Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
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 […]
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 […]
