Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. The Director of the Majnoon oilfield has told Aswat al-Iraq that production at the field has exceeded 210,000 bpd. Basim Tahir added that production may be increased to 220.000 bpd at the beginning of 2014, with gas supplying Rumaila power station. Shell owns 45 percent of the venture, with Petronas owning 30 percent, […]
By John Lee. Gulf Keystone Petroleum (GKP) has issued a statement this morning confirming that Excalibur does not intend to appeal against the September court judgement, and has agreed to a payment of £17.5 million relating to costs. Shares in GKP were trading up 7 percent on Monday morning. The full text of the GKP […]
By Ayser Jabbar for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Iraq’s aspirations to increase its oil exports to close to 7 million barrels per day by 2017 drew criticism from the Iranian Ministry of Petroleum. Iranian Petroleum Minister Bijan Namdar Zangeneh regarded […]
Kurdistan’s oil and gas has been a force for stability and will benefit all the people of Iraq, Kurdistan Region Deputy Prime Minister Imad Ahmed told the second day of the CWC Kurdistan Iraq Oil and Gas Conference. He said, ‘Kurdistan has good relations with Turkey and will continue to develop its relations with Iran. […]
By Mushreq Abbas for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Have Baghdad and Ankara agreed to resolve the Kurdish oil issue? Has Baghdad agreed with Erbil to settle the dispute that broke out after the latter concluded a contract to independently […]
By John Lee. Credit Suisse has upgraded Genel Energy as a result of what it described as “irreversible progress” towards achieving large scale oil exports via Turkey. Believing that the Iraqi Kurdistan oil play is now lower risk, analyst Thomas Adolff says that progress has been very impressive since 2011 and "we treat recent events - […]
By Mehmet Nayir for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Turkey’s energy diplomacy has borne results. The oil crisis was resolved when Baghdad was offered a measurement station and revenue payment guarantees. In this regard, a trilateral Baghdad-Ankara-Erbil mechanism will be set […]
By Andrew Scarre. Iraq’s oil exports have increased in October to 2.25 million barrels per day, an increase of 0.18 million barrels per day in comparison to September’s figures. Over the course of October, Iraq exported 69.8 million barrels of oil over the course of October, creating US$7.160 of revenue. The ministry confirmed that the […]
By John Lee. Patrick Schorn, Schlumberger's president of operations and integration, has said that the company expects the temporary shutdown of its operations in North Rumaila last month to reduce fourth-quarter profits about 2 percent. Reuters quotes him as saying: "With strong support from the authorities, we are almost back to normal activity levels at this […]
By John Lee. Oryx Petroleum today announced a successful oil discovery at Zey Gawra in the Hawler license area. The ZEG-1 well was flow tested at an average rate of 4,800 barrels per day of light crude oil from an 81 metre column. A Notice of Discovery has been filed by the Corporation with the […]
By John Lee. Reuters reports that Baghdad and Erbil appear to have found a formula that will allow Iraqi Kurdistan to export oil to Turkey through a new pipeline. Following a meeting in Baghdad on Sunday with Iraq's Deputy Prime Minister for Energy, Hussain al-Shahristani, Turkey's Energy Minister, Taner Yildiz, said on Tuesday that an […]
From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Turkey and Iraq have worked out a new oil pipeline deal. The idea has caused a serious rift with Baghdad, which says it has the sole right to control sales of oil and […]
