Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Bloomberg reports that Iraq plans to reduce its exports of Basra Light crude from the Persian Gulf in September to the lowest in at least 20 months. Iraq will ship about 52.86 million barrels, or 1.76 million barrels per day (bpd), from al-Basra Oil Terminal (ABOT) (pictured), according to a loading program obtained by the […]
Bomb attacks in northern Iraq have damaged part of the pipeline leading to the Turkish port of Ceyhan (pictured), according to a report from Associated Press. Three bombs exploded next to the pipeline on Wednesday night in a deserted area south of Mosul, 360 kilometers (225 miles) northwest of Baghdad. AP's sources said that technical teams […]
By John Lee. Iraq’s oil ministry has reportedly blamed Shell for $4.6 billion in lost revenue due to production delays, according to a letter seen by AFP . The document, dated July 21, 2013, sharply criticizes the company for shortfalls in oil extraction at Majnoon. Two separate sources with knowledge of the letter’s contents confirmed […]
By John Lee. On September 1st, Mitsubishi Heavy Industries Ltd (MHI) will open an office in Basra, the second-largest city in Iraq. MHI aims to respond swiftly to emerging large-scale social infrastructure improvement projects supported by its vast oil reserve and rapidly increasing reconstruction demand from warfare and economic sanction. The new office will function […]
Petrofac has been awarded a second contract by Gazprom Neft Badra B.V. on the Badra Oil Field, situated 160km southeast of Baghdad City in the Republic of Iraq. Worth US$95 million over three years, the contract was awarded to Petrofac's Offshore Projects & Operations (OPO) business to provide maintenance engineering, maintenance execution and support services. […]
ShaMaran Petroleum has reported the results of the Atrush-3 appraisal well ("AT-3") drilled in the Kurdistan Region of Iraq. The AT-3 well was spudded on 23rd March 2013 using the DQE31 drilling rig and was drilled to a total depth of 1,806m. The well is situated approximately 6.5km east of the AT-2 well and approximately […]
The first group students have completed their studies in the training center of LUKOIL Overseas Mid-East Ltd., LUKOIL's operating company for West Qurna-2 project, in Basra province. 170 Iraqi nationals who have completed a 1.5 year training program were immediately assigned to different facilities of West Qurna-2 field depending on their obtained qualifications, including well […]
India is looking forward to further strengthening its relations with Iraq as an "equity partner" in areas like oil exploration and petrochemicals, the country's President, Pranab Mukherjee, said on Friday. Speaking during the visit of Iraqi Prime Minister Nouri al-Maliki, the President added: "Iraq has become India's second largest crude oil supplier. This is a […]
Reuters reports that Exxon Mobil is selling part of its stake in the West Qurna-1 oilfield to PetroChina and Indonesia's Pertamina. Oil Ministers Abdul Kareem Luaibi [Elaibi] told the news agency that 25 percent will go to PetroChina and 10 percent to Pertamina. He added that the deal would be done "maybe after two to […]
By John Lee. As part of its half-year results, Afren has issued the following update on its operations in Iraqi Kurdistan: Barda Rash Approximately 18,800 barrels of oil were held in storage during 1H 2013. Preliminary crude oil sales to the local market have commenced with initial sales of 1,300 bopd achieved since 8 July […]
By John Lee. Shares in WesternZagros Resources closed 27 percent down on Wednesday following what the company described as "unexpected results" from its Kurdamir-3 well. The company has completed the first two drill stem tests (DST #1 and DST #2) on the Kurdamir-3 well in the Kurdistan Region of Iraq. The first Kurdamir-3 test, DST […]
Prime Minister Nouri al-Maliki is to visit India on Thursday to push for investment in reconstruction, reports AFP. The four-day trip to New Delhi and Mumbai, with a delegation of ministers and business leaders, follows the visit of India Oil Minister M Veerappa Moily to Baghdad last month. But the prospects of luring foreign investment to […]
