Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. Ashti Hawrami (pictured), the Natural Resources Minister of the Kurdistan Regional Government, said on Wednesday that Iraqi Kurdistan will start exporting crude oil by pipeline "very soon" after the completion of a new link to the Turkish border by the end of September. Bloomberg quotes the minister as saying that the pipeline to […]
Iraq's Ministry of Oil has reportedly announced that Iraqi gas reserves reached to 137 trillion standard cubic meters (sic) [cubic feet?], due the increase in exploration sites. Spokesman Asim Jihad said investment and development operations comprised of three stages to reach the peak of production. Earlier, oil under-secretary Fayadh Hassan said that Iraq is trying […]
By John Lee. Paulson & Co, the hedge fund run by John Paulson (pictured), has bought Cdn$70 million [$68.6 million USD] of WesternZagros 4.00% Convertible Senior Unsecured Notes ("Convertible Notes"). A portion of the proceeds from the Private Placement have been used to repay the remaining Crest Energy International ("Crest") debt of US$44.5 million plus […]
By John Lee. Gulf Keystone has announced the commencement of the Company's drilling campaign to explore deeper, yet untested horizons of the world class discovery at the Shaikan field, which the Company operates. Shaikan-7, the first deep exploration well on the Shaikan block, is targeting the mid to lower Triassic and, potentially, Permian horizons, spudded […]
By John Lee. The Missan Oil Company (MOC) has announced that new oil rigs are being installed at the Halfaya oil field to increase the number of new wells in the second stage of developing the field. The Director General of the company said that two new rigs belonging to PetroChina have already arrived and […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Iraqi EITI Report 2011: The Need to Act Promptly, Effectively and Properly This contribution was based on PowerPoint presentations I delivered before “EITI Beyond Compliance Report Analysis Workshop” organised by Revenue Watch […]
By John Lee. France24 reports that Chevron has signed another oil exploration deal in Iraqi Kurdistan. The contract, under which Chevron will acquire an interest in and operatorship of the Qara Dagh block production sharing contract, is the company's third in the autonomous region; it was previously barred from working in non-Kurdish parts of the country […]
By John Lee. India's external affairs minister, Salman Khurshid, starts a two-day visit to Iraq on Wednesday, during which he will hold talks with top Iraqi leadership on issues including the supply of oil. Khurshid, the first senior Indian leader to visit Iraq since 1990, is expected to call on Prime Minister Nouri Al-Maliki, and […]
By Hiwa Barznjy. This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Iraqi Kurdistan has a sea of oil and politicians are eager to exploit the resource. But one expert says oil extraction must be more carefully managed. […]
By John Lee. Iraq unveiled a new energy strategy on Wednesday that aims to raise $6 trillion from oil and gas sales by 2030 and massively increase local power generation, reports AFP. The Integrated National Energy Strategy (INES) would see Iraq invest $620 billion in the sector over nearly 20 years. Thamir Ghadhban (pictured), former […]
By John Lee. Japan has offered a loans of about 120 billion yen ($1.24 billion) to Iraq to build a new refinery and rebuild a port. Nikkei reports that Japan will initially lend 82.7 billion yen to build a refinery to extract natural gas liquids at the Rumaila oil field, while a second loan of […]
By John Lee. DNO International announced today that its deep Tawke-17 well tested 1,500 barrels a day of 26-28 degree API crude oil from an Upper Jurassic reservoir underlying the Tawke field in the Kurdistan Region of Iraq. Separately, the Tawke-20 well, the Company's first horizontal well in the Tawke field, has flowed an average […]
