Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
The first day of Iraq's fourth energy auction resulted in just one successful bid, with four of the today's six exploration fields receiving no bids from the 47 pre-qualified bidders. The six blocks offered today were numbers 2, 9, 6, 12, 1 and 11. A consortium of Kuwait Energy (40%), Turkey's TPAO (Turkiye Petrolleri AO) […]
Russia’s Lukoil is seeking partnerships with Asian oil firms to develop the West Qurna-2 project. The company's Vice-President, Leonid Fedun (pictured), told investors at a company presentation in Hong Kong: “We are holding talks with several potential bidders, including Asian firms. I believe we may get positive news by the end of this year.” Lukoil […]
Iraq's fourth energy bidding round takes place on Wednesday and Thursday, but Reuters reports that tough contract terms mean Baghdad may struggle to drum up major interest. The 12 new oil and gas exploration blocks are some of the last potentially rich unexplored territories left. As in previous auctions, foreign energy companies would prefer production-sharing […]
Iraq will reduce its exports of Basrah Light crude from the Persian Gulf by 15 percent in the first half of June compared to the second half of May, according to Bloomberg. A loading program seen by the news agency shows that the country plans to ship 19 cargoes from the al-Basrah Oil Terminal (ABOT), […]
Gulf Keystone and Genel Energy have updated the markets on their operations at Ber Bahr-1, the first exploration well on the Ber Bahr block in the Kurdistan Region of Iraq: The Ber Bahr 1 well has now completed drilling and initial testing. The well was drilled to 3993m in the Chia Zairi formation. The well […]
Advertising Feature Iraq Business News is delighted to bring you the latest Iraq Market Tracker report from Dunia Frontier Consultants. The market tracker highlights the activities and market performance of a basket of publicly traded firms who derive a significant percentage of their revenues from operations in Iraq, but are traded on foreign exchanges: a […]
An energy company based in the United Arab Emirates has reportedly signed a contract with Iraq's Free Zones Department to invest in the Khor al-Zubair Free Zone. In a statement received by Aswat al-Iraq, the project will cover an area of 16,000 square meters. It was also announced that an Iraqi company will invest in […]
Kurdistan's minister for natural resources, Ashti Hawrami (pictured), has said that Exxon Mobil is still operating in oil fields in the Kurdistan Region. According to the report from AKnews, his statement came in response to a remark by the Iraqi Oil Minister, Abdul-Kareem al-Luaibi [Elaibi], who told Arabic Sabah newspaper that the US company has suspended […]
Gulf Keystone Petroleum (GKP) this morning announced its results for the year ended 31st December 2011. Shaikan (75% working interest; Operator) 420% (P90) / 181% (P10) increase in gross oil-in-place numbers for the Shaikan discovery with a range of 8.0 billion (P90) to 13.4 billion (P10) barrels, following independent evaluation by Dynamic Global Advisors ("DGA") […]
Gulf Keystone (GKP) announced on Friday that the Sheikh Adi-2 exploration well spudded on the Sheikh Adi block in the Kurdistan Region of Iraq. The Sheikh Adi block is located immediately to the west of the Company's Shaikan block, which is a major discovery. Sheikh Adi-2, the second exploration well on the block, is being […]
Speech by KRG Prime Minister Nechirvan Barzani, at the STEAM Conference, Saad Palace Conference Centre, Erbil, 20th May 2012. Good morning and welcome to Erbil, the capital of the Kurdistan Region. I would like to welcome His Excellency Taner Yildiz, the Minister for Energy and Natural Resources, Mr Madhat Balkan, Chairman of the STEAM organization, […]
WesternZagros Resources announced on Wednesday its operating and financial results for the first quarter ended March 31, 2012, and additional key highlights and activities to date. Headlines $25.9 million of gross oil proceeds in Q1 2012, more than double the proceeds generated in Q4 2011. Proceeds generated from the sales of 450,000 barrels of test […]
