Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Kentz has announced the award of three individual, reimbursable, service contracts in Iraq with a total value to the company of circa US$55 million, through its Technical Support Services business unit. Across the three projects, Kentz will provide services over the next three to four years that will oversee the development of in-plant process facilities […]
On December 14, the first cargo with 2 million barrels of crude oil from Iraq's Halfaya Oilfield left Basra for China, indicating that China National Petroleum Corporation (CNPC)'s Halfaya Project has entered investment payback period ahead of schedule. Halfaya Project is the first to become operational and begin investment recovery amongst the seven international projects that […]
BP is said to be close to reaching a deal with Iraq to cut the final production target for the Rumaila oilfield to between 1.8 million and 2.2 million barrels per day (bpd). According to Reuters, officials from BP, the state-run South Oil Company (SOC), and the Ministry of Oil, have been in talks for […]
At a roadshow in London today, Iraq sought investors for two new oil pipelines: A 2.25-million bpd line from Basra to the pumping station at Haditha, to be built on an EPC (engineer, procure and construct) contract; and, A 750,000- to 1-million bpd line from Haditha to the port of Aqaba in Jordan, on a […]
The Board of EITI (Extractive Industries Transparency Initiative) has declared Iraq to be 'Compliant' with the EITI Standard. There are now 18 countries that are 'EITI Compliant'. EITI compliance means that the country has an effective process for annual disclosure and reconciliation of all revenues from its extractive sector. This allows citizens to see how […]
Iraqi Oil Minister Abdul Kareem al-Luaibi [Elaibi] talks about the extension of Abdalla El-Badri's tenure as secretary general of the Organization of Petroleum Exporting Countries (OPEC). He spoke with Bloomberg Television's Ryan Chilcote in Vienna: (Source: Bloomberg)
By John Lee. OPEC ministers have failed to agree on a new secretary general and have asked Abdalla el-Badri to stay in the post for another year. Four countries had been competing for the job -- Saudi Arabia, Iran, Iraq and Ecuador -- but Ecuador’s candidate, oil minister Wilson Pastor-Morris, announced last week that he […]
By John Lee. A British contractor has agreed to plead guilty to wire fraud conspiracy in a deal to supply vehicles to Iraqi police, according to Associated Press. APTx was to receive $5.7 million as a subcontractor in an August 2004 deal to procure 51 vehicles for the Iraqi Police Authority. The US Department of […]
The opening address to the 162nd Meeting of the OPEC Conference, by HE Abdul-Kareem Luaibi Bahedh, Minister of Oil of Iraq and President of the Conference: Excellencies, ladies and gentlemen, Welcome to Vienna for the 162nd Meeting of the OPEC Conference. I should like to extend a special welcome to His Excellency Dr Abdel Bari […]
The latest article from our Expert Blogger Mark DeWeaver gives a concise overview of the fall and rise of the Iraqi Stock Market (ISX) over the past 15 months, and of some of the factors driving (and not driving) it. For the average non-Iraqi retail investor, however, it is difficult to participate in this market, […]
By John Lee. WesternZagros Resources has announced that it and the operator, Talisman, are preparing to complete the Kurdamir-2 well after successfully finishing an additional cased-hole test in the Oligocene Formation (DST#7). The test was conducted over a 24 metres thick interval between depths of 2,528 metres and 2,552 metres. It achieved a stabilized flow […]
By John Lee. An article from Seeking Alpha speculates that Iraq could provide solid opportunities to oil field services firms like Baker Hughes, but points out that there are significant risks and issues that need to be addressed before international firms can participate wholeheartedly in this promising market. Baker Hughes has been making steady progress […]
