Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. MP Suzan al-Saad, a member of the Oil and Energy Parliamentary Committee, has announced that a committee is to be formed to solve the problems of the employees at the South Oil Company (SOC), who have been protesting against working conditions. According to a report from AIN, the committee will include the […]
By Bassem Francis, translated from Al-Hayat (Pan Arab) for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The Justice and Reform Movement in Nineveh has refused to build an oil refinery in a region they see as being “occupied by Kurdistan and monopolized by […]
By John Lee. Iraq exports 73.1 million barrels of crude oil in January, bringing in revenue of $7.672 billion. This corresponds to a daily rate of 2.36 million bpd, very slightly up on the December rate of 2.348 million bpd. A spokesman for the Oil Ministry, Asim Jihad said that export rates and revenues had […]
By John Lee. A second bomb blast has set fire to a pipeline carrying fuel oil from Beiji [Bayji, Baiji] refinery (pictured) to Nineveh province, reports Reuters on Wednesday. A similar attack on Saturday disabled the 16-inch pipeline, which is used to transport fuel oil. "Terrorists placed bombs and landmines around the location of the […]
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 […]
