in Baghdad, Mr. Jo Jong. They discussed the strengthening of relations between Iraq and South Korea, especially in the energy sector. (Source: Ministry of Oil)
By John Lee. On a three-day visit to Turkey, Iraq’s foreign minister Ibrahim al-Jaafari has reportedly told his Turkish counterpart, Mevlut Cavusoglu, that oil affairs in Iraq, including Iraqi Kurdistan, come under the control of Baghdad. At a join press conference he said that they are trying to resolve the recent “mistakes” with Turkey, a […]
By John Lee. Kirkuk Governorate has reportedly renewed its demands on the central government to honour a pledge and build a $3-5 billion (3.5-5.8 trillion Iraqi dinar) oil refinery in the province. Alsumeria News quoted the acting chairman of Kirkuk Provincial Council as saying that the project has been on the cards since 2007, but […]
By John Lee. Iraqi Oil Minister Adel Abdul-Mahdi [Adil Abd al-Mahdi] met this week with the Australian Ambassador, Lyndall Sachs, to discuss the strengthen of relations relations between the two countries, particularly in the oil sector. The Minister pointed out that "Australia is one of the countries that has good relations with Iraq, and we […]
