Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. Shell's commercial general manager for Iraq, Arne de Kock, has told Reuters that two key hurdles must be cleared before the company can move forward with its giant gas capture project in southern Iraq. But he added that he was "optimistic" the government's Council of Ministers will sign off on the issues of asset […]
By John Lee. Iraqi government spokesman Ali Al Dabbagh (pictured) has said that the cabinet has approved a $358.8 million contract with Italy's SICIM and Dubai-based Drake and Scull to lay pipelines in the southern Zubair oilfield. The two-year extendable deal is part of a series of contracts aimed at developing Zubair which should have […]
By John Lee. Shell expects to resume production at its Majnoon oilfield in Iraq in the first quarter of 2013, Arne de Kock, commercial general manager for Iraq, has told Reuters. The company then expects to lift output to 175,000 bpd by March or April, this being the level of production required for it to start […]
By John Lee. The Iraq General Commission for Free Zones and Basra International Oil and Gas Hub (BIOGH) have formed a joint venture to create a "free zone" for oil and gas at Khor Al-Zubair. Totaling 11 million square meters (about 118 million square feet) and located directly adjacent to the strategic Khor Al-Zubair port, […]
By Ahmed Mousa Jiyad. The basic “model” of the Long Term Service Contract formulated and developed by the Iraqi Ministry of Oil is a distinct and unique among the known regimes governing upstream petroleum. Though the structure of all versions of the basic model are all the same and do have many almost identical “common […]
By John Lee. Shares in Petrel Resources (AIM: PET) have rallied more than 25% since the company issued an update on the Company's position in Iraq. In mid 2012, Petrel appointed a new Baghdad/Amman based team of Iraqi citizens to review the standing of and opportunities for Petrel in Iraq. The first objective was to […]
Smit Lamnalco has secured the turnkey contract to support Single Point Mooring operations for The Iraq Crude Oil Export Expansion Project (ICOEEP). The scheme, 20 km off the Al Fao Peninsula, looks to triple oil exports from Iraq. The SPM contract covers operations and maintenance of four SPM systems and runs for up to three […]
A new age is dawning over oil in Iraq, as this week sees several important steps made towards agreement between two powerful political centers. Kurdistan, the semi-autonomous territory in Iraq, has agreed to keep exports steady at 140,000bpd and then raise them to 200,000bpd by the end of the year, according to Reuters. We wrote this […]
The central government of Iraq has agreed to pay the oil companies operating in Kurdistan, the northern, semi-autonomous region of Iraq, and to raise oil production to 200,000 barrels per day. The official Iraqiya TV station announced on Thursday that "A meeting was held between the two Governments to settle the pending issues between both […]
ShaMaran Petroleum Corp has announced results of the Atrush-2 appraisal well (AT-2) drilled 3.1 kilometres to the east and downdip of the Atrush-1 discovery well in the Kurdistan Region of Iraq. The AT-2 well was spudded on 23rd May 2012 and successfully reached the planned total depth of 1750 meters in 49 days. The well […]
Gulf Keystone, an independent oil and gas exploration and production company with operations in the Kurdistan Region of Iraq, today announces its results for the six months ended 30 June 2012. HIGHLIGHTS Operational - to 30 June 2012 and post period end Shaikan (75% working interest; Operator) [Shaikan-2 is pictured.] · 83% increase in gross […]
Afren, one of the 250 biggest companies listed on the London Stock Exchange, in conjunction with operator Hunt Oil, has commenced exploration drilling at the East Simrit prospect located on the Ain Sifni PSC in the Kurdistan region of Iraq. The Simrit-3 well is located approximately 10 km east of the successful Simrit-2 discovery well, […]
