Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Iraq’s oil revenues jumped by about $1 billion from June to July, according reports from AFP and Aswat al-Iraq. Oil Ministry spokesman Assem Jihad said Iraq earned $7.535 billion from 77.915 million barrels exported in July at an average price of $96.599 per barrel, compared to June’s revenues of $6.453 billion at $90.097 per barrel. […]
Just days after agreeing to re-start oil exports from the Kurdistan region, Ashti Hawrami (pictured), the KRG's Minister of Natural Resources, said the region would halt oil exports at the end of the month if Baghdad does not make all outstanding payments to companies working in the oil sector in the region by that time. […]
Genel Energy has announced that it has agreed to acquire an additional 21 per cent interest in the Bina Bawi exploration block in the Kurdistan Region of Iraq from Hawler Energy Ltd for $240 million, to be paid from the Company's existing cash resources. The Transaction is in addition to the Company's acquisition of an […]
By John Lee. Reuters reports that the Kirkuk-Ceyhan pipeline was bombed on Sunday night, knocking out flows. Officials from the Turkish Energy Ministry said on Monday that repairs could take up to 10 days. The blast occurred in Mardin province, north of Turkey's border with Syria. The outlawed Kurdistan Workers Party (PKK) was behind the […]
By John Lee. Heritage Oil, which has operations in Iraqi Kurdistan, has published its interim results for the six months ended 30 June 2012: Operational Highlights · Execution of an agreement to acquire a transformational major interest in OML 30 in Nigeria ("Proposed Acquisition"), which is subject to shareholder approval, and is expected to complete […]
By John Lee. Genel Energy has issued the following announcement on its Bina Bawi acquisition in Kurdistan: On 14 May 2012, Genel Energy plc ("Genel Energy") announced that it intended to acquire a 23 per cent interest in the Bina Bawi exploration licence. The acquisition was to be made through the purchase of all of […]
By John Lee. Oil exports from the Kurdistan Region will resume in the first week of August, the Ministry of Natural Resources (MNR) has announced, adding that the decision was a confidence-building measure aimed at solving once and for all the ongoing oil and gas issues in Iraq. The MNR said that despite initial reluctance […]
By Padraig O'Hannelly. Tensions between Iraqi Kurdistan and the central government in Baghdad have increased significantly in recent times, both politically and commercially. On the political front, the "difference of opinion" about the sending of Iraqi troops to the border between Iraqi Kurdistan and Syria was eclipsed by reports that the Kurdistan Regional Government has […]
By John Lee. The Iraqi Oil Ministry has re-confirmed that Chevron is barred from contracts with the Federal Goverment in Baghdad, and says the company "should be ashamed of their action" in dealing with the Kurdistan Regional Government, which it accuses of smuggling. The Ministry issued the following statement on Wednesday: Chevron Oil Company announced […]
By John Lee. Abdul-Mahdy al-Ameedi, the director of the Iraqi oil ministry's contracts directorate, has said that Iraq will soon set a date for international oil companies (IOCs) to bid to develop the giant Nassiriya oilfield. The largely undeveloped field has estimated reserves of just under 5 billion barrels. According to information from Reuters, there […]
By John Lee. Reuters reports that Baghdad is working to cancel Total's involvement in the Halfaya oilfield, following the company's announcement that it signed exploration deals in Kurdistan. Abdul-Mahdy al-Ameedi, the director of the oil ministry's contracts directorate, said on Wednesday: "We are working to cancel Total's stake in the Halfaya contract. We will disqualify […]
By John Lee. Following months of speculation, France's Total has announced the completion of an acquisition of 35% interest in two exploration blocks in Iraqi Kurdistan. In a brief statement, the company said: "Total ... announced the signature of a Farm-in Agreement in two exploration blocks in Kurdistan Region of Iraq. "Total has completed an […]
