Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
As part of its trading statement and operational update this morning, Dragon Oil made the following statement on its operations in Iraq: The consortium (Kuwait Energy 70% and operator and Dragon Oil 30%) has secured a drilling rig from the Iraqi Drilling Company (IDC) to spud an exploration well in 1Q 2014. The work commitment […]
By John Lee. Oilfield services company Baker Hughes Incorporated has warned the markets that it will take a hit of $80 million as a result of the disruption to its operations in Basra. The company said in a statement: "Following the disruption to its business in Iraq during the fourth quarter, Baker Hughes resumed operations […]
By John Lee. Iraq's oil ministry has again delayed an international tender for the development of its Nasiriya oil field and the construction of a new refinery, according to a report from Reuters. The auction for the Nassiriya Integrated Project will now take place on 19th June, have been originally scheduled for December, and then 23rd […]
By John Lee. Jordan and Iraq have agreed on executing an oil pipeline to export Iraqi oil through Jordan. KUNA reports that the agreement came after a high-ranking joint meeting attended by the energy ministers of the two countries. The pipeline will pump one million bpd of Iraqi crude to the Red Sea port of […]
By John Lee. Gazprom Neft, operator of the Badra oilfield, has reported the successful completion of well-testing at its BD4 appraisal well at the end of December, 2013. Potential production capacity was tested through the sequential testing of six drilled strata, followed by final testing of all pay horizons concurrently. A daily natural flow rate […]
By John Lee. Shares in Gulf Keystone Petroleum (GKP) were up 4 percent this morning after the company provided an operational and corporate update: Significant progress has been made since the Field Development Plan ("FDP") for the Shaikan field was approved in June 2013. In July 2013 the Company commenced commercial production, marking Gulf Keystone's […]
By John Lee. A group of companies led by Hyundai Engineering & Construction has won a $6.04-billion contract to build the new 140,000-bpd Kerbala oil refinery. The Iraqi cabinet approved the deal between the Oil Ministry's State Company for Oil Projects (SCOP) and the consortium on Tuesday. Construction is to be completed within 54 months. […]
The KRG Ministry of Natural Resources (MNR) gives public notice of the commencement of the sale of its first shipment of crude oil exported via Kurdistan Region’s new pipeline through Turkey to the Port of Ceyhan (pictured). MNR anticipates the sale of the first parcel of two million barrels of exported crude oil to occur […]
By John Lee. Petroceltic International has provided an operational update today together with guidance for its 2014 production outlook and exploration and development work programmes. Highlights 2013 production in-line with guidance at 25.2 Mboepd; 2014 forecast production range of 20.0 to 22.0 Mboepd Shakrok well in Kurdistan Region of Iraq drilling ahead at 1818 m […]
By John Lee. An Iraqi parliamentary committee has asked the Commission of Integrity to investigate the contract awarded to Satarem to build a $6-billion refinery in Maysan. Iraq Business News' Expert Blogger Ahmed Mousa Jiyad recently questioned the legitimacy of the contract signed with the Swiss company, prompting the Ministry of Oil to issue a statement […]
By John Lee. Korea's STX Heavy Industries has won a $449 million order to build a 550-kilometer gas pipeline in northwestern Iraq. The pipeline, scheduled for completion in June 2017, will take gas from the Akkas gas field in Anbar, which is operated by Korea's KOGAS. (Source: STX)
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. For the third year in a row the National Secretariat of the Iraqi Extractive Industry Transparency Initiative (IEITI) has succeeded in releasing its annual report on time. This year Report exhibits significant […]
