Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. Shares in DNO International, the Norwegian oil company with interests in Iraqi Kurdistan, were down 4% at lunchtime on Wednesday following the announcement of second quarter results: DNO International ASA, the Norwegian oil and gas company, today released results for the second quarter of 2012 with operating revenues of NOK 155 million, […]
By John Lee. The Chief Executive of Italian oil and gas group Eni says the company does not plan to compromise its business in Iraq by making energy deals with Kurdistan. Paolo Scaroni (pictured) said that one of the conditions for developing the Zubair field was that there could be no deals with local governments […]
By John Lee. Shares in oil exploration company Afren closed up over 3% on Tuesday following the announcement of the company's interim results. The company gave the following update on its operations in Iraqi Kurdistan: Barda Rash Extensive testing commenced at the BR-1 well on 7 July 2012 and has yielded oil rates in excess […]
By John Lee. An MP and member of the Parliamentary Oil and Energy Committee has hit out at Saudi Arabia for its "hostile policy" towards Iraq. Udai Awad, of the Ahrar bloc within the Sadrist Trend, told AIN: "The reason for the dispute with Saudi Arabia is the attempt by KSA [Kingdom of Saudi Arabia] […]
By John Lee. Shares in Heritage Oil closed up 12.3% on Tuesday following the announcement that it will sell part of its Miran Block in Kurdistan and borrow money from Genel Energy to raise $450 million to fund oilfield purchases in Nigeria. The comany will sell a 26 percent stake in the block to Genel and […]
By John Lee. Kurdistan's Minister for Natural Resources, Ashti Hawrami (pictured), has hit back at reports that the US has warned oil companies not to sign any oil deals with Kurdistan without Baghdad's approval or Baghdad may take legal action against them. According to AKnews, Hawrami described the media reports quoting Nuland as "baseless ….These […]
By John Lee. Genel Energy has increased its commitment to oil exploration in Iraqi Kurdistan with the announcement that it has agreed to acquire an additional 26 per cent interest in the Miran exploration block from Heritage Oil. The announcement comes just a day after the Kurdistan Regional Government's Oil and Gas Council approved the […]
By John Lee. At the US State Department's Daily Press Briefing on Monday, Spokesperson Victoria Nuland was asked to clarify the US Government's official position on oil contracts in Iraqi Kurdistan. "Our position on this has not changed", she said. "We’ve spoken about it many times here. We speak about it in Iraq. With regard […]
By John Lee. Shares in ShaMaran Petroleum were down 13% on Monday following the announcement that the company has sold its entire 20% undivided participating interest in the Taza PSC (held by the fully-owned subsidiary ShaMaran Petroleum B.V.) to a subsidiary of Total S.A. for the cash sum of US$ 48 million plus a reimbursement […]
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 […]
