Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
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 […]
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 […]
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 […]
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)
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 […]
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 […]
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 […]
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 […]
Iraq's State Company for Oil Projects (SCOP) will offer the construction of the Kirkuk oil refinery to international companies on a build, operate and own (BOO) basis in December 2012, according to a report from Steel Guru. The report quotes Mr Salar Ameen, deputy chairman of the National Investment Commission (NIC) as saying that "feasibility […]
Bloomberg reports that Iraq will increase its daily exports of Basrah Light crude from the Persian Gulf by 14 percent in the first half of July, compared with shipments in the previous two weeks. Eighteen cargoes are scheduled to be shipped from the al-Basrah Oil Terminal (pictured), unchanged from the second half of this month, […]
Bloomberg reports that Iraq’s crude output rose to its highest level in 20 years, as CNPC's Halfaya oilfield ramped up production. Abdel Ilah Qassem al-Amir, a spokesman for Deputy Prime Minister for Energy Affairs Hussain al-Shahristani, told Bloomberg on Tuesday that output exceeded 3.07 million bpd. The Director General of the Missan Oil Company said […]
Cameron, a leading provider of flow equipment products, systems and services to worldwide oil, gas and process industries, has been awarded a supply contract valued at about $100 million by the Rumaila Operating Organization (ROO) in Iraq. The ROO is a joint venture between the state owned South Oil Company (SOC), BP and the China […]
