Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
WesternZagros Resources has announced a fourfold increase in the Company's contingent resource estimates at the giant oil discovery on the Kurdamir Block in the Kurdistan Region of Iraq. Shares closed up 2.7 percent on Monday, but have risen more than 21 percent since the start of last week. The total mean estimate of gross unrisked […]
International developer EPGI has announced that they have been awarded the development management contract to develop and build the new Basra Oil and Gas International Free Zone in Iraq. The project is the second largest of its kind in the world covering over 11 million square metres, and is strategically located near the southern Iraq […]
By John Lee. Iran Daily reports that trade between Iran and Iraq exceeded $10 billion in the current Iranian year (started March 20, 2012). Speaking at a seminar on trade and investment in the Iraqi Kurdistan region, which was held by Isfahan Chamber of Commerce, the Secretary-General of Iran-Iraq Chamber of Commerce Jahanbakhsh Sanjabi (pictured) […]
WorleyParsons has been awarded a three year contract by Shell Gas Iraq BV to provide project management support and services for the rehabilitation of gas facilities and infrastructure that are part of the scope of Basrah Gas Company (BGC). In November 2011, as part of a push to make better use of its gas resources, […]
By John Lee. Reuters reports that Iraq has sweetened the terms for oil contract buyers and is becoming more competitive on pricing. Oil Minister Abdul Kareem Luaibi [Elaibi], who met customers in Vienna last month on the sidelines of the OPEC meeting, told the news agency: "We were keen that I personally meet all the […]
By John Lee. Genel Energy has announced that closing has taken place on its acquisition of the remaining 49 per cent participating interest in the Miran exploration block in the Kurdistan Region of Iraq. On 12 November 2012, Genel Energy announced that Heritage Oil issued the Exchange Repayment Notice signifying its intention to repay the […]
By John Lee. Iraq has announced that it has discovered deposits of crude oil equivalent to one billion barrels of oil, following the first exploration work by state-owned firms in almost 30 years. The new oil find in Maysan [Missan] province, near the border with Iran, and could potentially make a significant addition to Baghdad's […]
By John Lee. Prime Minister Nouri al-Maliki held talks with ExxonMobil chief Rex Tillerson (pictured) on Monday. AFP reports that the meeting was the first between the two since the firm signed an oil exploration agreement with Kurdistan in October 2011, a move which angered Baghdad, which has said the company must choose between its deals with […]
By John Lee. The China Petroleum Pipeline (CPP) company is said to be close to winning a $650-million contract to build a pipeline linking the southern oilfields in Maysan province to the al-Fao [al Faw] storage depots. The chief of state-run Maysan Oil Company, Ali Maarij, told Reuters, that the line will expand the export […]
By John Lee. The Chairman of Russia's LUKoil, Vagit Alekperov, has signed an amendment to the contract to develop the West Qurna-2 oil field with the South Oil Company (SOC). According to the amendment, the 18.75 percent share of the project formerly owned by the Norwegian company Statoil is to be taken over by LUKoil, […]
Advertising Feature Douglas-Westwood conducts comprehensive industry study into Iraq and Kurdistan Drilling and Oilfield Services market 2012-2016 The potential scale of the Iraqi oil sector is unprecedented in modern times, and represents a significant opportunity for the drilling and oilfield service industry. However, limited historical information, coupled with the highly complex political situation make accessing […]
By John Lee. Afren plc's trading statement and operations update includes the following review of its activities in Iraqi Kurdistan. Shares in the company closed up 2.7 percent: Barda Rash Having commenced an extensive testing programme at the BR-1 well in July 2012 and establishing oil rates in excess of 6,000 bopd of 28° to […]
