Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. Iraq's giant oil field West Qurna 2, with a minimum 14 billion barrels of recoverable reserves, began production on Saturday as Lukoil opened spigots to put 140,000 barrels a day onto the market. By the end of the year the field is set to produce 400,000 bpd, putting Iraq on track for […]
By John Lee. Taqa (Arabic for "energy") has released it's full results for 2013, announcing that the company has secured regulatory approval for the development plan of the Atrush field in Iraq. The first oil production at Atrush is expected in 2015 (see Iraq section below.) For the full report on Taqa's 2013 results, including their […]
By John Lee. Afren have announced their full year results for 2013, highlighting what they describe as record revenues and cash flows, production ahead of guidance, continued exploration success and significant balance sheet strength. Included here are the company results for their work in the Kurdish region of Iraq. You can see more detail on […]
By John Lee. Iraq's oil income is set to jump in April, boosted by the continued discount on Basra Light as of February last year, and increased shipments to Asia. February saw a record 3.6 million bpd in exports, setting a 3 decade record for Iraq. According to Bloomberg, who interviewed analyst Alexander Poegl of JBC Energy […]
By John Lee. Turkish Energy Minister Taner Yildiz (pictured) has remarked at a press conference that the country is ready to export oil from storage tanks at Ceyhan, once they have reached their capacity of 2.5 million barrels. Baghdad is currently opposed to such a move, and minister Yildiz has expressed a desire for the […]
By John Lee. Metinvest Group received permission to supply large diameter pipes fabricated from internally produced pipe-making plate for oil and gas pipelines in Iraq. The Oil Ministry of Iraq included Metinvest Group into its list of certified suppliers of large diameter pipes manufactured from internally produced pipe-making plate. The move followed Azovstal Iron and […]
By John Lee. Deputy Prime Minister for Energy Hussein al-Shahristani (pictured) has welcomed Nechirvan Barzani's offer of sending 100,000 bpd of oil through the State Oil Marketing Company. According to Aswat al-Iraq, Barzani's widely reported "good will" gesture was also welcomed by former oil minister Ibrahim Bahr al-Uloum who was positive about the offer. Until the […]
By John Lee. Kurdish Regional Government PM Nechirvan Barzani (pictured) has offered to send 100,000 bpd of oil from the Kurdish region through the State Oil Marketing Company, Reuters reports. The move is designed to partially appease Baghdad in the on going and tortuous dispute over oil revenues and exports to Turkey. Currently over 1 million […]
This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Basra’s Mighty Petro-Dollar: But Does the Province Have Anything to Show for it? Basra is one of the country’s wealthiest provinces in terms of oil it produces; its budget for 2014 […]
Gulf Keystone has announced that it has mandated Deutsche Bank and Pareto Securities to arrange a series of fixed income investor meetings in the US, Europe and Asia commencing 20 March 2014. A debt offering of up to US$250 million in accordance with Reg S/144A is expected to follow, subject to market conditions. On 13 […]
By John Lee. Pumping along the Kirkuk-Ceyhan pipeline has reportedly been halted since the beginning of March due to sabotage, and it is unclear when exports can re-start. Oil volume through the pipeline dropped almost a quarter in January (compared to January 2013), having already fallen by 37 percent in 2013 compared to 2012, according […]
By John Lee. Foster Wheeler Kentz Energy Services DMCC, the Dubai-based joint venture company of Foster Wheeler and Kentz, announced today that it has been awarded framework contracts by Shell Iraq Petroleum Development B.V. ("Shell"), for the provision of engineering, procurement and related services for the Majnoon Oil Field Commercial Production Project in Iraq. Shell […]
