Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. Shares in Genel Energy, the London-listed exploration and production company and largest independent oil producer in the Kurdistan Region of Iraq, were down more than 2 percent on Tuesday after the company announced its unaudited half year results to 30 June 2014. Results summary Highlights Genel's operations in the Kurdistan Region […]
By John Lee. In its interim financial and operational results for the period ended 30th June 2014, Dragon Oil gave the following update on its operations in Iraq: In Iraq, the consortium of Dragon Oil (30%) and Kuwait Energy Corporation (70% and operator) is drilling an exploration well. The well is targeting two prospective reservoirs, […]
By Patrick M Schmidt. Despite the ongoing violence in the north of Iraq, the southern half of the country has remained relatively peaceful over the past few months, especially in the southern city of Basra. Crude output for southern oilfields remains at about 3.15 million barrels of oil per day. The Iraqi government estimates that […]
By John Lee. Axeon Specialty Products said on Friday that it received a cargo of crude oil from of Kurdistan's Shaikan oilfield in June, despite the Iraqi government's attempts to block independent exports of crude by the Kurdistan Regional Government (KRG). The oil was delivered to the company's refinery in Paulsboro, New Jersey (pictured). A […]
By John Lee. Iraq has exported 75.8 million barrels of crude oil in July Shipments averaged 2.442 million bpd, bringing in revenues of $7.8 billion at an average price of $102.8 per barrel. (Source: Ministry of Oil)
By Patrick M Schmidt. Over the weekend, the Islamic State of Iraq and the Levant (ISIL, ISIS) mounted a major offensive near the city of Mosul. The offensive marked a number of defeats for Kurdish security forces who have mostly been noted for their successes in battling the insurgents. Both Iraqi and Kurdish sources agree […]
By Patrick M Schmidt. While the tanker the United Kalavryta remains outside of American territorial waters by Texas, another tanker carrying “illegal” oil from the Kurdistan region has left for New Jersey. The tanker, Minerva Joy (pictured), left the port of Dortyol in Turkey on Thursday. It has been determined that LydondellBasell purchased two tankers […]
By John Lee. Shares in Afren plc have fallen by more than 30 percent on the London Stock Exchange on Thursday, following the announcement that the Board has temporarily suspended the CEO, Osman Shahenshah (pictured) and the COO, Shahid Ullah, pending the investigation of alleged “unauthorised payments”. The company has operations at the Barda Rash, […]
By Patrick M Schmidt. For over a week, the oil pipeline from Kurdistan to Turkish port facilities has been shut off. Government officials have stated that all the available storage tanks are full of Kurdish oil and remain in holding for when shipment continues. "The flow has stopped. It's been around a week. The tanks […]
By John Lee. As part of his statement to the AGM of Petrel Resources, Executive Chairman John Teeling made the following comment on the company's operations in Iraq: "Petrel has a 5% full free carry on the interests held by Oryx in the Wasit province of Iraq. "This is held via a 20% shareholding in […]
After months of remaining out of public knowledge, the buyer of Kurdish oil in America has been revealed. The chemical firm LyondellBasell purchased two tankers worth of Kurdish oil in May. The shipments totaled nearly 533,000 barrels of oil and at the time did not result in any legal action. Data retrieved from the U.S. […]
A crude carrier chartered by LITASCO (LUKOIL's international marketing and trading arm) arrived today (Wednesday) in South Iraq's port of Basra to receive the first batch of oil as part of the recovery of LUKOIL's costs from phase one (“Early Oil”) of the West Qurna-2 project. The vessel will spend several days in the port […]
