Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By Patrick M Schmidt. The Ministry of Oil has approved a contract worth $607 million (708 billion Iraqi dinar) with China Petroleum Pipeline (CPP). The company will now be able to begin construction on an oil storage facility to accommodate future development projects at the Nassiriya oilfield. The field currently produces 40,000 barrels of oil […]
ShaMaran Petroleum has provided an operational update on the Atrush development in the Kurdistan Region of Iraq. The Chiya Khere ("CK-5") development well was spudded on May 16, 2014 using the DQE31 drilling rig and reached Total Depth of 2098 metres Measured Depth (1744 metres True Vertical Depth) in the Butmah formation on June 28, […]
By Patrick M Schmidt. During a tour of Rumaila oil field, the Iraqi Minister of Oil, Abdul Kareem al-Luaibi [Elaibi] , announced that two unmanned drones would begin flying over the vital oil infrastructure in the south of Iraq. His announcement marks the first time that drones have been used to protect energy interests. The […]
Sterling Global Operations puts first Micro MineWolf tracked armored vehicle into use in Kurdistan Sterling Global Operations (SGO) is operating the first Micro MineWolf (MW50) anti-mine armored tracked vehicle – designed for use in mountainous and other hard-to-access locations – in Kurdistan as part of SGO’s work supporting oil and natural gas exploration, demining projects, […]
By John Lee. Turkish officials have announced that the flow of crude oil to the port of Ceyhan (pictured) will be resumed in the coming days, after oil tankers at the port are loaded. The flow was stopped last week when the port reached its storage capacity. According to Daily Sabah, the total storage capacity […]
Gulf Keystone Petroleum (GKP) has announced that Todd Kozel has decided to stand down from the Board of Directors of the Company and not to accept the previously announced role of Executive Director upon retiring as Chief Executive Officer. As such, Mr Kozel declined to seek re-election to the Board at the company's Annual General […]
By John Lee. Oil Minister Abdul Kareem al-Luaibi [Elaibi] (pictured) said on Wednesday that Iraq is currently producing oil at a rate of 3.15 million bpd, and expects exports this month to average 2.6 million bpd. Reuters quotes Luaibi as saying that the recent fighting in the north and west of the country had not […]
By John Lee. The Kurdistan Regional Government (KRG) has rejected a statement by Abu Dhabi-listed Dana Gas to the effect that the London Court of International Arbitration had awarded the company the right to receive some outstanding payments from the Kurdish government. Dana Gas said on Sunday that its consortium with Crescent Petroleum and Pearl Petroleum […]
By John Lee. In a Trading Statement on Tuesday, 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, which, in case of a discovery, are expected […]
By John Lee. Kurdish politicians officially suspended their participation in the Iraqi government on Friday, as forces under their control seized two oilfields in northern Iraq. Prime Minister Nouri al-Maliki has appointed temporary replacements for the five Kurdish ministers of the cabinet. Kurdish forces took over the Bai Hassan and Kirkuk oilfields near Kirkuk; an […]
KRG statement on recent events at oil facilities and infrastructure in Makhmour district This morning, members of the Kurdistan Regional Government (KRG) and Kirkuk Oil Protection Forces moved to secure the oil fields of Bai Hassan and the Makhmour area, after learning of orders by officials in the federal Ministry of Oil in Baghdad to […]
By Padraig O'Hannelly. The Kurdistan Regional Government (KRG) has upped the ante in the continuing dispute with Baghdad over oil export revenues. In response to what it describes as "the Iraqi federal government ... not sharing revenues in accordance with the Iraqi Constitution", the KRG has threatened to take legal action against anyone who buys […]
