Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. Bloomberg reports that Iraqi Kurdistan will keep Peshmerga troops in the nearby oil hub of Kirkuk until people there can vote on whether to join the Kurdish enclave. Safeen Dizayee (pictured), spokesman of the Kurdistan Regional Government (KRG), said: “As a people, we have the right to be independent, but the issue […]
Deputy Prime Minister Qubad Talabani yesterday chaired a meeting which included several ministers, the KRG Oil and Gas Council, and Kurdistan’s governors to discuss measures to tackle fuel shortages in the Region. The meeting was designed to identify solutions to overcome the current fuel shortage, considering the current situation in Kurdistan and throughout Iraq and […]
Iraq’s electricity shortages cannot be resolved unless sufficient fuel flows to the power plants feeding Iraq’s national grid, according to Dr Jafar D. Jafar, co-founder and CEO of Uruk Engineering & Contracting, addressing a recent conference. Uruk’s CEO highlighted the short-fall in fuel availability, particularly gas, currently impacting Iraq’s power generation capacity. He noted that […]
From AFP. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. The shutdown of Iraq's biggest refinery, roads blocked by fighting, and skyrocketing demand have created the worst fuel crisis in years in the country's semi-autonomous Kurdish region.
From AFP. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Iraqi Kurdish leader Massud Barzani said Friday there was no going back on autonomous Kurdish rule in oil city Kirkuk and other towns now defended against Sunni militants by Kurdish fighters.
By John Lee. Ravil Maganov (pictured), who oversees Lukoil's exploration and production, has said total investment in the West Qurna-2 field was expected to exceed $30 billion. At its peak in 2019, he said he expects oil production at the field to hit 1.25 million bpd. The world's second-largest undeveloped field, with recoverable oil reserves of around […]
By John Lee. The Turkish Energy Minister Taner Yildiz (pictured) said on Friday that Turkey is to sell an additional 4,000 tons/day of refined oil to Iraq in an attempt to ease the shortages caused by the current unrest, and in particular by disruption to production at Baiji [Bayji] oil refinery. He told reporters Turkey […]
By John Lee. The KRG's Minister for Natural Resources, Ashti Hawrami (pictured), has told Reuters that the Kurds have plans to increase their oil exports eight-fold by the end of 2015. He said Kurdish oil exports could double "within a month or so" to around 250,000 bpd and hit 400,000 bpd by the end of […]
By John Lee. Gulf Keystone Petroleum announced this morning that Non-Executive Director and Deputy Chairman Jeremy Asher and Non-Executive Director John Bell "have ceased to be Directors in accordance with the Company's bye-laws". The Company will restart its previously announced search process, with the assistance of Odgers Berndtson, for two new independent non-executive directors, and […]
By John Lee. Oryx Petroleum Corporation Limited has announced that it has sold its first offtakes of crude oil into the domestic market from the Demir Dagh field in the Hawler license area in the Kurdistan Region of Iraq. Oryx Petroleum is the operator and has a 65 percent participating and working interest in the […]
By John Lee. Oil services company Petrofac has shrugged off worries that its performance will be hit by the unrest in Iraq. In a trading statement on Tuesday, the company said: "Our operations in Iraq are south and east of Baghdad and represent less than 5% of the Group's expected revenues for 2014. "While we […]
By John Lee. Sunni rebels led by the Islamic State of Iraq and the Levant (ISIS, ISIL) have taken control of Baiji [Bayji] refinery, near the town of Tikrit, according to Al Jazeera sources. While foreign minister Hoshyar Zebari told Al Jazeera on Tuesday that Iraqi special forces soldiers were in control, the news agency's sources […]
