Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. The Iraqi cabinet has allocated $7.8 billion for development projects in oil-producing provinces, according to Al-Shorfa. The Minister of Planning Ali al-Shukri (pictured) said. "The amounts are allocated for various economic, social, and service development projects in the housing, education and energy sectors, and for environmental protection projects, treatment of environmental effects […]
On 31 May, Gazprom Neft began production at the Badra oilfield in Iraq. The central gathering station (CGS) is currently undergoing complex testing of its crude oil processing system. Testing will be completed in three months once enough oil has been accumulated for commercial production to begin. The Badra field will then be ready to […]
By Harith Hasan for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. KRG Risks Isolation in Iraq by Exporting Oil through Turkey The announcement this month that the Kurdistan Regional Government (KRG) was exporting oil independently of the Iraqi central government was an […]
The Prime Minister yesterday addressed the Kurdistan Parliament at length regarding the Region's financial situation, disputes with Baghdad, natural resources, and other matters. An excerpt of his address is below: “The Kurdistan Region’s policy from the beginning has been based upon solving outstanding issues with Baghdad. We want to find a solution and reach an […]
By John Lee. Petroceltic International has issued an update on its operations including the following statement on its business in the Kurdistan Region of Iraq. The shares closed down 5.6 percent on Friday: The Shakrok-1 well on the Shakrok licence (Petroceltic 16%, Hess (Operator) 64% and the Kurdistan Regional Government 20%) reached its total depth […]
By Padraig O'Hannelly. While much of the world's media focuses, understandably, on the contest to form the next government, a power struggle of a different kind has come to a head between the central government in Baghdad and the semi-autonomous Kurdistan Regional Government in Erbil. In what many regard as a milestone for Kurdish independence, […]
By John Lee. South Korea's state-run Korea National Oil Corporation (KNOC) has said it has acquired an additional 30 percent stake in the Sangaw South exploration block in Iraqi Kurdistan. Platts reports that this doubles the company's stake in the block to 60 percent. "KNOC plans to drill another exploratory well in Sangaw South next […]
The market for construction equipment is booming in Iraq, and Khudairi Group has grown to become one of the leading players. Iraq Business News spoke with the company's Executive Vice President, Subhi Khudairi (pictured), to get his perspective on this key sector. Iraq Business News: Our readers are very familiar with the general Iraqi growth […]
By Nassir al-Hassoub for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The official spokesman for the Iraqi Oil Ministry, Assem Jihad, announced that the licensing contracts with international oil companies bound them to formulate systems to invest in associated petroleum gas, stressing that […]
By John Lee. Reuters reports that oil exports from Iraq’s southern terminals are on track for a record high in May. Exports are estimated at an average of 2.60 million bpd in the first 27 days of this month, which, if sustained, would beat April’s 2.51 million bpd, the highest since 2003. Southern exports are […]
By John Lee. Oilfield services company Expro has secured a multi-year contract with a leading international oil company for multiphase production testing in Iraq. The contract will provide non-intrusive multiphase production testing of oil wells in this on shore field. Selim Djandji, Region Director for Middle East North Africa, said: "This contract award highlights an […]
The Kurdistan Regional Government has announced the successful delivery via pipeline of the first quantities of natural gas from the gas field at Summail to fuel the Duhok Power Station (pictured). The Summail Gas Field lies within the area of the Duhok Production Sharing Contract (PSC) and is operated by the Norwegian company DNO, which […]
