Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. Abdul-Mahdy al-Ameedi, the director of the Iraqi oil ministry's contracts directorate, has said that Iraq will soon set a date for international oil companies (IOCs) to bid to develop the giant Nassiriya oilfield. The largely undeveloped field has estimated reserves of just under 5 billion barrels. According to information from Reuters, there […]
By John Lee. Reuters reports that Baghdad is working to cancel Total's involvement in the Halfaya oilfield, following the company's announcement that it signed exploration deals in Kurdistan. Abdul-Mahdy al-Ameedi, the director of the oil ministry's contracts directorate, said on Wednesday: "We are working to cancel Total's stake in the Halfaya contract. We will disqualify […]
By John Lee. Following months of speculation, France's Total has announced the completion of an acquisition of 35% interest in two exploration blocks in Iraqi Kurdistan. In a brief statement, the company said: "Total ... announced the signature of a Farm-in Agreement in two exploration blocks in Kurdistan Region of Iraq. "Total has completed an […]
By John Lee. Oil and gas engineering group Penspen has signed an agreement with Siemens to provide engineering and procurement services for a new simple cycle power plant in Southern Iraq. Siemens has agreed a base scope with the State Company for Oil Projects (SCOP) to work on the engineering and supply of the power […]
Iraq's Ministry of Oil has announced that its subsidiary HEESCO (Heavy Engineering Equipment State Company) has signed contracts with two other Oil Ministry companies: With GFC (Gas Filling Company), to supply and install 2 spherical LPG tanks of 3,000 cubic meters capacity, at an estimated cost of 11.4 billion Iraqi dinars ($9.7 million), in the […]
The exploitation of oilfields jointly held with Iran is again causing tension in Iraq's Diyala province. AKnews reports that Diyala's energy committee chairman, Ismail al-Jabbouri, said: "The Iranian side is extracting large amounts of oil from the common fields within Diyala province. The Oil Ministry was informed about this issue but it did not take […]
By John Lee. Halliburton has begun internal investigations into alleged payments made to third-party agents related to customs matters in Angola and Iraq. Bloomberg reports that the world’s second- largest oilfield services provider alerted U.S. Justice Department and Securities and Exchange officials that it had begun the inquiry after meeting with them about another internal […]
By John Lee. Bloomberg reports that Iraq will keep its daily exports of Basrah Light crude from the Persian Gulf roughly the same in the first half of August as in the second half of July, compared with shipments in the previous two weeks. Twenty cargoes are scheduled to be shipped from the al-Basrah Oil […]
By John Lee. The Ministry of Industry and Minerals has announced an agreement with a Japanese Company to build a new plant for nitrogenous fertilizers in Basra province. A statement from the Ministry said: "The MoI represented by the Petrochemical Industries and Fertilizers Commission concluded a non-binding goodwill letter and Confidentiality Agreement with the Japanese […]
By John Lee. Eurasia Drilling (LSE: EDCL) has announced that it has acquired two onshore drilling rigs in Iraq, with a commitment to purchase a third. All three rigs are currently under contract or being tendered to international customers. To ensure uninterrupted operations, EDC intends to retain the existing management and operational staff and support […]
By John Lee. An Iraqi oil ministry statement on Tuesday said that Chevron, the second largest U.S. energy company, will be barred from contracts in central and southern Iraq as a result of buying stakes in two oil-exploration blocks in Iraqi Kurdistan. “Chevron is barred from any agreement or contract with the federal ministry of […]
By Shalaw Mohammed. This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Oil smuggling is virtually a tradition in the oil-producing areas of Iraq. And local authorities are trying to prevent it. But, as this tale of oil […]
