Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. Iraq’s crude oil production overtook Iran’s last month for the first time since 1988, when the countries ended their eight-year war, reports Bloomberg. Iraq pumped 2.984 million barrels a day in June, versus 2.963 million bpd for Iraq, OPEC said today in its Monthly Oil Market Report. Production from Iran fell ahead […]
By John Lee. Shares in Afren, the U.K.-based oil and gas company with operations in Iraqi Kurdistan, gave up some of their recent gains on Wednesday, but were still nearly 10% up on Monday's intra-day low on speculation of a takeover offer. According to This is Money, rumours were rife that Italy's ENI, and Exxon […]
By John Lee. The Australian-based company Oil Search Limited has reportedly suspended its activities in Iraqi Kurdistan due to an armed attack on the company’s work base in the Nawjul District in Kfri. According to the report from AKnews, the Director of the district, Wahab Ahmed, confirmed the incident and denied that it was linked […]
Following the success of the Pathfinder Trade Mission to Kurdistan earlier this year, Pathfinder Trade and Invest invites you to join its September high level Trade and Investment Mission to Erbil, Iraqi Kurdistan. The programme will include an important round table discussion with the Erbil Chamber business members, meetings with Government Ministers and Ministries as […]
By John Lee. Bloomberg reports that Iran has discovered crude reserves near its western Yadavaran oil field along the border with Iraq. Iran's Oil Minister, Rostam Qasemi (pictured), said the discovery of the deposits will add as much as 6 billion barrels to Iran's recoverable reserves. The Yadavaran field, which the country shares with Iraq, […]
Sonoro Energy recently announced the following operational and corporate updates. Drilling Rig As previously announced on June 12, 2012, Sonoro and its partners entered into an agreement to establish a joint venture company ("JV Co") and purchase a 750 HP drilling rig, subject to certain conditions including a final satisfactory rig inspection. JV Co has […]
By John Lee. Turkey's Energy Minister, Taner Yildiz, said the ministry has started technical work with Iraq's central government on shipping crude oil from Basra, in southern Iraq, via the Kirkuk-Ceyhan pipeline to Turkey's Mediterranean coast, according to Reuters. The announcement came days after the KRG said it might sell natural gas directly to Turkey […]
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, […]
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'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 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 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 […]
