Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
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 […]
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 […]
