Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. Four industry sources have told Reuters that Swiss oil trader Trafigura is still indirectly supplying gasoline to Iraq through another firm, despite being banned from participating in tenders for 2013 after buying oil from Iraqi Kurdistan. Baghdad's State Oil Marketing Organization (SOMO) finalised a deal in November to buy 1.56 million tonnes […]
By John Lee. The Missan Oil Company (MOC) has announced the completion of the exploratory oil well in the Deema-1 [Dima-1] formation. Oil Minister Abdul Kareem Luaibi [Elaibi] said that the Ad Daimah [Deima, Dima, Deema, Dimah] Field, which is located in Maysan governorate, was completed 100 percent successfully, and in a record time, without […]
ShaMaran Petroleum has announced an update of estimated contingent and prospective resources for the Atrush block provided by third party auditors McDaniel & Associates prepared as at December 31, 2012 in accordance with standards set out in the Canadian National Instrument NI 51-101 and Canadian Oil and Gas Evaluation Handbook (COGEH). McDaniel estimates have taken […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Iraq upstream petroleum witnessed three unprecedented interrelated developments post-2003: A grand opening to FDI; offering the most prized petroleum fields in a rather short period of time; and, formulation of the basic […]
Sterling Energy has announced that it is withdrawing from the Sangaw North Production Sharing Contract ("PSC") in Kurdistan. Shares in the company were trading down 3.3 percent on Friday morning: Interpretation of the 2D seismic data acquired in the Sangaw North PSC during 2012 has indicated that the remaining potential is insufficient to justify drilling […]
By John Lee. AIN reports that Iraq has approved the construction of a new power station in Maysan province. The head of the Provincial Council, Abdul Hussein Abdul Reda, said that the country’s Ministry of Planning had approved a scheme to build a station of between 200 and 250 Megawatts. Iraq’s Ministry of Oil and […]
By John Lee. Iraqi Oil Minister Abdul Kareem Luaibi [Elaibi] has issued a stern warning to the KRG over their attempts to export large quantities of crude oil to Turkey, describing it as "a red line". "The Kurds are under obligation to ferry all the oil they produce to the national export systems," said the […]
By John Lee. Iraq has again told Exxon Mobil that it must choose between working in its southern oilfields or in Kurdistan. Reuters reports that Oil Minister Abdul Kareem Luaibi [Elaibi] expects the company to make a final decision within a few days, adding: "We made it clear to Exxon in the last meeting that the […]
By John Lee. Underlining its commitment to help strengthen Iraq's energy infrastructure, GE Oil & Gas has established a new technology and service center near Basra City. The facility, which was opened earlier this month, brings the latest GE technology and expertise to local customers to help boost production in the Rumaila oil field. In […]
By John Lee. The Province of Missan has emerged as a major oil producer in Iraq as more of its oil fields come on stream. Ali Muaarij, the head of Missan Oil Company, said foreign firms are developing these fields and currently the province produces 230,000 bpd. He said he expected the Missan fields to […]
By John Lee. Iraq has now opened its second floating pier to export crude oil via the Gulf. Oil Minister Abdul Kareem Luaibi [Elaibi] said: "Today vessels have started to load crude from the two Single Point Moorings at the same time, and that should remarkably expand our export capacity." The first floating pier was […]
By John Lee. Iraqi Kurdistan's energy minister, Ashti Hawrami, is reported as saying that the KRG has awarded Chevron a stake in the Qara Dagh oil block (pictured). Jay Pryor, Chevron's Vice President for business development, met with Kurdistan President Mr Masoud Barzani at the World Economic Forum in Davos, reports Steel Guru. During the […]
