Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. Iraq's Ministry of Electricity has reportedly warned that the 2,000-MW Musayyib [Mussaib] power station may be forced to stop due to lack of fuel. Musab al-Mudares, a spokesman for the Ministry of Electricity, said that fuel tanks at the station can hold enough fuel for two weeks, but the plant may stop […]
“Erbil Oil & Gas Exhibition”, the most exlusive and utmost industry fair in Kurdistan inspires and guides prospective investors in Kurdish oil. Being the first and only oil and gas sector exhibition in the region, the exhibition provides unparalleled opportunities for the investors. The Northern Iraq Kurdish Administration produces 150.000 bpd; however, the administration is […]
By John Lee. Bloomberg reports that Iraq will increase its exports of Basrah Light crude from the Persian Gulf by 6 percent in the second half of August, compared with the previous two-week period. According to the loading program, Iraq will ship 23 cargoes from the al-Basrah Oil Terminal (ABOT) (pictured), three more than in […]
By John Lee. DNO International, the Norwegian oil and gas company, announced today that its share of oil exports from the Kurdistan Region of Iraq has averaged 40,000 barrels per day from startup ten days ago and that the Company will continue to deliver these volumes at least through the first week of September as […]
By John Lee. Shares in WesternZagros Resources were up more than 3% on Thursday as it announced its operating and financial results for the second quarter ended June 30, 2012. Headlines: WesternZagros completed a private placement with Crest at Cdn$1.40 per share for $57 million at an approximate 10% premium to the August 4 closing […]
Building on last year’s success, CWC Group is proud to announce the second Kurdistan-Iraq Oil & Gas Conference, taking place 3-5 December 2012 in Erbil, Kurdistan Region of Iraq. H.E. Ashti Hawrami, the Kurdistan Regional Government's experienced Oil Minister who continues to successfully pioneer Kurdistan's energy sector, has once more given his support and endorsement […]
Reuters reports that OPEC has delayed a meeting of officials to help select its new secretary general, putting off delicate talks that could reignite rivalry for influence as Saudi Arabia, Iran and Iraq seek the top post. A panel of officials was initially planned to convene at OPEC's Vienna headquarters during August, but the meeting […]
By John Lee. Iraq’s Oil Ministry has signed a contract with Kuwait Energy to carry out a seismic survey at the Siba gas field in Basra province. Kuwait Energy and Turkey's TPAO won the Siba contract in October 2010, agreeing to produce 100 million standard cubic feet of gas a day at a price of […]
By John Lee. Petrofac, the international oil & gas service provider, has today signed a contract worth approximately US$100 million to provide offshore operations and maintenance services for the Iraq Crude Oil Expansion Project. Awarded by Iraq's South Oil Company (SOC), the 12-month contract will commence following a three-month mobilisation period. There is also additional […]
By John Lee. In its interim results for the period ended 30th June 2012, Dragon Oil today issued the following update on its business in Iraq: A consortium of companies, comprising Dragon Oil (30%), the Turkish Petroleum Corporation (TPAO) (30%) and Kuwait Energy (40% and operator), has been awarded an exploration, development and production service […]
By John Lee. Basra Investment Commission has published a new guide for investors, covering such areas as opportunities, taxes, and how to get a visa. The quality of the English translation is rather poor, but it is still reasonably understandable. You can download the guide here.
By John Lee. Iraqi authorities have warned France's Total that it must freeze its energy deal with Iraqi Kurdistan or sell its stake in the Halfaya oilfield, reports Reuters. Faisal Abdullah, a spokesman for Deputy Prime Minister for Energy Hussain al-Shahristani, said: "Iraq has officially asked Total to freeze or cancel its contract with the […]
