Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. Further to the recent press release from Black Diamond, the Kurdistan Regional Government has issued a statement refuting the company's claims to have a deal to refine crude oil from Genel Energy's Taq Taq oil field. Genel Energy has also denied any knowledge of, or dealings with, Black Diamond and Rezhwan. The […]
By John Lee. An agreement to build an oil refinery has reportedly been signed between Iraq's Mosul province and the Kurdistan Regional Government (KRG) on Monday. Governor Atheel al-Nujaifi (pictured) said: "This agreement will change Iraq's image, which is identified with war and incitement to war." (Source: Turkish Press)
By John Lee. ShaMaran Petroleum has announced the results of the Atrush-4 appraisal/development well (“AT-4”) drilled in the Kurdistan Region of Iraq. The AT-4 well was spudded on October 20, 2013 using the DQE31 drilling rig and reached Total Depth of 2916m MD on January 23, 2014. The well was deviated well from the AT-1 […]
By John Lee. Iraq’s former planning minister, Mahdi Al-Hafez, has told Asharq Al-Awsat that Iraq must diversify to reduce its decades-long reliance on oil as the main contributor to its GDP. He told the news agency: “The desired tasks for economic reform require the reduction of the domination of oil revenue on the economic situation […]
Gazprom Neft, operator of the Badra oilfield development project (pictured), has appointed a contractor to lay the pipeline connecting the field to the power station in Zubaidiah (Wasit Province). The tender was won by Pakistani company Techno Engineering Services (Pvt.) Ltd. In line with the contract, Techno Engineering Services will produce the designs, supply the […]
By John Lee. [UPDATE: Further to the press release shown below, the Kurdistan Regional Government has issued a statement refuting the company’s claims to have a deal to refine crude oil from Genel Energy‘s Taq Taq oil field. Genel Energy has also denied any knowledge of, or dealings with, Black Diamond and Rezhwan. The full […]
By John Lee. Iraq's cabinet has approved an $589 million oilfield service contract with South Korea's Daewoo Engineering & Construction. The contract, approved on Tuesday, is for the engineering, procurement and construction of a gas separation facility at the Zubair oilfield. Production at the field is planned to increase from the current 320,000 barrels per […]
Technip, in partnership with China HuanQiu Contracting & Engineering Corporation (HQC), has been awarded a front-end engineering design (FEED) contract for the Ar Ratawi Natural Gas Liquids (NGL) train1 project at North Rumaila in Basra. The deal was awarded by the Basra Gas Company (BGC), a joint venture between the Iraq's South Gas Company (51%), […]
By John Lee. Iraqi oil minister Abdul Kareem al-Luaibi [Elaibi] (pictured) has said that parliament set up a high-level delegation several days ago to resolve the oil export dispute between Baghdad and Erbil, and he expects a deal to be reached within days. According to Reuters, Ankara is awaiting Iraq's blessing before allowing exports to […]
By John Lee. North America Western Asia Holdings (NAWAH), U.S. Steel Tubular Products, a subsidiary of United States Steel Corporation, and MRC Global Inc. have announced an alliance to bring critical oil well equipment into the natural resources-rich region of southern Iraq. The consortium will serve an international lineup of leading oil and gas companies […]
By John Lee. Gulf Keystone Petroleum (GKP) announced today that it has priced a debt offering of US$250 million. The privately placed debt securities, offered in accordance with Reg S/144A to institutional investors in Europe, the US and Asia, consists of three-year senior unsecured notes carrying a coupon of 13% per annum and freely tradeable […]
Shell announced today that the Majnoon oilfield it operates in partnership with South Oil Company (SOC), Petronas and Missan Oil in Southern Iraq has successfully exported its first shipment of crude oil to Shell trading, a significant milestone for the oilfield. The achievement comes as production at the Majnoon oilfield has reached a current average […]
