Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Russia's Gazprom Neft has increased its estimated costs for the Badra oil field to about US $3 billion, reports Bloomberg, citing a bond prospectus recently issued by its parent company. The company had previously forecast costs at about $2 billion. The field is being developed by Gazprom as lead partner (30% stake), along with Korea’s […]
TAQA, the international energy and water company from Abu Dhabi, has formally opened its new office in Erbil. The office was inaugurated by His Excellency Abdulla Saif Al-Nuaimi, TAQA Vice-Chairman, in the presence of His Excellency Sinan Abdulkhalq Ahmed Çelebi, Minister of Trade and Industry; Mr. Nawzad Hadi Mawlood, the Governor of Erbil Province from […]
Iraq Business News is delighted to bring you the latest major new guide to business in Iraq. Published by Allurentis, in association with Iraq’s National Investment Commission (NIC) and UK Trade and Investment (UKTI), the fifth edition in the annual New Iraq series - The New Iraq: 2014 Discovering Business - contains a wealth of […]
Following the publication by our Expert Blogger, Ahmed Mousa Jiyad, of his assessment of the recent report from the Iraqi Extractive Industry Transparency Initiative (IEITI), the Secretary General of the organisation has issued some comments in response. Mr Jiyad has requested that we publish this response in full on Iraq Business News; please click here […]
By John Lee. Just as some observers were saying the dispute looked intractable, Deputy Prime Minister for Energy Hussein al-Shahristani has announced a potentially big breakthrough in the ongoing saga of deal and no deal between Baghdad and the Kurdish Regional Government over oil exports to Turkey and oil revenues. Reuters has reported that after intensive […]
By Semih Idiz for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. With hundred of thousands of barrels of its oil stuck in the Turkish Mediterranean port of Ceyhan, unable to be sold on the world market because of its continuing row with Baghdad, the Kurdistan Regional […]
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 […]
