Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
The exploitation of oilfields jointly held with Iran is again causing tension in Iraq's Diyala province. AKnews reports that Diyala's energy committee chairman, Ismail al-Jabbouri, said: "The Iranian side is extracting large amounts of oil from the common fields within Diyala province. The Oil Ministry was informed about this issue but it did not take […]
By John Lee. Halliburton has begun internal investigations into alleged payments made to third-party agents related to customs matters in Angola and Iraq. Bloomberg reports that the world’s second- largest oilfield services provider alerted U.S. Justice Department and Securities and Exchange officials that it had begun the inquiry after meeting with them about another internal […]
By John Lee. Bloomberg reports that Iraq will keep its daily exports of Basrah Light crude from the Persian Gulf roughly the same in the first half of August as in the second half of July, compared with shipments in the previous two weeks. Twenty cargoes are scheduled to be shipped from the al-Basrah Oil […]
By John Lee. The Ministry of Industry and Minerals has announced an agreement with a Japanese Company to build a new plant for nitrogenous fertilizers in Basra province. A statement from the Ministry said: "The MoI represented by the Petrochemical Industries and Fertilizers Commission concluded a non-binding goodwill letter and Confidentiality Agreement with the Japanese […]
By John Lee. Eurasia Drilling (LSE: EDCL) has announced that it has acquired two onshore drilling rigs in Iraq, with a commitment to purchase a third. All three rigs are currently under contract or being tendered to international customers. To ensure uninterrupted operations, EDC intends to retain the existing management and operational staff and support […]
By John Lee. An Iraqi oil ministry statement on Tuesday said that Chevron, the second largest U.S. energy company, will be barred from contracts in central and southern Iraq as a result of buying stakes in two oil-exploration blocks in Iraqi Kurdistan. “Chevron is barred from any agreement or contract with the federal ministry of […]
By Shalaw Mohammed. This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Oil smuggling is virtually a tradition in the oil-producing areas of Iraq. And local authorities are trying to prevent it. But, as this tale of oil […]
By John Lee. DNO International, the Norwegian oil and gas company, announced today that it has reached agreement with the Kurdistan Regional Government (KRG) to fully apply the fiscal terms and conditions of the existing Production Sharing Contract (PSC) covering the Tawke license moving forward, replacing temporary arrangements in place since start of operations. The […]
By John Lee. Sterling Energy has announced its results for the six month period ending 30 June 2012. (Picture: Surface oil seeping from the ground at Sterling Energy's Sangaw North block) Summary Cash as at 30 June 2012 of $114.4 million ($112.9 million net of partner funds), no debt. $7.1 million expected in July from […]
By John Lee. Gulf Keystone notes today's announcement by MOL Hungarian Oil and Gas Plc., the operator regarding the spudding of the Gulak-1 exploration well on the Akri-Bijeel block in the Kurdistan Region of Iraq. Gulak-1 is the fourth exploration well to be drilled on the Akri-Bijeel block and the first exploration well to target […]
By John Lee. Iran will double the number of drilling rigs at the joint Iranian-Iraqi Azadegan and Yadavaran oilfields, according to a report from Bernama. Quoting the managing director of the National Iranian Drilling Company (NIDC), Heidar Bahmani, Iran's Mehr News Agency said there are currently four drilling rigs in operation at the two oilfields […]
By John Lee. An explosion and fire shut two pipelines that transport oil from Kirkuk to the Turkish port of Ceyhan (pictured) on Friday night, and it was unclear when oil would resume flowing. Security sources blamed sabotage by Kurdish separatists for the explosion at 11 p.m. (2100 GMT) on Friday near the town of […]
