Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
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 […]
DNO International announced today that it has commenced extensive testing of the Tawke-23 exploration well in the Kurdistan region of Iraq. The well is the second horizontal well drilled by the Company in the Tawke field and has encountered continuous oil shows within a 930 metre horizontal section in the main Cretaceous reservoir. The test […]
By John Lee. Oil minister Abdul Kareem Luaibi [Elaibi] has told reporters that Iraq plans to store 4 million barrels of crude oil in South Korea. According to a report from Reuters, he said that the oil was to be stored in Korea "to be near the markets - the Asian markets". The Wall Street […]
By John Lee. Businessweek reports that Iraq plans to award contracts at the Zubair oil field the the Korean companies Samsung Engineering, Hyundai Heavy Industries, and Daewoo Engineering & Construction. Oil minister Abdul Kareem Luaibi [Elaibi] (pictured) has told reporters: “We are in the last stages in attributing the project entirely to three Korean companies ... […]
LUKOIL Mid-East Ltd (operating company of LUKOIL for development of the West Qurna-2 field) has completed another social project in Basra Province. The company supplied modern medical equipment for the central hospital of Madeina municipality adjacent to the field area. The supplied medical equipment includes a blood analyzer, diagnostic equipment for ultrasonograph and cardiograph and […]
At a meeting in Erbil today, the oil and gas companies operating in the Kurdistan Region and leading figures from the oil services sector pledged to provide emergency relief to the large number of displaced people who have flooded into the Region in recent weeks. Dr Ashti Hawrami, the Kurdistan Regional Government’s (KRG) Minister of […]
By John Lee. Oil minister Abdul Kareem Luaibi [Elaibi] (pictured) told Reuters on Wednesday that Baghdad signed a deal with BP "about 10 days ago" to revive the northern Kirkuk oilfield. The agreement allows BP to negotiate access to significant reserves in the north in return for helping Baghdad arrest a huge decline in output […]
By John Lee. Oil minister Abdul Kareem Luaibi [Elaibi] told Reuters on Wednesday that the Majnoon oilfield was expected to start a 10-day test production phase on 20th September, after which the field was expected to ramp up towards full production. The Shell-operated field is expected to add 175,000 bpd of capacity in the initial […]
