Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
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 […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. China and CNPC are Consolidating Further their Positions in Iraq Petroleum Sector Four years after the first bid round took place, some international oil companes (IOCs) are consolidating their positions. while others […]
KRG Prime Minister Nechirvan Barzani, speaking at a conference in Erbil today (Tuesday), highlighted Kurdistan Region’s contribution to the global energy market and reiterated Kurdistan’s commitment to the Iraqi constitution in the Region’s dealings with Turkey. The Prime Minister referred to the discussions over the past two years between the Kurdistan Regional Government and Turkey […]
By John Lee. ExxonMobil signed agreements on Thursday with PetroChina for a 25 percent participating interest in the West Qurna I project in Iraq, and with Indonesia's Pertamina for a 10 percent participating interest in West Qurna I. ExxonMobil retains 25 percent interest and remains lead contractor. The transfer has been approved by the South Oil […]
A consortium of architecture and design firms from Michigan, USA, has been hired to design a $600 million, 2.8 million-square-foot new petroleum engineering university in Basra. CBS Detroit reports Iraq’s Minister of Higher Education and Scientific Research, Ali Al-Adeeb, has been touring projects created by the firms that are part of Icon Global Architecture Engineering […]
Baker Hughes is preparing to resume operations in Iraq after protests in Basra prompted the company to issue force majeure notices to its customers. Reuters reports that Derek Mathieson, Baker Hughes' vice president, told an investor conference: "We have initiated the resumption of operations ... Within the coming weeks, we will be working toward becoming […]
By John Lee. Vitol and Glencore have finalised term contracts to sell over 1.5 million tonnes of gasoil to Iraq's State Oil Marketing Organisation (SOMO), reports Reuters. Vitol will supply four cargoes of 500 ppm sulphur gasoil, along with three cargoes from Glencore, through 2014 at a premium of $7.37 a barrel over Middle East quotes […]
