Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Thamir Ghadhban (pictured), the chairman of the prime minister's advisory commission on energy, has said that Iraq is revising its oil production targets. Speaking at the MEED Iraq Energy Conference in Dubai, he said Iraq that Iraq should average 2.9 million barrels per day this year, rising to 4.5 million bpd by the end of […]
By John Lee. Insurgents blew up the Ceyhan oil pipeline in northern Iraq on Monday night, halting the country's oil exports via the Turkish port (pictured). The attack took place near Tulool al-Baj, some 250 km north of Baghdad, a police source told Xinhua. "The sabotage caused a huge fire at the scene and resulted […]
By John Lee. Shares in Afren fell 1.7 percent following the publication of its full-year results for 2012. Key highlights Record financial results driven by strong production growth (+123%); FY 2013E net production expected to average 40,000 to 47,000 boepd (excluding Barda Rash) Significant exploration success E&A success ratio of 88% 265% reserves replacement ratio […]
WesternZagros Resources today announced its operating and financial results for the year end ended December 31, 2012, and additional key highlights and activities to date. With tremendous exploration success and solid operational execution in 2012, WesternZagros moved well ahead on its mission to be recognized as one of the leading junior oil and gas companies […]
By John Lee. Research by the Financial Times shows that the top 10 American and foreign contractors in Iraq have secured business worth at least $72 billion between them, with the total for all contractors coming in at $138 billion. Top of the list is KBR (formerly Kellogg Brown and Root), which was once run […]
LUKOIL has begun supplying computers and other equipment for schools of Madeina and Izzaldin-Salim municipalities under the social program of West Qurna-2 project. The program aims at developing facilities of educational, medical and sports institutions in the districts bordering on the contract area. This work is based on agreements concluded with the administrations of Madeina, […]
Translated from Azzaman Iraq for Al-Monitor by Naria Tanoukhi. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Former Iraqi oil minister Issam al-Jalabi says that although Iraq is an oil-rich country, it still imports petroleum products from abroad to meet its needs 10 years after […]
CNN's Fareed Zakaria speaks with Paul Brinkley, former U.S. Deputy Under Secretary for Business Transformation with the Department of Defense, about his efforts to get major American companies to set up in Iraq: (Source: CNN)
Dana Gas PJSC, the Middle East’s leading private-sector natural gas company, and Crescent Petroleum, the Middle East’s oldest private oil and gas company, in their capacity as joint operators, have announced that the total investment on behalf of the partners in gas operations in the Kurdistan Region of Iraq has exceeded US$1 billion. Total cumulative […]
By John Lee. The Missan Oil Company has finished drilling one of the new wells at the al Halfaya field. Director General of the company, Ali Imurig Soadj, said that the BOHI company, contracted by Petrochina, completed the HF-107-K107 well at the al Mushrif reservoir. Thirty-five wells have been drilled at Halfaya, including 8 old […]
By John Lee. Iraq plans to spend $130 billion on the country’s upstream sector over the next five years, according to a report from Bloomberg. Speaking at a conference in Basra, Oil Minister Abdel-Kareem al-Luaibi [Elaibi] (pictured) said the expenditure will be necessary to help raise production capacity to 9 million barrels a day (bpd). […]
The Iraq Britain Business Council (IBBC) has welcomed a new initiative to boost the Iraqi jobs market. A weekend conference in Basrah - sponsored by the Ministry of Oil and supported by Shell - has been investigating how to revitalise the Iraqi private sector by ensuring contracts with oil majors went to local firms. Oil […]
