Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Some of Britain’s most successful businessmen and women will fly to Erbil tomorrow (September 23rd) on a Trade Mission designed to show the UK’s continuing support for the resilience of the Kurdistan region of Iraq’s infrastructure, society and economy. Organised by the Iraq Britain Business Council (IBBC), the group will spend three days meeting senior […]
By John Lee. Reuters reports that Iraq's oil exports fell from $7.8 billion in July to $7.1 billion in August. Citing sources at the State Oil Marketing Organisation (SOMO), the report said that 73.6 million barrels of oil were exported in August at an average price of $97.4 per barrel, down from $102.8 in July. […]
By John Lee. The Kurdistan Region of Iraq has exported more than 14 million barrels of oil from its independent oil pipelines to Turkey in the last nine months, according to a report from BasNews. A spokesman for the KRG's Natural Resources Committee told the news agency that the exports have brought in over 1 […]
By John Lee. In its interim results on Wednesday, Petroceltic gave an update on its operations in Iraqi Kurdistan. The company, along with Hess (as operator) has been active in the Kurdistan Region since 2011 when the Shakrok and Dinarta blocks were awarded with Petroceltic holding a 16% interest in each. Activity for the first […]
By Patrick M Schmidt. The Managing Director of the Iranian Gas Engineering and Development Company, Alireza Gharibi, said he expected tests to begin on the new Iran-Iraq gas pipeline by next month. "Operations for the construction of Iran-Iraq gas pipeline are complete and we are now in the pre-startup testing phase, after which the pipeline […]
By John Lee. An oil pipeline passing through the governorate of Diwaniya has reportedly been sabotaged by an explosion, the first event of its kind in the province. Aswat al-Iraq reports that the explosion was made by dynamite underneath the pipeline that runs from Basra to Baghdad. The explosion took place in Saniya area, 12 […]
By John Lee. Reuters reports that a revised contract signed last week by BP and China's CNPC for the Rumaila oilfield has raised both companies' stakes in the project. Thamer Ghadhban (pictured), energy adviser to former Prime Minister Nuri al-Maliki, told the news agency that BP's share has been increased from 38 percent to 47.6 […]
By John Lee. The new Oil Minister, Adel Abdul-Mahdi, has taken up his new post at a ceremony at the Ministry of Oil's head office. The new minister thanked his predecessor, Abdul Kareem al-Luaibi [Elaibi], and stressed the importance of the oil sector to Iraq's economy. Eoin O'Cinneide, writing for UpstreamOnline, has speculated that the […]
By John Lee. Shares in Dragon Oil closed up 0.2 percent on Wednesday following the discovery of oil at Block 9. Kuwait Energy, Dragon Oil's partner in Block 9, issued the following update on the exploration well, Faihaa-1, being drilled in the block: Kuwait Energy announces that the consortium comprised of Kuwait Energy (70% and […]
By John Lee. The Iranian Fars News Agency has reported that construction of Iran-Iraq gas pipeline, which runs to the Al-Mansoureh power plant in Iraq, is now complete. A source told the news agency that supply of Iranian gas along the 48-inches-diameter pipeline should have started already but has been delayed due to the unrest […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The New Oil Production Targets, New Terms and Implications Most petroleum professionals, including myself, had expressed their serious doubt about the suitability, attainability and sustainability of oil production plateau targets for many […]
By John Lee. Genel Energy has announced that, following a significant improvement in the security situation in the border region of the Kurdistan Region of Iraq ('KRI'), it has begun the process of returning staffing levels to normal. This follows the temporary and precautionary step of withdrawing non-essential personnel from non-producing assets. Genel said its […]
