Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. DNO International, the Norwegian oil and gas company, announced today that the Benenan-3 well drilled on its Erbil license, Kurdistan region of Iraq, encountered an additional 210 meter oil column in the Najmeh reservoir which is expected to more than double the Benenan field's gross 2P oil-in-place volumes from 300 million barrels […]
By John Lee. In its operations update this morning, Petroceltic International issued the follow statement on its operation in Iraqi Kurdistan: Geophysical surveying operations at the Shakrok block (Petroceltic 16% working interest) were completed on 21 September 2012, with 276 kilometres of 2D seismic lines acquired. Drilling remains scheduled to commence on Shakrok in Q3 […]
By John Lee. The Ministry of Oil has allocated $4 billion for the construction of a new refinery in Karbala. According to a report from Azzaman, the 150,000-bpd refinery will take four years to complete and it will be built by Iraqi technicians and engineers under the supervision of a team of international experts. The […]
By John Lee. A federal magistrate in Oregon has ordered Kellogg Brown and Root (KBR) to pay $85 million to a dozen National Guard soldiers for illnesses suffered while guarding an oilfield water plant during the Iraq war. The soldiers said they suffer from respiratory ailments after exposure to sodium dichromate, and they fear that […]
By John Lee. Turkey's Energy Minister, Taner Yildiz (pictured), has said the country has signed a $350 million deal to drill 40 oil wells in the Basra area, and is in talks on drilling 7,000 wells across Iraq. Details of the timeframe or companies involved were not immediately available. According to a report from Reuters, […]
By John Lee. According to industry sources cited by reuters, Gulf Keystone has restarted production in Kurdistan after a gap of six months. The company is now producing between 5,000 and 7,000 bpd for sale on the domestic market, and is developing its Shaikan field to raise output to around 40,000 bpd by the middle […]
By John Lee. Petronor, the Dubai-based international services company, is launching the second phase of Iraq Energy City (IEC), fully equipped international community in Basra, catering to the oil and gas industry. Located 20 minutes from Basra International Airport, IEC offers accommodation and commercial real estate to international companies looking to enter the Iraq market, according […]
Genel Energy has issued its Interim Management Statement for the period from 1 July 2012 to 31 October 2012. Highlights 2012 production guidance increased to c45,000 bopd following the resumption of export sales in August. Sales revenue guidance for 2012 remains unchanged at c $250 - 300 million Following the resumption of exports in August, […]
By John Lee. Paolo Scaroni, the CEO of Italian oil and gas company Eni, spoke out on Wednesday to complain about the difficulties of doing business in Iraq. "Our adrenaline rush now is not what it was when we entered Iraq", he said ,"[it's] more complex than we first thought." On one hand, we could […]
The CEO of Italian oil and gas company Eni, Paolo Scaroni (pictured), said he expects the consortium led by Eni to invest $18 billion in the Zubair oilfield. He added that the group, which includes Occidental Petroleum Corp and South Korea's KOGAS, has already invested 4-5 billion euros in the project. Production at the field is […]
Alderley FZE, a subsidiary of Alderley plc, has recently secured contracts for two crude oil metering systems in Iraq. The contracts for both projects were issued by Petrofac, the international oil and gas facilities service provider, for the new Early Production System (EPS) for the Majnoon field in southern Iraq and for the first phase […]
By John Lee. WesternZagros Resources has successfully completed its testing program in the Eocene reservoir, the second of three target intervals in the Kurdamir-2 exploration well in the Kurdistan Region of Iraq. The testing proved an oil discovery in the naturally fractured limestones of the Eocene Formation. This adds to the previously announced major discovery […]
