The licenses of the first and second rounds of the Oil contracts will not be affected by the governmental changes and there is no third licensing round in the future.
Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Foreign direct investment continues in Iraq as the pace picks up on the rehabilitation of the country’s infrastructure and economic base. Russian-based LuKoil is to drill its first exploration well at Iraq West Qurna 2. Mr. Vagit Alekperov CEO of LUKoil said that Russia’s largest privately held oil company, LUKoil, “[will] start drilling the first […]
Minister of oil Hussein al-Shahrestani on Monday called for all Iraqi ministries and institutions to facilitate the work of the international oil companies working in Iraq.
The oldest petrol station in Karbala City reopened on Monday, according to a local official. “Karbala’s Governor Amal al-Din al-Hir opened the project, located 1.5 km south of Imam al-Hussein’s shrine,” the head of the oil products department in Karbala, Hussein al-Kharsan, told Aswat al-Iraq news agency. Work on the project took nearly four months […]
Iraq exported less crude in March than in the previous month because of faults due to poor weather, an Oil Ministry official said. “Exports were a bit less than in February because of technical reasons mainly linked to bad weather,” Falah al-Amri, head of the State Oil Marketing Organization, said by telephone today. Al-Amri declined […]
Before the United States and Britain invaded Iraq in March 2003, their oil companies were shut out of oil-production contracts being negotiated by the government of Saddam Hussein. Today, more than six years of war later, Saddam is gone, and the U.S. and British oil companies are not only in on the oil contracts, they […]
The article takes a look at the energy prospects in Iraq, whose government aims to more than double oil production in the coming five years. While security and political constraints abound, production is inching up in Iraq, and recipients of 2009 oil-servicing contracts are beginning operations. Severe infrastructure shortfalls remain, however, and the pressure to […]
Total OPEC supply rose 40,000 bpd to 29.25 mbpd, with Nigerian output jumping by more than 100,000 bpd as domestic refineries resumed production.
The lack of a comprehensive and stand-alone metering system at Iraq’s oil production chain has been a longstanding problem, allowing crude and refined products smuggling operations to sustain political militias during the past years.
Heritage Oil is to dig its Miran West-2 test well in Kurdistan deeper than originally planned after results proved much less productive than the adjacent test well.
The Iraqi Government has a “realistic” plan to take full ownership of a fund administering proceeds from export sales of petroleum under the Oil-for-Food Programme by the end of this year, a top United Nations official said on Tuesday. “Once all the outstanding activities under the Oil-For-Food Programme are concluded, and taking into account issues […]
BP has announced the first major contracts involving its partners on the rehabilitation of the Rumaila field in Southern Iraq. Three contractor groups were selected for drilling wells, worth a total of around $500 million, and will provide seven additional drilling rigs from the second half of 2010. The contracts will be awarded to: – […]