Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By Patrick M Schmidt. On Sunday, the United States Coast Guard granted permission for the Kurdish oil tanker, United Kalavrvta, to offload its payload of crude oil from Kurdistan Regional Government (KRG) controlled oilfields in northern Iraq. The State Department further indicated that they would not prevent tanker from offloading at port in Galveston, Texas […]
By Patrick M Schmidt. On Saturday, Iraqi security forces reported that ISIS militants had taken control of a portion of the Baiji [Bayji, Beiji] oil refinery. Since then, security forces have driven the militants off of the oil refinery’s premises and are now searching the area for any remaining militants. Over the past month, Baiji […]
The United Nations Compensation Commission (UNCC), which settles the damage claims of those who suffered losses due to Iraq’s 1990 invasion of Kuwait, today made $1.19 billion (1.4 trillion Iraqi dinars) available to the Government of Kuwait. With today’s payment, the Commission has disbursed $46.7 billion, leaving approximately $5.7 billion remaining to be directed to […]
By Shaida al-Ameen for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Kurdistan’s Ministry of Peshmerga Affairs said its troops are not attacking armed groups in Iraq, but are just taking defensive positions. It said the speeches of Iraqi Prime Minister Nouri al-Maliki do not scare the […]
By Patrick M Schmidt. After a long journey across the Atlantic Ocean, the oil-tanker, United Kalavrvta [United Kalavryta], is just miles off the coast of Florida. The tanker is loaded with one million barrels of crude oil that has a current market value of approximately $100 million (117 billion Iraqi dinars). The oil onboard is […]
By Patrick M Schmidt. The Iraqi Ministry of Oil has announced that Gazprom Neft, a division of the Russian state-owned Gazprom, had begun production at Badra oilfield in the eastern province of Wasit. "Oil flow from Badra has started on Monday to fill the oilfield storages in preparing to feed the export," said Ministry of […]
By Patrick M Schmidt. The Iraqi government has confirmed that ISIS militants, who maintain a foothold in northern Iraq, are taking advantage of the oil infrastructure they have captured during the previous month of battles with security forces. ISIS militants have made attempts to keep oil infrastructure intact and to keep petroleum industry employees on […]
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 […]
