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 Irish-based explorer Petrel Resources were up as much as 20 percent in early trading on Wednesday following the announcement that the company has agreed to acquire a 20 percent shareholding in Amira Hydrocarbons Wasit B.V. ("Amira"), which is the holder of a 25 per cent carried interest in certain oil […]
By John Lee. Iraq's Ministry of Oil has announced that the long-awaited start of production at the Gharraf [Garraf] oilfield is now scheduled for the end of August. Initial output is expected to be 35,000 barrels per day (bpd). The company previously had a plan to start operations by September of last year, and were […]
By John Lee. Reuters reports that a bomb attack stopped oil flows through the pipeline from Kirkuk to the Turkish port of Ceyhan (pictured) early on Tuesday. Iraqi oil officials said the stoppage started at around 0230 GMT (10:30 p.m. Tuesday EDT). The pipeline has been repeatedly attacked by militants and has also suffered technical […]
On Thursday, Marathon Oil Corp. said it expects to start producing oil from its operations in the Kurdish region of Iraq within the next two years. The company posted an 8.4 percent increase in net income for the second quarter of 2013, according to its quarterly report. According to UPI, the company said it is planning […]
China's largest energy firm, PetroChina, will join ExxonMobil in developing Iraq's giant West Qurna oilfield and is in talks with Lukoil to buy into a second project at the field, according to the South China Morning Post. China is already the top foreign player in Iraq's southern oilfields, and a deal at West Qurna would boost […]
According to The Express Tribune, Iraq’s Kurdistan region is exporting crude oil by truck to an Iranian port for shipping to Asia, using a trade route that is likely to anger both Baghdad and Washington. In a dispute largely over revenue sharing, Kurdistan’s crude exports through a pipeline controlled by the Iraqi central government, dried […]
On Friday, the International Energy Agency warned that oil supply from the Organization of the Petroleum Exporting Countries was falling, as it raised its forecast for demand for the exporters group's crude this year. "Continued supply outages in Iraq and Libya…may reduce the group's output in coming months," the IEA said in its monthly oil […]
Iraq's oil exports are stagnating compared with numbers from this time last year, and are set to fall sharply next month. This plateau in exports comes as major work is carried out in the vital southern export terminals, Reuters sources explained. Infrastructure and security problems are at the heart of Iraq's struggle to keep pace […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Oil, Sustainable Development and the Management of the Transformation in Iraq This contribution is based on PowerPoint presentation delivered before the Symposium “Iraq – 10 Years On” held at Tahrir Campus of […]
The North Oil Company has announced the resumption of oil flow in the pipeline from the Kirkuk oilfields to the Turkish port of Ceyhan after being shut off for three days because of repairs to a damaged line. A source from the company was quoted by the National Iraqi News Agency, saying that the maintenance […]
By John Lee. The Director General of Missan Oil Company has cut the ribbon on the 272-km crude oil pipeline from Buzurgan to Halfaya and onward to the tanks reservoir at al-Fao [al-Faw]. It starts from meeting point of the two lines from Buzurgan and Halfaya. The 42-inch-diameter pipeline was built in cooperation with the […]
By Matthew Gayle. Iraqi parliament Oil & Energy Committee member, MP Suzan al-Sa'ad, recently stressed that the country's decline in crude oil production during 2013 will lead to major deficit in the federal budget of 2014. According to a report by the Oil Ministry, Iraq oil exports decreased at average of seven million barrels in […]
