By John Lee. Australian construction group Leighton Holdings has sacked a senior manager, whom it did not name, as part of its probe into allegations of bribery related to its $1.3 billion of oil contracts in Iraq. The company said "its internal review of the Iraq projects undertaken by its subsidiary, Leighton Offshore Pte Limited, […]
Archive | Iraq Oil & Gas News
Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Iraq 1H Oil Exports Exceed $45 billion
The spokesman of the Ministry of Oil, Assem Jihad, told Alsumaria News on Sunday that Iraq has exported more than $45 billion worth of oil in the first half of the 2012. Jihad said that "the surplus in the budget for Iraq will reflect positively on the Iraqi economy and thus help the government create […]
Iraq to Export Liquified Gas by End-2013
Iraq's Oil Ministry spokesman, Assem Jihad, said he expects that liquidified gas will be exported from Iraq by the end of next year. Acccording to a report from Aswat al-Iraq, the spokesman pointed out that dry gas will be exported by 2017, and said Shell confirmed that Iraq is burning about 700 million cubic feet […]
DNO Issues Update on Tawke Operations
DNO International, operator of the Tawke license in the Kurdistan Region of Iraq, has today issued an update on operations: DNO has completed testing of the Peshkabir-1 well and is preparing to submit a discovery notice pursuant to the terms of the production sharing contract covering the Tawke license. Drilled to a total depth of […]
Iraq's Oil Revenues Down 17.6% in June
Iraq's oil revenues dropped by 17.6 percent from May to June due to plummeting prices in the international market and the diversion of some production to meet domestic needs. Oil Ministry spokesman Assem Jihad said Iraq earned $6.453 billion from 72,090 million barrels exported in June at an average price of $90 per barrel, compared […]
Tags: Iraq Oil Exports News
ShaMaran Petroleum Jumps 8% on Kurdistan Update
Shares in ShaMaran Petroleum jumped over 8% on Thursday following an update on operations the Atrush and Taza blocks in Iraqi Kurdistan: Taza ShaMaran reports that the Taza-1 well, located in the Taza PSC in the Kurdistan Region of Iraq, commenced drilling on July 3, 2012. The Taza prospect is located approximately 80 kilometres southwest […]
KRG to Sell Gas Directly to Turkey
The Kurdistan Regional Government's (KRG) Minister of Natural Resources, Ashti Hawrami (pictured) has said the Region is planning to sell natural gas directly to Turkey in the next two years. According to a report from AKnews, he told the Caspian Gas Forum in Istanbul that the Kurdistan Region may sell natural gas to Turkey even […]
Video: Deputy PM Shahristani on Oil Strategy
Iraq's Deputy Prime Minister with responsibility for Energy, Hussain Al-Shahristani, talks to CNBC about the oil price, the risk of Iran shutting the Strait of Hormuz, and the possibility of rehabilitating the pipeline from Iraq through Saudi Arabia. (Source: CNBC)
Weatherford Completes Well #25 at Bazargan
The Missan Oil Company has completed the Bazargan [Bazirgan] oil well #25, which is reported by AIN to have a capacity of 170, 000 barrel per day. Ali Maarij, the Director General of the company said: "The US company Weatherford recently finished digging Bazargan well within Bazargan field ... The well entered the service with […]
Heritage Oil Suspends Shares Following Acquisition
Shares in Heritage Oil, the petroleum explorer and producer with operations in Iraqi Kurdistan, have been suspended following the announcement of a major acquisition in Nigeria. Together with a local Nigerian partner, Shoreline Power Company Limited, the company has reached agreement to acquire a 45% participating interest in a producing oil mining lease in Nigeria […]
Russia's Bashneft wins Iraqi Energy Contract
Russian oil giant Bashneft has been award the rights to explore for oil in the south of the country after nearly one month of negotiations, a senior Baghdad official said on Sunday, according to a report from Bloomberg. This brings the total number of Russian companies with oil deals in Iraq to three. During Iraq's […]
Pertamina to Invest in Iraqi Oil Fields?
Indonesia’s state-owned oil company Pertamina wants to buy stakes in at least two Iraqi oilfields, according to a report from Bloomberg. During meetings between Iraqi and Indonesian government officials in Jakarta, company President and CEO Karen Agustiawan (pictured) told reporters the company may acquire a 10 percent share in an area that produces 2.5 million barrels […]