Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. OPEC crude output hit a four-month low in July as unrest and conflict in Libya and Iraq disrupted supplies, a Reuters survey found on Wednesday. Supply from the organization averaged 30.25 million bpd, down from 30.38 million bpd in June, and the lowest since March 2013 when the group pumped 30.18 million […]
By John Lee. Daewoo Engineering and Construction has won a $709-million contract to upgrade the Akkas gas field in Anbar province, near the Syrian border, the Iraqi cabinet secretary announced. The South Korean company will provide engineering, procurement, construction and commissioning of a central processing facility in the field. Construction of the new facility is […]
By John Lee. Reuters reports that Iraqi crude oil exports are to be cut by between 400,000 and 500,000 barrels per day in September. The drop is due to rehabilitation and maintenance work at Gulf ports. A third offshore terminal and a metering station are being installed to boost export capacity by 900,000 bpd, according […]
By John Lee. Shares in Irish-based exploret Petrel Resources jumped more than 37 percent on Friday, following the announcement of a possible deal in Iraq. The Board said that negotiations on "a potential Iraqi investment are at an advanced stage whereby a private company with extensive hydrocarbon interests in Iraq would inject an asset into […]
By John Lee. Reuters reports that the China Petroleum Engineering & Construction Corporation (CPECC), the engineering and construction subsidiary of the China National Petroleum Corporation (CNPC), has won a $548-million service contract to develop the Halfaya oilfield. The company will handle engineering, procurement, construction and commissioning work at the oilfield, which is forecast to produce […]
By John Lee. Dana Gas has repaired its liquefied petroleum gas (LPG) facility at Kor Mor in Iraqi Kurdistan, which was damaged when a tanker smashed into it last year, halting its production of up to 900 tonnes of oil equivalent a day. Dana and its parent company, Crescent Petroleum, remain in negotiations with the Kurdistan […]
By John Lee. A spokesman for the Electricity Ministry, Musab al-Mudaris, confirmed on Tuesday that Iraq has signed a deal with Iran to import natural gas for power generation. Associated Press reports that under the four-year deal, Iraq buy 850 million cubic feet a day of gas at international market prices, but UPI says no […]
By John Lee. The Iraqi Oil Ministry has said that exports of crude oil fell in June for the second consecutive month, due to bad weather at the ports and attacks on northern pipelines. Shipments dropped to 69.8 million barrels for the month, or 2.33 million barrels a day (bpd), bringing in a total of $6.8 […]
A unit of Talisman Energy Inc., Calgary, has begun a cased-hole test program of the Oligocene reservoir at the Kurdamir-3 well on the Kurdamir block in the Kurdistan Region of Iraq. Talisman (Block K44) BV drilled the well to 2,895 m about 5 km southwest and downdip of the Kurdamir-2 well in what the block […]
Translated from Al-Hayat by Abdel Wahed Tohmeh, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Iraqi Kurdistan Region Natural Resources Minister Ashti Hawrami (pictured) said that the shares of oil companies operating in the region have exceeded $3.5 billion. He stressed the […]
By John Lee. Associated Press reports that the Italian oil company Eni has agreed to lower production targets at the Zubair oil field. It has also extending the length of the contract by five years. Eni says that the deal signed on Monday in Baghdad sets a new target at the field of 850,000 barrels […]
By John Lee. Iraq has again failed to restart exports of crude oil via the Kirkuk-Ceyhan pipeline, reports UpstreamOnline. Pumping was suspended since 21st June due to a leak in the Ain al-Jash area, around 290 kilometres northwest of Baghdad. There was a brief restoration of service last week, but flows are again reported to […]
