Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. Iraq's Deputy Prime Minister for Energy, Hussain al-Shahristani (pictured), has said the company is on track to pump 3.7 million barrels a day of crude by the end of the year. He told a conference in Dubai: "Iraq will easily pass 3.5 million barrels a day before the end of the year […]
By John Lee. Iraqi Deputy Prime Minister for Energy Hussain al-Shahristani (pictured) has asked the Kurdistan Regional Government (KRG) to connect its new oil pipeline with Baghdad's Kirkuk-Ceyhan pipeline in a way that allows Baghdad to measure oil flows, according to Reuters. The KRG is expected to complete the 300,000-bpd pipeline in the coming weeks, […]
Shares in Petrel Resources fell 7 percent on Tuesday following the publication of the company's Interim Statement for the period ended 30 June 2013. Highlights: · Iraqi investment enhanced through 20 per cent shareholding acquisition in Amira Hydrocarbons Wasit B.V. This deal gives Petrel an immediate effective 5 per cent carried interest through to production […]
By John Lee. Oil officials confirmed on Monday that a leaking pipeline in the south of the country had been repaired, but planned work at the al-Basra Oil Terminal (ABOT) was continuing to restrict exports. The leaking pipeline had caused a drop in output from the Rumaila oilfield. Reuters reports that Iraq had restored normal […]
By John Lee. The provincial council of Nineveh has reportedly granted its governor the power to sign deals with foreign oil firms independently of Baghdad, which rejected the move as unconstitutional. a predominantly Sunni Muslim governorate in Iraq's northwest, is following the example of the autonomous Kurdistan region, which has pursued an increasingly independent energy […]
By John Lee. BP and China National Petroleum Corporation (CNPC) have received a total of $4.5 billion until the end of 2012 for their investments in the Rumaila oil field, according to a report from the Wall Street Journal. A senior Iraqi oil official told the newspaper that Baghdad has paid a total of $8.5 […]
By John Lee. Genel Energy and DNO International have signed a Gas Sales and Purchase Agreement with the Kurdistan Regional Government to supply gas from the Summail field in the Dohuk licence in the Kurdistan Region of Iraq. The gas will partially displace diesel currently used to generate electricity in a 500 MW power plant […]
By John Lee. Shares in Gulf Keystone Petroleum (GKP) have fallen 6 percent on Thursday amid concerns about the scale of spending needed to develop the company's oilfields. Following the publication of its half-yearly report (shown in full below), Bloomberg quotes Charlie Sharp, an analyst at Canaccord Genuity Securities, as saying: "This marks the end […]
Reef Subsea Dredging and Excavation (D&E) has secured a number of substantial contracts in the Middle-East and Asia Pacific as the company continues to grow its global footprint. The Middle-East contracts will involve two teams from the company’s UK workforce managing subsea excavation work in Saudi Arabia and Iraq. The work in the Al Khafji […]
By John Lee. Energy-focused health and safety specialist Cresent has become the largest Control of Work (CoW) provider in Iraq after winning a contract worth $1.7 million with Russian oil company, LUKOIL Mid-East Ltd. The contract will involve Aberdeen-based Cresent delivering an electronic version of its flagship CoW system WorkSafe® across the second phase of […]
Occidental Petroleum has reportedly begun trying to sell a minority stake in its Middle East unit for as much as $8 billion. According to a report from Bloomberg, Chief Executive Officer Stephen Chazen (pictured) has held talks with sovereign wealth funds and possible strategic partners for a 40 percent stake in the Mideast business, whose […]
By John Lee. A pipeline leak has restricted oil flow to Iraq's southern export terminals, according to Reuters. A rate of 1.58 million barrels per day was being achieved on Tuesday, compared to an export rate of 2.3 million bpd in August. Output from Rumaila has been cut due to the leak, while two berths […]
