Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. As part of an effort to continue to develop and expand oil production in Northern Iraq, the Minister for Oil Abdul Kareem Luaibi [Elaibi] (pictured) has announced that the ministry is accelerating development at the Hamrin (Himreen) field. This is despite an increased security risk in the area around the field's infrastructure, […]
By John Lee. Intensive competition to supply China's oil demand has combined with slowing demand for oil globally, and this is putting downward pressure on oil prices in 2014, Reuters reports. Iraq and Russia have positioned themselves to be long term suppliers of the Asian giant, squeezing out African and Latin American producers trying to improve […]
Jordan and Iraq began a coordination meeting with international companies interested in constructing an oil pipeline between the Iraqi city of Basra and the port city of Aqaba in Jordan. Work on the project will begin soon, and once completed, it will be used to export crude Iraqi oil through the Aqaba port. The final […]
An Oil Ministry spokesman has said that the ministry "will not put time limit for the Angolan oil company [Sonangol] in developing Najma and Qayara oilfields, due to the security obstacles facing it in these areas". According to the report from Aswat Al Iraq, the company suffered terrorist attacks on its personnel and sites, so […]
By John Lee. A delegation from the Kurdish Regional Government, including Iraqi Kurdish Prime Minister Nerchivan Barzani and Natural Resources Minister Ashti Hawrami (pictured) are in Baghdad to resolve the long running dispute over oil exports from the KRG, Reuters reports. The drive to solve the row over exports gained new urgency in 2011 when […]
By Robert Tollast. Lynne Yelich, the Canadian Minister of State for Foreign and Consular Affairs, has completed a 3 day trade mission visiting Basra, Baghdad and Erbil. It is the first Canadian mission of its kind to Iraq in 25 years, and saw the opening of a Canadian trade office in Erbil. Her delegation was […]
By John Lee. Azerbaijan's foreign minister, Elmar Mammadyarov (pictured), has said that the Southern Gas Corridor project is open for Iraq to transport its gas to the European markets. Addressing a news conference, he said: "It's a huge project ... and it's open if Iraq is also interested in delivering their own natural gas. "The […]
By John Lee. The South Oil Company (SOC) and Parsons have held a workshop to "identify their capabilities and areas in which it is possible to provide the services, and contribute to the development of the oil industry in Iraq, according to the latest technologies and to ensure that quality requirements". Mr. Mohammed Ibrahim, head […]
By John Lee. Bloomberg reports that Iran plans to offer international companies better oil contracts than Iraq, as it seeks long-term investment to revive its energy industry. As Iran discusses limits to its nuclear program to remove Western sanctions against its financial and energy businesses, Mehdi Hosseini, of the Iranian oil ministry, said it is […]
By John Lee. India's Hindustan Petroleum (HPCL) aims to increase crude imports from Iraq by 8 percent to about 65,000 bpd in the year to the end of March 2015, as it takes up better terms offered by Baghdad. The company's director of refineries, B. K. Namdeo, told Reuters that Iraq is offering 60 days' […]
Shares in WesternZagros Resources fell 12 percent on Thursday following the announcement that it has completed a revised resources assessment of its Kurdamir Oligocene reservoir in the Kurdistan Region of Iraq and there are no material changes. On the Garmian Block, declaration of commerciality has been filed, the Baram-1 exploration well has discovered light oil, […]
Oryx Petroleum has announced that it has determined that the Demir Dagh 2 well discovery is a Commercial Discovery pursuant to the terms of the Erbil Production Sharing Contract. Oryx Petroleum is currently undertaking an extensive appraisal program in relation to the full Demir Dagh field, and will continue to undertake such appraisal activities through […]
