Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. WesternZagros has announced that during the post-perforation clean up period of the Eocene testing program, an initial low rate flow of 42 to 45 degrees API oil to surface has been achieved at the Kurdamir-2 exploration well. The Company advises that flow rates and the potential for commerciality cannot be confirmed until […]
(Note: the speech was read by Minister Ali Saeed, as the Prime Minister was unable to attend). Ladies, gentlemen and distinguished guests, good morning. I wanted very much to be here with you today, but unfortunately I have had to change my plans due to some unforeseeable circumstances. In any event, I would like to […]
By John Lee. Iraq plans to invest up to $1.6 billion on renewable energy over the next three years, according to a report from Retuers. The new solar and wind power stations will to add 400 megawatts to the national grid, helping to close the gap between the 8,800 MW produced and the 14,000 MW needed. […]
Investment almost $1 billion - highest foreign investment in Iraqi oil and gas sector Total 67 million barrels produced since 2008 – highest by private sector in Iraq Project achieves government fuel cost savings of $5.4 billion Dana Gas and Crescent Petroleum, in their capacity as joint operator of the Khor Mor field, have announced […]
By John Lee. Iraq's South Oil Company has announced the completion of new pipeline network connecting its sites in North West Basra and the floating piers in the Fao [Faw] area, south of the province. Director General Dhia al-Mussawi told Aswat al-Iraq that the new pipelines will pump oil from storage in Tuba to the […]
Russia's LUKoil said on Tuesday that Iraq has not asked it to replace Exxon Mobil at the West Qurna-1 oilfield. Nefte Compass said last week that Iraq was considering replacing Exxon with either Russia's LUKoil and Gazprom Neft, but LUKoil Vice President Leonid Fedun (pictured) told Reuters: "No one has offered us West Qurna-1 ... […]
By John Lee. Todd Kozel (pictured), Gulf Keystone's Executive Chairman and Chief Executive Officer, should not be considered a credible witness, a lawyer for Excalibur Ventures said at the opening day of a trial in London. Excalibur is suing the oil explorer for a 30 percent stake of the assets under a collaboration agreement, which according […]
By John Lee. Engineering technology specialist Frazer-Nash Consultancy has been selected by BP Iraq, via the Rumaila Operating Organisation (ROO), to provide technical assurance during a fitness-for-service (FFS) assessment programme of the giant oilfield's pressure vessels and associated equipment, reports OilVoice. In addition Frazer-Nash has also been asked to assist in the development of a […]
By John Lee. The Missan Oil Company, Iraq’s third-largest state-owned oil company, plans to drill 80 new wells in the southeastern region, its director general, Ali Muarej, told Bloomberg. The plan is to boost crude oil output from its current level of 200,000 bpd to as much as 300,000 bpd next year. Half of Missan's production is […]
By John Lee. The Trade Bank of Iraq (TBI) has denied a report it had received cash or letters of credit from Syria for fuel supplies from Iraq, according to a report from Bloomberg. Chairwoman of the bank, Hamdiyah Al-Jaff, said in an emailed statement: "The Trade Bank of Iraq has not conducted such transaction(s)." […]
By John Lee. According to press reports, Iraq's South Oil Company (SOC) has awarded CH2M Hill a $170 million consultancy contract for the water injection project in the country's southern oil fields, replacing ExxonMobil. Al Bawaba quotes SOC Director General, Dhia Jaafar, as saying: "The South Oil Company has selected CH2M Hill to offer consultancy […]
By John Lee. Presidents Maliki and Putin have issued the following statement after their meeting in Moskow: PRESIDENT OF RUSSIA VLADIMIR PUTIN: Mr Prime Minister, ladies and gentlemen, Our meeting with the Prime Minister of Iraq, Mr Nouri al-Maliki, was substantive and constructive. Some significant changes have have been taking place in Iraq since Mr […]
