Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. Iraq signed the gas exploration contract with Pakistan Petroleum Ltd. (PPL) on Sunday for gas Block 8, which lies in the Diyala and Wassit provinces in the East of the country. Meanwhile on Monday, a consortium led by Kuwait Energy signed the contract for oil Block 9, having bid fee of $6.24 […]
By John Lee. The Iraqi province of Dhi Qar (Thi Qar) may get it's own oil company, according to a report from AIN. The Deputy Prime Minister with responsibility for Energy Affairs, Hussein al-Shahristani (pictured), discussed the issue with the Deputy Chairman of Dhi-Qar Provincial Council, Hadi Mohan, at his office in Baghdad. Shahristani instructed to […]
By John Lee. Turkey has started importing the crude oil from the Kurdistan Region of Iraq, and will hold negotiations over direct sales to the natural gas. The Turkish Energy Minister said in a press conference on Friday that "Turkey has started importing five to ten trucks of crude oil per day from Kurdistan, and […]
By John Lee. Shell plans to start pumping gas from its gas joint venture in southern Iraq in the next three weeks according to Reuters. Initial production will be 60 million cubic feet per day, but Shell's Iraq boss Hans Nijkamp told Deputy Prime Minister Hussain al-Shahristani that output would be increased by a further […]
By John Lee. Baker Hughes has included Iraq in its international survey of rotary drilling rigs for the first time since 1990. The Baker Hughes Rig Counts are an important business barometer for the drilling industry and its suppliers. When drilling rigs are active they consume products and services produced by the oil service industry. […]
By John Lee. Iraq’s crude oil production overtook Iran’s last month for the first time since 1988, when the countries ended their eight-year war, reports Bloomberg. Iraq pumped 2.984 million barrels a day in June, versus 2.963 million bpd for Iraq, OPEC said today in its Monthly Oil Market Report. Production from Iran fell ahead […]
By John Lee. Shares in Afren, the U.K.-based oil and gas company with operations in Iraqi Kurdistan, gave up some of their recent gains on Wednesday, but were still nearly 10% up on Monday's intra-day low on speculation of a takeover offer. According to This is Money, rumours were rife that Italy's ENI, and Exxon […]
By John Lee. The Australian-based company Oil Search Limited has reportedly suspended its activities in Iraqi Kurdistan due to an armed attack on the company’s work base in the Nawjul District in Kfri. According to the report from AKnews, the Director of the district, Wahab Ahmed, confirmed the incident and denied that it was linked […]
Following the success of the Pathfinder Trade Mission to Kurdistan earlier this year, Pathfinder Trade and Invest invites you to join its September high level Trade and Investment Mission to Erbil, Iraqi Kurdistan. The programme will include an important round table discussion with the Erbil Chamber business members, meetings with Government Ministers and Ministries as […]
By John Lee. Bloomberg reports that Iran has discovered crude reserves near its western Yadavaran oil field along the border with Iraq. Iran's Oil Minister, Rostam Qasemi (pictured), said the discovery of the deposits will add as much as 6 billion barrels to Iran's recoverable reserves. The Yadavaran field, which the country shares with Iraq, […]
Sonoro Energy recently announced the following operational and corporate updates. Drilling Rig As previously announced on June 12, 2012, Sonoro and its partners entered into an agreement to establish a joint venture company ("JV Co") and purchase a 750 HP drilling rig, subject to certain conditions including a final satisfactory rig inspection. JV Co has […]
By John Lee. Turkey's Energy Minister, Taner Yildiz, said the ministry has started technical work with Iraq's central government on shipping crude oil from Basra, in southern Iraq, via the Kirkuk-Ceyhan pipeline to Turkey's Mediterranean coast, according to Reuters. The announcement came days after the KRG said it might sell natural gas directly to Turkey […]
