Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. Indonesia has signed a deal with Iraq's State Oil Marketing Organization (SOMO) to buy Basra light crude in the second half of 2013. According to reports from Reuters and Jakarta Globe, Iraq is winning more customers in Asia as it is selling its crude cheaper than comparable grades, undercutting rival Saudi Arabia […]
By John Lee. The Korean Gas Corporation (KOGAS) said on Wednesday that an attack on its operations at the Akkas gas field in Anbar will not delay its plans to start commercial production in September 2015. A spokesman for the state-run company told Platts: "There was no major damage to the facilities at the field, […]
By John Lee. The Kurdistan Regional Government has denied that an incident involving HKN Energy in the Kurdish region of Iraq was related to security issues, and said it was instead tied to a labour dispute. In a statement, the KRG also denied media reports that about 120 oil workers were held hostage: "The Kurdistan […]
Iraq plans to ship 48 cargoes of Basra Light crude from the Persian Gulf in April, according to a report from Bloomberg -- 13 shipments more than last month. About 68.6 million barrels of the blend is to be exported from the al-Basra Oil Terminal (ABOT) (pictured), equating to 2.29 million barrels a day; this […]
By John Lee. The Basra Gas Company (BGC) -- a joint venture between the state-run South Gas Company (SGC), Shell and Mitsubishi -- is processing around 400 million cubic feet per day (mcfd) of gas, and is on track to treat 2 billion cubic feet per day by 2017. SGC general director, Ali Khudhier, told […]
By Omar al-Shaher for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The Iraqi Oil Ministry has said that the country's export capacity will reach 7 million barrels per day by 2015, while the parliamentary Energy Committee believes that the size of Iraq's […]
By John Lee. Pakistan Petroleum Limited (PPL) has started development and exploration of gas Block 8, according to a report from Pakistan Today. Iraq signed the final contract with the company in November, giving it the right to explore an area of 6,000 sq km in the Diyala and Wassit provinces in eastern Iraq. PPL […]
By John Lee. Kuwait-based Agility Public Warehousing company, has announced that through its fully owned subsidiary in Iraq has been awarded a 3-year logistics contract from Shell Iraq Petroleum Development B.V. As part of this contract, Agility will be managing all related freight forwarding services for the contract from different locations around the world into […]
By John Lee. Singapore-listed KS Energy (KSE) signed a contract recently to supply its KS Discoverer 4 land rig (pictured) to the Taq Taq Operating Company (TTOPCO) in Kurdistan. The rig will be contracted for one year or until the completion of one exploration well and two development wells, whichever is later. TTOPCO has the […]
By John Lee. The South Korean news agency Yonhap reports that there has been a "significant" oil discovery in the Hawler field in Iraqi Kurdistan. State-run Korean National Oil Corporation (KNOC), which owns 20 percent of the field, said it yielded 10,000 barrels per day during initial testing. Swiss company Oryx Petroleum has a 65 […]
By John Lee. Iraq's Deputy Prime Minister for Energy Affairs, Hussein al-Shahristani (pictured), has confirmed that 4 million barrels of crude oil per month is to be will be shipped to Egypt from next April. Speaking to Associated Press, al-Shahristani did not say whether Iraq will sell at preferential prices, as it does with neighbouring […]
By John Lee. Platts reports that Iraqi oil production rose slightly in February to 2.963 million barrels per day (bpd), up by 43,000 bpd over January. Figures from the State Oil Marketing Organization (SOMO) show that Iraq exported 2.536 million bpd last month, 177,000 bpd above January's tally of 2.359 million bpd, and only 78,000 […]
