By Patrick Schmidt. The Kurdish Minister of Natural Resources, Ashti Hawrami (pictured) announced that the Kurdistan Regional Government (KRG) has sold 7 million barrels of oil on the international market. He remains confident that the KRG will win the ability to sell oil in the US markets. Currently, the KRG produces 300,000 barrels of oil per […]
Archive | Iraq Oil & Gas News
Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Troops Secure Haditha Refinery and Dam
By Patrick Schmidt. The Iraqi government has announced that security forces have reclaimed the K3 Refinery in Haditha. The Islamic State of Iraq and the Levant (ISIL) had occupied the facility and expelled its staff from the area. Security officials announced that they had killed a number of militants and were now inspecting the facility […]
LUKOIL Recovering Costs From West Qurna-2
The Sea Triumph, an oil carrier chartered by LITASCO (LUKOIL's international marketing and trading arm) has departed the port of Basra in Southern Iraq with the first batch of oil as part of the recovery of LUKOIL's costs from the West Qurna-2 project. The shipment volume amounts to 1 million barrels of oil. The vessel […]
KOGAS in $4.9 Billion Project
By Patrick Schmidt. On Monday, Korea Gas Corporation (KOGAS) announced that it will invest $4.9 billion in the Zubair oil field project. The investment will help establish the facilities needed to launch the project and help Zubair reach its potential of over 800,000 barrel per day production. KOGAS have a 23% stake in the Zubair […]
Kurdish Oil Finds Buyer
By Patrick Schmidt. A Kurdish oil tanker has arrived at the Croatian port of Omisalj and is preparing to begin offloading its cargo in the coming days. This delivery represents a success for the Kurdish Regional Government (KRG) in finding a buyer for their crude following legal threats from Baghdad. These threats have previously deterred […]
Shell wants Pier and Petrochemical Factory
By John Lee. Shell has had discussions with Iraqi Ports Administration regarding the possibility of acquiring a piece of land at the Umm Qasr terminal to build a pier and petrochemical factory. According to Aswat Al Iraq, talks between the two sides were held to discuss the project which shall be administered by the company […]
IS "Profits from Oil Sales"
By John Lee. According to a report from Reuters, Islamic State (IS, ISIS, ISIL) militants fighting in Iraq are selling oil from oilfields and refineries they control to local communities and smugglers, augmenting their existing ample finances. It is understood that at least some of the oil is used to fuel a power plant they […]
Turkey Encourages US to Lift Ban on Kurdish Oil
By Patrick M. Schmidt. In statements made to the Financial Times, Turkish officials have encouraged the United States to allow American businesses to import Kurdish oil. They argued that the United States should support the Kurdish Regional Government (KRG) economically as Islamic State of Iraq and the Levant (ISIL, ISIS) has been able to directly […]
Tags: 'Your Country' - United States, caliphate, Iraq Oil Exports News, ISIL, ISIS, Islamic State, KRG, Kurdistan News, Turkey
TAQA Adjusts Iraq Strategy
By John Lee. In an effort to improve cash flow, the Abu Dhabi National Energy Co. (TAQA) have ended acquisition plans for some projects in Iraq and India.Security does not appear to have been a factor in the company's decision regarding an Iraq based project. However, the company are taking some precautions with ongoing oil […]
Tags: Abu Dhabi National Energy Company (TAQA), Atrush, Iraq, Kurdish regional government, Sulaymaniyah, Taqa
CNPC: New Maysan Pipeline Complete
By John Lee. China's CNPC has announced the completion of a 272 kilometre crude oil pipeline which connects Halfaya and Burzugan [Bazargan] oilfields in southern Iraq to the Al-Faw port. Incredibly, CNPC have remarked that the pipeline is passing through 30km of areas that were once minefields during the Iran-Iraq war. Today, southern Iraq is […]
TWI and Safar Help Refugees
TWI (Theodor Wille Intertrade) and Safar personnel recently delivered critical food supplies to support the increasing number of refugees fleeing the violence in Iraq. Due to the deteriorating security situation in the region, over 50,000 refugees have been forced to flee areas of Northern Iraq in search of safety. The company said its local team […]
Oil Prices in Flux During Crisis
By Patrick Schmidt. Crude oil reached $105 dollars per barrel late last week despite the ongoing crisis and advance of the Islamic State of Iraq and the Levant (ISIL). The increase came after a period of unusually low oil prices in the global market. Oil has fallen over $10 dollars over the past two months […]