Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. Reuters reports that oil exports from Iraqi Kurdistan have halved to around 100,000 bpd in recent days. An Iraqi oil official said on Monday that the Kurdistan Regional Government had told Baghdad's State Oil Marketing Organization (SOMO) that exports were reduced because operators were "facing some technical problems that will take some […]
By John Lee. Sri Lanka is to purchase oil from Iraq after the US imposed new sanctions on Iran. According to a report from AFP, the US Senate unanimously approved new economic sanctions on Friday aimed at further crippling Iran's energy, shipping and port sectors, a year after Congress passed tough restrictions against Tehran. Sri […]
By John Lee. General Exploration Partners (GEP) has signed a purchase and sale agreement to sell 53.2% of its participating interest in the Atrush Block to Abu Dhabi National Energy Company PJSC (“TAQA”). In conjunction with the sale, Aspect Energy International, LLC will divest itself of any interest in GEP, leaving ShaMaran Ventures B.V. (a […]
By John Lee. DNO International was advised by the Kurdistan Regional Government that a payment of USD 160 million was transferred last night for distribution to the foreign members of the Tawke joint venture in partial payment for past oil exports of oil from the Tawke field in the Kurdistan Region of Iraq. DNO's share […]
The Abu Dhabi National Energy Company, TAQA, today disposed of its entire holding in WesternZagros Resources, which holds two oil and gas production sharing contracts in the Kurdistan Region of Iraq. TAQA purchased 74 million common shares in WesternZagros at CDN$0.63 per share for a total amount of CDN$46.6 million in October 2011. TAQA completed […]
By John Lee. Reuters reports that LUKoil, Russian’s biggest non-state oil producer, which is believed to be considering buying ExxonMobil's stake in the West Qurna-1 oil field, has bought oil from Kurdistan in defiance of Baghdad. Baghdad has long insisted it has the sole right to export oil, but LUKoil's Geneva-based trading arm Litasco has […]
WorleyParsons has been awarded a three year contract by LukOil Mid-East Limited to provide project management services for West Qurna-2 oil field development project in Iraq. WorleyParsons will provide project management, technical and construction supervision personnel to support the West Qurna-2 engineering, procurement and construction (EPC) activities. WorleyParsons will also develop a Project Management System […]
By John Lee. Iraq's State Oil Marketing Organisation (SOMO) has finalised a deal to buy up to 1.097 million tonnes of gasoil for delivery next year from BP and Swiss trader Vitol, according to Reuters. The company has agreed to pay a premium of $7.99 a barrel above Middle East quotes on a delivered basis, […]
By John Lee. Russian’s LUKoil is said to be studying documents on Iraq’s West Qurna-1 oil field, with a view to possibly taking over ExxonMobil's stake. Bloomberg quotes Chief Executive Officer Vagit Alekperov (pictured) as saying that the company will make a decision on possible participation in the project by the end of the year. […]
By John Lee. OptaSense, which is owned by QinetiQ, has secured a key pipeline security contract in Iraq. The contract is to help provide protection to a new 180km pipeline corridor, owned and run by the State Company for Oil Project Iraq (SCOP). OptaSense will be providing the technology to allow vital operational and security […]
By John Lee. Richard Wadsworth, CEO of Sonoro Energy, talks to Proactive Investors at the Oil Council World Assembly. He says the company's licence area in the Salah ad Din Province in Northern Iraq is in a "very prolific, attractive" basin: (Source: Proactive Investors)
Scottish-based Cresent is delivering the most significant contract in its 30-year history after signing a multi-million pound deal to supply health and safety training products for workers in Iraq’s giant Rumaila oilfield. Cresent has been awarded the contract by BP Iraq, which is operating the field in a joint venture with PetroChina and the National […]
