Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. Gulf Keystone Petroleum (GKP) announced today the launch of an offering of senior unsecured convertible bonds which will be issued in a principal amount of US$ 50 million. The New Bonds are to be issued on the same terms (save for the issue price) as, and shall be consolidated and form a […]
By John Lee. Oil ministry spokesman Assem Jihad said on Sunday that Iraq's oil exports hit a 19-month low in September, attributing the decline to maintenance and improvement projects at the country's ports. Iraq exported 62.1 million barrels of oil in September, or about 2.07 million barrels per day (bpd), the lowest daily average since […]
The Malaysia External Trade Development Corp (Matrade) is organising the Malaysia Services Exhibition (MSE) 2013 in Erbil, Kurdistan, Iraq on Oct 28-31 with a total of 17 participating Malaysian companies and 32 business representatives. Bernama describes it as an avenue to showcase the expertise and capabilities of Malaysian services companies, as well as to network […]
By John Lee. Oryx Petroleum Corporation has announced the discovery and testing of crude oil at Ain Al Safra in Iraqi Kurdistan. The Ain Al Safra discovery will be appraised in 2014 as part of the multi-well appraisal and development drilling program in the Hawler license area, where Oryx Petroleum is the operator and has […]
By John Lee. Thamir Ghadhban (pictured), chairman of the advisory commission to Iraq's Council of Ministers, has said that he expects a robust return to growth next year as foreign companies push output from the southern oilfields to new records. Output is expected to rise by at least 500,000 barrels per day to an average […]
By John Lee. The Governor of Nineveh province, Atheel al Nujaifi (pictured), has told Reuters that Baghdad has focused on the giant southern oilfields and has paid little attention to developing resources in his province. The province has started talks with oil companies, including Exxon Mobil, and is drafting terms to attract investment. Nujaifi added: "We […]
By John Lee. Oilfield service company Petrofac has announced a contract extension from South Oil Company (SOC) for its Iraq Crude Oil Expansion Project. The 12-month extension, worth around US$99 million includes the second phase of the project and will see the Company provide an additional scope of operations and maintenance services. The extension follows […]
By Matthew Gayle. According to Iraq Oil Report, the consortium managing the only producing natural gas field in Iraq's autonomous Kurdistan region is taking the Kurdistan Regional Government (KRG) to court, alleging overdue payments that are likely to total over $2 billion. Dana Gas, a United Arab Emirates fuel producer, began arbitration proceedings in London on rights […]
By John Lee. Tehran Times reports that Iraq is set to sign a new contract covering gas imports from Iran. Deputy prime minister Hussain al-Shahristani (pictured) said a gas pipeline being built between Iran and Iraq could become operational in November. The countries signed a four-year agreement in July for the supply of 850,000 Mcf/d of […]
By John Lee. Iraq's Deputy Premier for Energy Affairs, Hussein al-Shahristani, has said that China is to buy 850.000 barrels per day of Iraqi oil in 2014. Aswat Al Iraq reports that China will buy 586.000 bpd of Iraqi oil this year, an increase on the 525.000 bpd achieved in 2012. (Source: Aswat Al Iraq)
By John Lee. China is attempting to increase purchases of its crude by more than two-thirds next year, according to a report from Reuters. "Iraq is in a lucky position because we always get more requests than we can actually supply," deputy prime minister for energy Hussain Al-Shahristani said on Wednesday at the World Energy […]
Wireless Seismic, Gazprom Neft, and Asian Oilfield Services Limited (ASIAN), have announced that a world record has been set for the number of live seismic channels recorded in real time by a cable-free seismic recording system. ASIAN has been acquiring a 270 sq km 3D seismic survey over a mountainous prospect in the Kurdish Autonomous […]
