Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
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, […]
The Iraq Britain Business Council (IBBC) has announced its third Mansion House Iraq Day conference, which will be attended by UK Energy Minister, Michael Fallon; UK Foreign Minister, Alastair Burt; Iraq’s Communications Minister, Torhan al-Mufti; and, Deputy Social Affairs Minister, Dara Reshid Yara. Other speakers include Brian Redford, Regional Director, UK Borders Agency (UKBA), and […]
The Anglo-Turkish oil and gas independent, Genel Energy, has announced that a second drill-stem test carried out on the Chia Surkh 10 well has confirmed the existence of an additional oil bearing section. The test was carried out over a 12 metre zone in a younger Miocene section than the the first drill-stem test, and […]
The Kurdistan Regional Government’s Minister for Natural Resources last week at the Baker Institute in Houston said that the US administration can help Baghdad and the Kurds to resolve their disagreements on oil and gas. Dr Ashti Hawrami (pictured) said: “We believe that Washington can help Iraq shepherd through a deal on energy in accordance […]
By John Lee. Russian news agency RT reports that Rosneft is considering a joint venture with ExxonMobil in Iraq. Company President Igor Sechin (pictured) told reporters: "We will work with anyone who offers good terms, we'll work with ExxonMobil too." An Iraqi oil ministry delegation will visit Moscow on 10th May to discuss the deal. […]
By John Lee. Genel Energy has said it has made significant progress on getting a pipeline to reach the Turkish border. Conversion of a pipeline in the Kurdish region from natural gas to oil could be finished as early as the fourth quarter of this year, reports UPI. The company said it expects exports to […]
By John Lee. Lukoil Chief Executive Officer Vagit Alekperov (pictured) has said that the Russian company expects to produce around 150,000 bpd of oil from the West Qurna-2 field by January: "The program of developing the oilfield infrastructure is proceeding according to schedule and work is ongoing at all the sites ... From 1st January […]
The Missan Oil Company (MOC) has announced that it has finished building a 1,700-metre runway in the Halfaya area. It will be used to transport employees of companies like CNOOC and Petrochina to and from the international airport at Basra. Mr. Ali M. Al-Bahadli, the director general of the MOC, said the runway is 30 […]
By John Lee. Shares in Irish-based exploration group Petroceltic International (PCI) were up 3 percent in early trading on Monday, following the release of its preliminary results. The results included the following statement on its operations in Iraqi Kurdistan: "Since 2005, the Kurdistan Region of Iraq has become one of the most active exploration locations […]
By John Lee. Shares in Genel Energy opened 1.5 percent higher on Monday morning following the company's interim management statement for the period from 1 January 2013 to today. This statement is issued ahead of Genel Energy's Annual General Meeting, which is being held at 11.00am today at the Sofitel St James's, 6 Waterloo Place, […]
Iranian Oil Minister, Rostam Qassemi [Qasemi] (pictured), has said that Iran is keen to expand oil cooperation with Iraq. Speaking on the sidelines of an oil conference in Tehran, he told reporters that cooperation in joint oil fields and exporting Iranian gas to Iraq are examples of the growing cooperation between the two countries, adding […]
