Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By Denise Natali for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. As al-Qaeda continues to terrorize parts of Iraq, another battle looms over the country: control over Iraqi hydrocarbons and revenues. The Kurdistan Regional Government (KRG) is pressing ahead with its plans to […]
The Weir Group has announced it has signed a contract with LUKOIL to provide general maintenance services for the West Qurna-2 oilfield in Southern Iraq. The agreement, which is for two years and is estimated to be worth a total ofUS$98m (£59m), will see Weir engineers deliver mechanical, electrical, maintenance and pipeline services for the […]
By John Lee. Iraq exported a total of 872.3 million barrels of oil last year, giving an average of 2.39 million barrel per day, down from 2.42 million bpd in 2012, according to AFP. Revenue for the year was also down, falling from $94.02 billion in 2012 to $89.22 billion last year. OPEC said Iraqi […]
Korea's STX Heavy Industries has announced another major contract win in Iraq. The $99.5-million deal will see the company build a new gas treatment facility at the Gharraf [Garraf] oilfield. Malaysia’s state oil firm Petronas holds 45 percent of the Gharraf project, Japan Petroleum Exploration (Japex) 30 percent, and Iraq’s North Oil Company (NOC) 25 percent. […]
By Bassem Francis for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Nineveh Governor Athil al-Nujaifi (pictured) warned about the repercussions of the clashes between the army and the security services on the one hand and the Iraqi Sunnis in the province of Nineveh […]
The Oil and Energy Committee of the Iraqi parliament has decided to approve a government request to increase the discount on oil exports to Jordan from $18 per barrel to $20 per barrel. Iraq also supplies Jordan with natural gas, liquefied petroleum gas and heavy fuel, but according to a report from Azzaman, the quantities […]
Oil exports from southern Iraq increased by almost 300,000 bpd in the first two weeks of this year, compared to the December average, according to a report from Reuters. Exports averaged 2.35 million bpd in the first 15 days of January, up from 2.08 million bpd in December. Although this is seen as a sign […]
Kurdish ministers have reportedly walked out of a cabinet session in protest at the country’s draft 2014 budget. Reuters reports that the draft budget requires the Kurds to export 400,000 bpd, well above the region’s current export capacity, and says Baghdad will deduct any shortfall from the 17 percent share of state revenues to which […]
The tragedy of sectarian violence continues in Iraq, but the country still presses ahead with its development, and foreign companies continue to seize opportunities to contribute to the country’s growth and prosperity. This week in our newsletter, we have details of a Russian company's first oil output at an Iraqi oilfield, a Danish company exploring […]
The Kurdistan Regional Government has approved Maersk Oil’s acquisition of a 40% non-operating interest in the Piramagrun and Qala Dze Production Sharing Contracts from Repsol Oriente Medio S.A. Repsol will continue to operate exploration activities and also hold a 40% interest. The Kurdistan Regional Government will hold the remaining 20% share of each block. The […]
The state-run Turkey Petroleum Co. (TPAO) has discovered oil in the Sirnak province, near the southern border with Iraq and Iran. According to a report from UPI, the company's regional director, Gokhan Akin, said: "The oil at the well is at the value of the neighboring country's [Iraq] oil but the test studies for the […]
Genel Energy has issued a Trading and Operations Update in advance of the Company's 2013 full year results, which are scheduled for release on 6 March 2014. (The information contained herein has not been audited and is subject to further review). HIGHLIGHTS Kurdistan Region of Iraq ("KRI") independent pipeline infrastructure complete, exports expected to commence […]
