Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. Writing in Forbes, correspondent Christopher Helman has written an autobiographical study of Lukoil CEO Vagit Alekperov (pictured) and the company's long term ambition in developing the giant West Qurna 2 field in southern Iraq. Helman notes the stunning scale of the endeavor, which has spanned several decades including a deal with Saddam in 1997 […]
By John Lee. Iran have announced that drilling will begin next year at the Azar oil field, which is known as Badra on the Iraqi side of the border. On the Iraqi side, Badra is operated by Gazprom Neft. Saying that initial activity should yield some 30,000 bpd with a later target of 65,000 bpd, […]
By John Lee. Turkish energy minister Taner Yildiz (pictured) has announced that Turkey is ready to market oil from the Kurdish region, currently stored at the port of Ceyhan. Beginning May 2nd, Turkey will market some 1.5 million barrels of oil from storage tanks (which are nearing full capacity) and minister Yildiz said this would […]
By John Lee. Iraq's northern Kirkuk-Ceyhan export pipeline has been inoperable since March due to sabotage, while attempts to repair it have been curtailed due to ongoing insurgent activity. Deputy prime minister for energy Hussein al-Shahristani (pictured) explained the urgency of the situation, noting that the area was secure enough to repair the pipeline, but […]
By John Lee. Harvard Kennedy School (HKS) today announced the creation of the Middle East-North Africa Graduate Fellowship Fund underwritten by a $1 million gift from the Norwegian oil and gas company DNO International ASA. The fellowship will support qualified applicants who enroll at HKS through the Edward S. Mason Program. The internationally focused Mason […]
By John Lee. Abullah Akrayi, the Kurdish representative for Iran affairs has announced plans for two pipelines to Iran, intended to exchange refined oil and natural gas from Iran for crude oil from the KRG, Anadolu Agency reports. Iranian trade envoy to Iraq Rostem Qasimi apparently signed the deal in Erbil with KRG natural resources minister Ashti […]
By John Lee. Russia's Lukoil is considering joining a joint venture with Russian state-owned exploration and production company Zarubezhneft to develop the Nassiriya oil field and help build an associated refinery. The next round of talks on the project with the Iraqi government is expected this summer, LUKoil CEO Vagit Alekperov (pictured) stated earlier, according […]
By John Lee. Oil Search Limited has reported that the Taza 2 well in Kurdistan was drilled to a depth of 10,679 feet (3,255 meters), and the company was preparing to drill ahead in an 8.5 inch hole. During the week, the well penetrated the Jeribe Formation, encountering hydrocarbon shows in line with prognosis, and […]
By John Lee. According to shipping data tracked by Reuters, oil exports from Iraq's southern terminals are heading for a record high in April. An average of 2.55 million barrels per day were shipped in the first 23 days of April, which if sustained would top February's 2.50 million bpd, the highest since 1979. Southern […]
By John Lee. Norwegian company Hexagon Ragasco, a wholly-owned subsidiary of Hexagon Composites, has received an order of USD 13.6 million for the supply of LPG cylinders to Iraq. The order is for delivery in the second half of 2014. Jon Erik Engeset (pictured), CEO of Hexagon Composites, commented: "We are very pleased with the performance […]
Genel Energy has issued the following Interim Management Statement for the period from 1 January 2014 to today (Tuesday 2nd April). The statement was issued ahead of the company'ss Annual General Meeting. PRODUCTION AND REVENUE 2014 production and revenue guidance unchanged at 60,000-70,000 boepd and revenue of $500-600 million Net working interest production for the […]
The Kurdistan Regional Government (KRG)'s Ministry of Natural Resources (MNR) announces the publication of its Annual Financial Report for 2013, a detailed and comprehensive guide to the financial operations of MNR. The report includes revenue figures from crude oil production, local crude oil sales, the selling of refined products, and bonuses and capacity-building support derived from […]
