Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
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)
Iraq’s energy sector holds the key to the country’s future prosperity and can make a major contribution to the stability and security of global energy markets, the International Energy Agency (IEA) says in a special report of the World Energy Outlook released today – the first time that the IEA has conducted a comprehensive review […]
Reuters reports that the Iraqi government has approved the exploration, development and production contract for Block 10 in the south of the country. Russia's LUKoil, which already has an interest in the giant West Qurna-2 oilfield, won the deal for the 5,500-square-kilometer Block 10 in Muthanna and Dhi Qar provinces in Iraq's 4th round energy […]
Iraq’s oil refining capacity will increase by 23 percent to 760,000 barrels a day by early next year, according to Deputy Oil Minister Ahmad al-Shamaa. In an interview with Bloomberg, the Deputy Minister said that the refinery expansions, particularly of the Daura (Doura) facility in Baghdad (pictured), and the Basra plant in the south, will […]
By John Lee. Korea’s state-run Korea Gas Corporation (KOGAS) has won a $127m contract to build a 110-kilometer pipeline linking the Iraqi cities of Kirkuk and Baiji. The company said it will sign the contract with Iraq’s state-run Oil Pipelines Company (OPC) this month. KOGAS was selected as the preferred builder in a process that had eight […]
By John Lee. Genel Energy has said it that it will continue shipping crude oil from Iraqi Kurdistan, following confirmation from the KRG that it has finally received an initial payment from Baghdad. Despite Iraq's finance ministry issuing an initial payment early last week, by Friday the funds had still not landed in the KRG account, […]
By John Lee. Genel Energy has announced that the Chia Surkh 10 exploration well was spudded on 7th October 2012. The Chia Surkh 10 well is the first exploration well to be drilled on the Chia Surkh exploration block whichcovers an area of 984 square kilometres in the southern part of the Kurdistan Region of […]
