Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. Dana Gas has reportedly denied speculation that is about to spin off its assets in Iraqi Kurdistan. Shares in the Abu Dhabi-based energy firm had risen on the rumours, but a spokesman said: "There is absolutely no basis to rumors of spinning off or selling Kurdistan or any other assets, and the […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Iraq’s Petroleum Upstream Development and the Challenges of Managing the Plenty Extended Abstract based on PowerPoint presentation delivered before the Natural Resource Charter -NRC Annual Conference “Investing Natural Resource Wealth for Sustainable […]
By John Lee. FARS news agency reports that Iran and Iraq have struck an agreement to cooperate and exchange technical data about the development of shared oil and gas fields. Masoud Jabbari-Rad, director for coordination and supervision of oil and gas production at the National Iranian Oil Company, noted that the two countries share extensive […]
Shell Iraq Petroleum (Shell) has awarded a commissioning services contract to Wood Group-CCC (WGCCC), a company equally owned by Wood Group PSN (WGPSN) and Consolidated Contractors Company (CCC), providing operations and maintenance services to the oil and gas and petrochemical industries in the Middle East. The contract is to commission the first phase of the […]
DNO International has announced first quarter 2013 net profit of NOK 169 million on operating revenue of NOK 581 million, but the company's shares fell by more than 1 percent. During the quarter, operational cash flow of NOK 547 million exceeded capital spending of NOK 368 million and contributed to an increase in the Company's […]
The Jakarta Post reports that Indonesia is likely to partner with Iraq to build oil refineries in Indonesia. The director general for oil and gas at Indonesia's Energy and Mineral Resources Ministry, Edy Hermantoro, is quoted as saying: "Both deputy energy ministers from the two countries have signed a memorandum of understanding [MoU] for cooperation […]
Gulf Keystone has provided an update on its four blocks in the Kurdistan Region of Iraq, including the world class discoveries at Shaikan and Sheikh Adi, as well as Akri-Bijeel and Ber Bahr: Background With the Shaikan commercial discovery alone, Gulf Keystone has one of the world's largest onshore conventional oil & gas developments with […]
South Gas Company, Shell and Mitsubishi today officially announced the commencement of operations of Basrah Gas Company, which will be the largest gas project in Iraq’s history and the world’s largest flares reduction project. Basrah Gas Company is a 25-year incorporated Joint Venture between Iraq’s South Gas Company holding 51% of its shares, Shell 44% […]
By John Lee. Reuters reports that BP has signed a deal with Iraq to build a new terminal at the port of Khor al-Zubair. Anmar al-Safi, spokesman at the General Company for Ports of Iraq, told Reuters: "BP will help Iraq build an advanced terminal to receive refined oil product shipments and also to export […]
By John Lee. Norway's DNO International has published its 2012 Annual Report and Accounts detailing the Company's operating performance and audited financial results. DNO delivered revenues of NOK 2,842 million in 2012, up from NOK 2,070 million a year earlier, and net profit of NOK 1,040 million in 2012 versus NOK 653 million in 2011. […]
By John Lee. Iraq has agreed in principle to offer a three-month, interest-free credit term to Egypt on its deal to sell 4 million barrels of crude a month. According to the report from Dow Jones Newswires, the move could ease the fuel shortage that has recently hit the Egyptian economy. Baghdad is to supply […]
DNO International has released its Annual Statement of Reserves setting total remaining proved and probable (2P/P50) reserves at 520.3 million barrels of oil equivalent (MMboe) on a company working interest (CWI) basis as at yearend 2012. The comparable figures for yearend 2011, yearend 2010 and yearend 2009 were 371.9 MMboe, 194.2 MMboe and 149.4 MMboe, […]
