Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
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 […]
By John Lee. In what it describes as "a timely solution for the local oil and gas market", Safar Oilfield Services has launched its new hose business at its 2,000 square meter facility in Erbil, Iraq. Through its partnership with EATON Aeroquip, Safar provides customized hose solutions for drilling companies throughout the region. Our new […]
By John Lee. Lukoil boss Vagit Alekperov (pictured) has told journalists that production at the West Qurna-2 oilfield has reached 200,000 bpd, from a starting volume of 120,000 bpd two months ago. He added: "By the end of the year according to obligations 400,000 will be reached. Today there is no doubt that 400,000 will […]
By John Lee. Jordan and Iraq are in 'serious discussions' to build a refinery in the Red Sea city of Aqaba, reports Xinhua. Adnan Al Janabi, chairman of Iraq's energy parliamentary committee, said the refinery will be used to process oil from Basra. “The refinery will help facilitate the export of the oil and bring great […]
By John Lee. In a move described by Iraq's State Oil Marketing Organization (SOMO) as "an illegitimate deed of the Turkish authorities", the first cargo of oil to be shipped via Kurdistan's new pipeline to Ceyhan has been loaded onto a tanker. The Kurdistan Regional Government (KRG) has issued the following statement on the sale: […]
By John Lee. Iraq's crude oil exports increased nearly 6 percent in April from the previous month. Shipments averaged 2.51 million bpd in April, bringing in revenues of $7.582 billion at an average price of $100.691 per barrel. March's 2.37 million bpd brought in $7,507 billion. (Source: Ministry of Oil)
HKN Energy Ltd. (HKN) has announced that it has notified the Kurdistan Regional Government of Iraq (KRG) that the Swara Tika discovery is a “Commercial Discovery” pursuant to the terms of the Sarsang Production Sharing Contract. HKN, as operator of the Sarsang Block, has drilled two wells on the Swara Tika structure. The Swara Tika-1 […]
By John Lee. Shares in WesternZagros Resources were up 8 percent in early trading on Wednesday following the announcement of its operating and financial results for the first quarter ended March 31, 2014. Commenting on the first quarter results and subsequent events, WesternZagros's Chief Executive Officer Simon Hatfield (pictured) said: "There have been several key […]
By John Lee. Iraq’s parliament fully supports a project to build an $18 billion pipeline to export crude oil from Basra to Jordan’s port city of Aqaba. Speaking to The Jordan Times, Adnan Al Janabi, chairman of the Iraqi parliament's energy committee said: “We are very supportive of this strategic project with Jordan, which will […]
By John Lee. Turkish-based ERGIL, a worldwide specialist in engineering, construction and manufacturing for oil, gas, water, chemical and petrochemical industries has announced that it has been enlisted as an approved supplier/contractor by the Kurdistan Regional Government Ministry of Natural Resources in Erbil, Iraq. As an official party, ERGIL is now qualified to participate in […]
By John Lee. Dana Gas has reported a 67 percent rise in operating profits in 1Q 2014 to US$ 45 million (AED 164 million) as compared to US$ 27 million (AED 98 million) in Q1 2013. This excludes the one-off gains of US$ 39 million (AED 143 million) profits arising out of the partial sale […]
By John Lee. Shares in Afren were down as much as 7 percent during the day on Tuesday, closing down 5.7 percent, as the company's earnings came in below target. In its Interim Management Statement this morning, Afren gave the following update on its Iraq operations: "On the Barda Rash block in Kurdistan, the BR-4 […]
