Archive | Iraq Oil & Gas News

Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.

Fate of Oil-rich City Crucial to Stability of Iraq

The future stability of Iraq may turn on the fate of the oil city of Kirkuk, who’s estimated 570,000 people are caught in a bitter dispute between the country’s Kurdish minority and the central government in Baghdad. Iraq’s Kurds, who comprise about 20 per cent of the national population, claim Kirkuk as their own. Some […]

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China Now Largest Oil and Gas Investor in Iraq

China has become the biggest single investor in Iraq’s oil and gas sector, with nearly one fifth of the reserves that have been auctioned over the past year under its control, Meed has reported. China is spending a total of $577m in signing on fees to give it access to an estimated 24 billion barrels, […]

Gulf Keystone Placing Raises £16m

Gulf Keystone Petroleum on Monday raised £16m in a stopgap share placing to fund drilling costs in Iraq after the default of its partner in Iraq last week writes Miles Johnson in the Financial Times. Gulf Keystone said last week it would have to pay $40m to the Kurdistan government within three months after the […]

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MOL Makes Discovery in Akri-Bijeel Block in Kurdistan

Hungarian oil and gas group MOL has made a discovery in Akri-Bijeel Block in Kurdistan Region of Iraq. The testing results are promising, it said in a statement on 10 March, Portfolio Hungary reported. According to the official announcement: “Gulf Keystone is pleased to announce that Kalegran Ltd., a 100% subsidiary of MOL Hungarian Oil […]

OPEC Concern over Iraq Oil ‘tsunami’

‘You could be looking at 1.5 million barrels in two years,’ said a senior executive at one of the oil firms involved in Iraq. ‘That could make a huge difference to the supply and demand balance. Is there going to be that kind of demand pick up in that timeframe?’

The Oil Curse

Iraqi’s won’t be kept away from the polls by mere car bombs and mortar shells. But by and large they were voting for the same coterie of politicians who’ve made Iraq among the five most corrupt nations in the world.