Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Iraq’s State Oil Marketing Organisation (SOMO) has adjusted its official selling prices for its Basra Light and Kirkuk crude grades for May. In common with some other countries, Iraq’s oil is priced relative to regional benchmark prices: For shipments to US, contracts are priced are relative to the Argus Sour Crude Index (ASCI); Shipments to […]
Iran's Mehr news agency reports that Iraq will soon sign a deal with Iran to start importing 25 million cubic meters (mcm) of natural gas per day in 2013. The Iranian gas will be used to power four Iraqi electricity plants. The giant South Pars gas field (pictured) in the Persian Gulf is shared by […]
DNO International ASA, the Norwegian oil and gas company, announced today that it has completed drilling of the Peshkabir-1 exploration well in the Kurdistan Region of Iraq and is preparing to test observed oil shows across three potentially producing intervals. Full and sidewall cores suggest a continuous hydrodynamic column within the Cretaceous interval and the […]
Iraq has signed a Memorandum of Understanding in Baghdad with Shell to make a technical and economic feasibility study to set up a major petrochemical plant, reports Aswat al-Iraq. “Iraq has a big vision to cope with the big leaps in the oil sector in the coming few years through the use of the natural […]
Iraq's Oil Minster, Abdul Kareem Luaibi [Elaibi], has opened the second unit of the Diwaniya refinery, which will produce 10,000 bpd, raising the total production to 20,000 bpd. The year-long project cost 63 billion dinars [$53 million] and was carried out in cooperation with the ministry of industry & minerals. The plant will produce: Naphtha: […]
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 […]
Last week we reported that Ian Hannam, a top advisor at JPMorgan Chase, has stepped down to appeal a £450,000 ($720,000) fine from the UK’s Financial Services Authority (FSA) for disclosing inside information about a potential offer for Heritage Oil, as well as news of an oil find. Reuters' sources claim that the email recipient […]
Abu Dhabi National Energy (TAQA), a state-owned oil explorer and power supplier, said it bought a 50 percent interest in a power plant in Iraqi Kurdistan. According to Reuters, the plant, which has been operating since 2009, has a capacity of 750 megawatts, with an additional 250 megawatts under construction. The company signed a joint […]
Further to the rumours that Exxon Mobil plans to abandon it's contract at West Qurna-1 in favour of pursuing exploration deals in Iraqi Kurdistan, the Kurdistan Regional Government (KRG) has issued the following statement: "In a meeting with President Masoud Barzani in Washington DC this week, the CEO of Exxon Mobil, Rex Tillerson [pictured] stated […]
In the run up to the Iraq Refinery 2012 conference (www.iraqrefinery.com) on 17 -18 April 2012 at the Lancaster London hotel in London, Iraq's Deputy Minister of Oil, Dr Ahmed al-Shamma said: “The Ministry will use this event as an occasion to present the programme for planned future refineries, the redevelopment of the existing refinery […]
Sources in Baghdad have told Iraq Business News that Exxon Mobil has decided to abandon its contract at the giant West Qurna-1 oilfield in Southern Iraq, in favour of pursuing its interests in Iraqi Kurdistan. In recent days the Iraqi Ministry for Oil has claimed to have received a second letter from Exxon in which […]
Gulf Keystone Petroleum (GKP) has issued the following update on the ongoing legal battle with Excalibur Ventures: Further to the decision of the English Commercial Court in London, as detailed in the Company's announcement of 15 March 2012, a payment of £6,000,000 has been made into Court by Excalibur Ventures LLC ("Excalibur") as security for […]
