Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
MP Firhad al-Atroushi of the Kurdistani Alliance, and a member of the Parliamentary Oil and Energy Committee, has reportedly described Iraq's 4th round energy auction "a violation to the Iraqi Constitution." He added that it represents a legal problem since it is supposed to be overseen and supervised by the Parliament: "The Kurdistani Alliance has […]
Following the allocation of only three of the 12 exploration fields on offer in Iraq's 4th round energy auction, the Oil Ministry plans to go ahead with a 5th round auction for more sites. “Of course, we will prepare for a fifth round, and we have more than 60 blocks ready for bidding,” Oil Minister […]
Iraq’s government signed deals for only three of the 12 oil and gas exploration blocks offered in its fourth energy auction, which ended on Thursday, reflecting reluctance of foreign bidders to risk money in unexplored areas. Russia's LUKoil, along with partner Inpex Corp of Japan, won the deal for the 5,500-square-kilometer Block 10 in Muthanna […]
Wednesday was Day 1 of Iraq's two-day auction for the rights to 12 new exploration fields, but the long-awaited and often-delayed event was widely considered a disappointment, with only two bids received and only one deal agreed. The reason, say critics, is that Iraq is playing hardball on the terms offered to the 47 international […]
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 […]
