Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. The Prime Minister of the Kurdistan Regional Government (KRG), Nechirvan Barzani (pictured), has said that the policy of his government is to achieve self-sufficiency in fuel and electricity generation. He said that the Baghdad government is cutting Kurdistan's share from the fuel produced at the Iraqi refineries. "Therefore, in these two fields […]
By John Lee. A spokesman for Jordan's Energy Ministry says the Ministry will choose a company this month to transport 10,000 bpd of Iraqi crude oil b truck. Fayez Abu Gahud told Bloomberg: “The tenders committee is currently looking into financial bids submitted to the energy ministry and will announce the winning bidder as soon […]
By John Lee. Like good comedy, the secret of good investment is often said to be timing. Someone buying shares at the end of June in Heritage Oil, which has interests in Iraqi Kurdistan, may have had reason to be concerned if they planned to sell shortly afterwards, as the shares were suspended in early July […]
By John Lee. Estimates vary as to when oil will flow again through the pipeline that runs from Kirkuk to the Turkish port of Ceyhan (pictured), following the attack that halted exports on Sunday. Dow Jones quotes a shipping agent as saying on Wednesday that pumping is not expected to resume until he weekend. Reuters, […]
By Padraig O'Hannelly. With increasing commercial activity in Iraq, much of it by foreign-based investors, there's a growing market for adequate insurance to cover the risks. But in a country emerging from years of chaos, how can you be sure that the insurance you buy is legal and valid? To help clarify this point, Iraq […]
By John Lee. Shares in Heritage Oil closed the day up 21% at 148.80p on Tuesday, following the resumption of trading on the London Stock Exchange. Trading in the shares had been temporarily suspended on 2nd July pending publication of a prospectus relating to the company's proposed acquisition in Nigeria, which was issued yesterday. On […]
By John Lee. Shares in WesternZagros Resources hit a two-and-a-half-year high of Cdn$1.38 on Tuesday after the company announced that it has signed a strategic investment agreement with Crest Energy International LLC, under which Crest will purchase, through a non-brokered, private placement, 40,714,286 Common Shares of the Company at Cdn$1.40 per share for gross proceeds […]
Iraq’s oil revenues jumped by about $1 billion from June to July, according reports from AFP and Aswat al-Iraq. Oil Ministry spokesman Assem Jihad said Iraq earned $7.535 billion from 77.915 million barrels exported in July at an average price of $96.599 per barrel, compared to June’s revenues of $6.453 billion at $90.097 per barrel. […]
Just days after agreeing to re-start oil exports from the Kurdistan region, Ashti Hawrami (pictured), the KRG's Minister of Natural Resources, said the region would halt oil exports at the end of the month if Baghdad does not make all outstanding payments to companies working in the oil sector in the region by that time. […]
Genel Energy has announced that it has agreed to acquire an additional 21 per cent interest in the Bina Bawi exploration block in the Kurdistan Region of Iraq from Hawler Energy Ltd for $240 million, to be paid from the Company's existing cash resources. The Transaction is in addition to the Company's acquisition of an […]
By John Lee. Reuters reports that the Kirkuk-Ceyhan pipeline was bombed on Sunday night, knocking out flows. Officials from the Turkish Energy Ministry said on Monday that repairs could take up to 10 days. The blast occurred in Mardin province, north of Turkey's border with Syria. The outlawed Kurdistan Workers Party (PKK) was behind the […]
By John Lee. Heritage Oil, which has operations in Iraqi Kurdistan, has published its interim results for the six months ended 30 June 2012: Operational Highlights · Execution of an agreement to acquire a transformational major interest in OML 30 in Nigeria ("Proposed Acquisition"), which is subject to shareholder approval, and is expected to complete […]
