Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
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 […]
By John Lee. Iraq is considering replacing ExxonMobil at the supergiant West Qurna-1 oilfield with Russian companies LUKoil and Gazprom Neft, according to a report from Nefte Compass. Iraq regards Exxon's contracts in the northern Kurdish region of the country as illegal. But if any agreement was reached at this week's meeting between Iraqi Prime […]
By John Lee. Bloomberg reports that Iraq will ship 25 cargoes of Basrah light crude from the Persian Gulf in the second half of October, compared with 21 in the previous two-week period. According to the loading program, Iraq will export a total of 36.6 million barrels from the al-Basrah Oil Terminal (ABOT) (pictured), 2.2 million […]
By John Lee. WesternZagros Resources has completed its testing program in the deepest of the three stacked reservoirs drilled by the Kurdamir-2 exploration well in the Kurdistan Region of Iraq. The testing confirmed an oil discovery in low permeability fractured limestones of the Cretaceous-age, Shiranish Formation, adding to the previously announced major oil discovery in […]
By John Lee. Iraq has said its oil output could reach up to 10 million barrels per day by 2020, higher than the recent prediction from the International Energy Agency (IEA). Speaking at a ceremony for the publication of the IEA report, Iraq's Deputy Prime Minister for energy, Hussain al-Shahristani (pictured), predicted that the country's […]
By John Lee. Genel Energy has hosted a Capital Markets Day for analysts and investors in London. Please click here to download the strategy presentation, and here to view the webcast. Tony Hayward (pictured), Chief Executive Officer of Genel Energy, said: "In the Kurdistan Region of Iraq we have doubled the size of our business […]
By John Lee. A high-level Iraqi delegation visiting Russia has made quite a stir this week: Arms deals worth $4.2 billion were announced, making Russia Iraq's second biggest supplier of arms after the US; A memorandum of understanding was signed for political and diplomatic cooperation between the two countries, with Iraq asking Russia’s help to […]
By John Lee. Russian President Vladimir Putin (pictured) lobbied Iraq's prime minister on Wednesday to support Russian energy investment, according to a report from Reuters. At talks with Nouri al-Maliki in Moscow, he also called for Russia to strengthen its presence in the OPEC state. Gazprom Neft denied on Wednesday that it had frozen its […]
By John Lee. Both Russia's Gazprom Neft and the Kurdistan Regional Government have denied that the company has frozen projects in Iraqi Kurdistan. "Gazprom Neft is still working on these projects. The company keeps its interest in Kurdistan," a Gazprom Neft source told Reuters. A spokesman for the KRG said Gazprom had informed the KRG […]
Iraq's oil production is on course to more than double by 2020, the International Energy Agency's Executive Director Maria van der Hoeven tells Reuters: (Source: Reuters)
