Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. A tanker carrying crude oil from Iraqi Kurdistan is finally believed to have been unloaded. The United Leadership had been sitting off the Moroccan coast for more than three months, but Reuters reports that at the end of September it sailed away and appears to have been lightered somewhere in the Mediterranean. […]
By John Lee. Lukoil president Vagit Alekperov (pictured) is to meet Iraq's Minister for Oil, Adel Abdul-Mahdi [Adil Abd al-Mahdi], to discuss the expansion of the company's operations in the country. The head of the Russian oil company told journalists: "I will be in Baghdad on October 13 to meet the oil minister. I hope, […]
Transparency Governance in Iraq’s Extractive Industry at a Crossroads by Ahmed Mousa Jiyad, Iraq/ Development Consultancy and Research, Phone: (+47) 5659 5699 Email: [email protected] Iraq has done rather well by joining and acquiring compliance status with Extractive Industry Transparency Initiative (EITI). Significant aspects of transparency are observed; vital entities created and annual reports delivered. Yet, […]
By John Lee. Shares in Irish-based Petroceltic International have risen more than 20 percent on Monday following the announcement of that the company is in detailed discussions regarding a possible offer to be made by Dragon Oil. With the support of the Board and management team of Petroceltic, Dragon Oil has completed an extensive confirmatory […]
By John Lee. Rudaw reports that Russia's Gazprom Neft has been forced to halt operations at its Halabja block following demonstrations by hundreds of protestors from 34 villages around the town of Darbandikhan. According to the report, the protesters have given the oil company until 20th October to stop all exploration activity, claiming that “scientific […]
By John Lee. Denmark's Maersk Oil is re-starting its operations in Iraqi Kurdistan, having pulled out in August due to the threat posed by the Islamic State (IS). Company boss Jakob Thomasen (pictured) told Børsen: “It’s obvious that the things that have happened over the summer haven’t been pleasant to witness for Maersk Oil, a […]
By John Lee. WesternZagros Resources has, subsequent to its declarations of commerciality and submissions of development plans, and in accordance with its accounting policies, completed an independent evaluation and a new independent audit of its light oil discovery on the Garmian block in the Kurdistan Region of Iraq. The evaluation has, for the first time, […]
By John Lee. Afren has announced that, following an improvement in the security situation in the border region of the Kurdistan Region of Iraq, it has begun the process of returning staffing levels to normal at the Barda Rash field with a view to resuming drilling and production activities as soon as possible with the […]
By John Lee. Sharess in Gulf Keystone Petroleum surged as much as 10 percent by lunchtime on Wednesday, after teh company issued an update on the its operations at Shaikan, its key producing asset: The Company remains focused on achieving the target of 40,000 barrels of oil per day ("bopd") of production capacity from the […]
By John Lee. A report by Chris Dalby of Oilprice.com finds that the 11 oil fields that IS controls in Iraq and Syria have made it a largely independent financial machine. Its fields in Iraq alone are thought to produce between 25,000 and 40,000 barrels of oil per day, earning it an estimated $1.2 million [1.4 […]
By John Lee. In its interim management statement issued on Tuesday, Russian-based HMS Group said that since the start of this year it has signed several contracts for business in Iraq. The contracts, which it values at about 1 billion rubles ($25 million; 29 billion Iraqi dinars), were signed with Russian and international oil and […]
By John Lee. Iran's PressTV has reported that Iran plans to buiild at least 10 compressed natural gas (CNG) stations in Iraq. An official at the National Iranian Oil Products Distribution Company, said construction of the stations will start once the new pipeline carrying Iranian natural gas to Iraq becomes operational by March 2015. He […]
