Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. Talisman Energy has said that it still plans to sell its oil properties in Iraqi Kurdistan, despite the recent declaration that its Kurdamir Block was commerical. Reuters reports that the Calgary-based company plans to look for buyers for its Kurdistan assets as it continues restructuring to cut debt and boost its flagging […]
By John Lee. WesternZagros Resources and its co-venturer, Talisman, have submitted a Declaration of Commercial Discovery ("DoC") to the Kurdistan Regional Government ("KRG") for the oil and gas discovery in the Kurdamir Block. A phased development plan, outlining future production wells, facilities and supporting infrastructure, is under preparation for submission to the KRG. Simon Hatfield […]
By Patrick Schmidt. The Kurdish Minister of Natural Resources, Ashti Hawrami (pictured) announced that the Kurdistan Regional Government (KRG) has sold 7 million barrels of oil on the international market. He remains confident that the KRG will win the ability to sell oil in the US markets. Currently, the KRG produces 300,000 barrels of oil per […]
By Patrick Schmidt. The Iraqi government has announced that security forces have reclaimed the K3 Refinery in Haditha. The Islamic State of Iraq and the Levant (ISIL) had occupied the facility and expelled its staff from the area. Security officials announced that they had killed a number of militants and were now inspecting the facility […]
The Sea Triumph, an oil carrier chartered by LITASCO (LUKOIL's international marketing and trading arm) has departed the port of Basra in Southern Iraq with the first batch of oil as part of the recovery of LUKOIL's costs from the West Qurna-2 project. The shipment volume amounts to 1 million barrels of oil. The vessel […]
By Patrick Schmidt. On Monday, Korea Gas Corporation (KOGAS) announced that it will invest $4.9 billion in the Zubair oil field project. The investment will help establish the facilities needed to launch the project and help Zubair reach its potential of over 800,000 barrel per day production. KOGAS have a 23% stake in the Zubair […]
By Patrick Schmidt. A Kurdish oil tanker has arrived at the Croatian port of Omisalj and is preparing to begin offloading its cargo in the coming days. This delivery represents a success for the Kurdish Regional Government (KRG) in finding a buyer for their crude following legal threats from Baghdad. These threats have previously deterred […]
By John Lee. Shell has had discussions with Iraqi Ports Administration regarding the possibility of acquiring a piece of land at the Umm Qasr terminal to build a pier and petrochemical factory. According to Aswat Al Iraq, talks between the two sides were held to discuss the project which shall be administered by the company […]
By John Lee. According to a report from Reuters, Islamic State (IS, ISIS, ISIL) militants fighting in Iraq are selling oil from oilfields and refineries they control to local communities and smugglers, augmenting their existing ample finances. It is understood that at least some of the oil is used to fuel a power plant they […]
By Patrick M. Schmidt. In statements made to the Financial Times, Turkish officials have encouraged the United States to allow American businesses to import Kurdish oil. They argued that the United States should support the Kurdish Regional Government (KRG) economically as Islamic State of Iraq and the Levant (ISIL, ISIS) has been able to directly […]
By John Lee. In an effort to improve cash flow, the Abu Dhabi National Energy Co. (TAQA) have ended acquisition plans for some projects in Iraq and India.Security does not appear to have been a factor in the company's decision regarding an Iraq based project. However, the company are taking some precautions with ongoing oil […]
By John Lee. China's CNPC has announced the completion of a 272 kilometre crude oil pipeline which connects Halfaya and Burzugan [Bazargan] oilfields in southern Iraq to the Al-Faw port. Incredibly, CNPC have remarked that the pipeline is passing through 30km of areas that were once minefields during the Iran-Iraq war. Today, southern Iraq is […]
