Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Gulf Keystone notes today's update by MOL Hungarian Oil and Gas Plc., the operator of the Akri-Bijeel Block in the Kurdistan Region of Iraq (in which Gulf Keystone has a 20 per cent working interest), on its extensive exploration and appraisal programme. Bakrman-1 Exploration Well Discovery Bakrman-1, the first exploration well to target the Bakrman […]
By John Lee. Iraq's Cabinet has authorized the Oil Ministry "to sign an agreement of principles" on two key oil and natural gas pipeline projects, reports Platts. The agreement will be between the Iraqi Oil Ministry, the Iranian Oil Ministry, and the Syrian Oil and Mineral Resources Ministry, and it relates to the construction of […]
By John Lee. Shares in Gulf Keystone Petroleum (GKP) were up 3% on Monday morning on the London Stock Exchange following an update from the company on the progress of a litigation case: On 15 February 2013, the English Commercial Court [pictured] in London ordered Excalibur Ventures LLC ("Excalibur") to make a payment of £4,700,000 […]
By John Lee. Oil ministry spokesman Asim Jihad has said that a bomb attack caused an explosion in the 16-inch pipeline transporting fuel oil from Beiji [Bayji, Baiji] refinery (pictured) to Nineveh province on Saturday. He said the ministry expected repairs from the blast, 390 km (240 miles) north of Baghdad, to take several days. […]
By John Lee. In an interview with Reuters, the chief executive of Kuwait Energy says the company is committed to pumping gas and finding oil in southern Iraq, and will not risk aggravating Baghdad by pursuing deals in Iraqi Kurdistan. Sara Akbar (pictured) said strong ties with Baghdad are core to its strategic investment in southern […]
By John Lee. DNO International ASA, the Norwegian oil and gas company, has announced record 2012 net profit of NOK 1.04 billion on operating revenues of NOK 2.84 billion. Fourth quarter 2012 net profit was NOK 810 million on operating revenues of NOK 1.43 billion. Shares in the company closed 2.8 percent higher on Tuesday. […]
By John Lee. A leading Sunni figure has said that Iraq is not likely to pass a hydrocarbon law anytime soon, as the government has little interest in pushing a draft through parliament. Adnan Al-Janabi, a member of the Iraqiyya party, and the head of Iraq's parliamentary oil and energy committee, told Reuters: "It is […]
By John Lee. Missan Oil Company has announced that the US company Weatherford has successfully completed an oil well at the Bazargan field. It has also rehabilitated another well in the same field, and one at the Faqa oil field. According to a report from AIN, this brings the number of wells Weatherford completed at […]
WesternZagros Resources has conducted further analysis of the results from the Kurdamir-2 well and provides a revision of its resource estimates for the Oligocene reservoir in the Kurdamir Block, as well as an update for the adjacent Oligocene reservoir in the Baram prospect on the Garmian Block. On the Baram prospect, the total mean estimate […]
By John Lee. Oil giant ExxonMobil has reportedly hired former U.S. ambassador to Iraq, James Jeffrey (pictured), as a consultant. The company was recently told that it must choose between working in Iraq's southern oilfields, where it operates the $50 billion West Qurna 1 oilfield, or in Kurdistan, where it has signed exploration deals. Exxon’s […]
The UK’s leading trade association for oil and gas supplies and services on Thursday concluded its first mission to the Kurdistan Region. Dr Ashti Hawrami, the Kurdistan Regional Government’s Minister of Natural Resources, met the delegation from the Energy Industries Council (EIC), which was accompanied by the British Consul General Hugh Evans. After their meeting […]
By John Lee. A senior Turkish government official has told the Hürriyet Daily News that the Turkish government will continue to encourage Turkish energy companies to sign more agreements with the Kurdistan Regional Government, despite what it describes as Washington’s warnings not to take such steps as they risk partitioning the country. "These are steps […]
