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 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 […]
By John Lee. Iraq's oil ministry spokesman, Assem Jihad, said the country exported 81.3 million barrels of oil in October -- an average of about 2.62 million bpd -- compared with about 2.6 million bpd in September. At an average price of $105.51 per barrel, revenues hit $8.578 billion, up from $8.4 billion the previous […]
By John Lee. WesternZagros Resources has issued its results for the period ended September 30, 2012: At the Kurdamir-2 well, the operator, Talisman (Block K44) B.V. (“Talisman”), and WesternZagros successfully completed the first of three planned cased-hole tests in the Oligocene Formation of the Kurdamir-2 well. The test targeted 20 metres of fractured reservoir below […]
By John Lee. ShaMaran Petroleum has announce its financial and operating results for the three and nine months ended September 30, 2012. Highlights On November 7, 2012 General Exploration Partners Ltd, operator of the Atrush Block and acting on behalf of the Contractor Group under the Atrush Block Production Sharing Contract, submitted to the Atrush […]
