Russian-based news agency RT interviews an anti-capitalist campaigner about the excalating tensions between Baghdad and Iraqi Kurdistan: (Source: RT)
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.
KRG Denies Exxon has 'Frozen' Oil Contract
Ashti Hawrami, the natural resources minister of the Kurdistan Regional Government (KRG), said on Monday that Exxon Mobil is honoring its oil exploration contracts in the region, contradicting the statement from Baghdad's Oil Minster, Abdul Kareem Luaibi [Elaibi], who said the deal had been frozen. “What comes out of Baghdad is about 90 percent, with […]
Heritage and Genel Up on Miran West-3 Update
Shares in Heritage Oil reversed their recent downward trend with a 10.9% gain on Tuesday, following the company's update on it's Miran West-3 well in the Kurdistan Region of Iraq ("Kurdistan"). Shares in partner company Genel Energy closed the day up 1.2%. Highlights Testing of a reservoir interval above the main Jurassic reservoir resulted in […]
Hellenic Petroleum Considers Buying Iraqi Crude
Greece's top refiner, Hellenic Petroleum, is said to be considering taking supplies of Iraq's Kirkuk crude oil, following its suspension of purchases of Iranian crude as a result of sanctions on Tehran. According to the report from Reuters, Greece's financial difficulties had made Athens reluctant to reduce its purchases of cheap Iranian crude ahead of […]
Gulfsands Falls on Annual Results
Shares in Gulfsands Petroleum, the oil and gas production, exploration and development company with activities in Iraq, were down nearly 10% in early trading before recovering to close down 4.9%, following the announcement of its annual results for the twelve months ended 31 December 2011. HIGHLIGHTS Financial · Profit after tax up by 23% to […]
JPMorgan Advisor Steps Down to Appeal Insider Trading Fine
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. In the FSA’s opinion, Ian Hannam disclosed inside information in two emails sent in […]
Tags: Heritage Oil, JP Morgan Chase
Iraq Oil Exports Hit New Record
Iraq's crude oil exports rose to 2.317 million bpd in March, up from 2.014 million bpd in February, thanks largely to he new offshore single-point mooring terminal, the State Oil Marketing Organization (SOMO) said on Sunday. According to Reuters, this was the highest level of exports since 2003, while Bloomberg quotes Oil Ministry spokesman Asim […]
Tags: Iraq Oil Exports News
Oil Minister says Exxon Freezes Kurdish Oil Deals
Iraqi Oil Minister Abdul Kareem Luaibi [Elaibi] said on Monday that Exxon Mobil had sent a second letter to Iraq's oil ministry confirming its decision to freeze its oil deals with the Kurdistan Regional Governmment (KRG), according to a report from Reuters. The decision may lead the Iraqi government to allow Exxon Mobil to re-enter […]
Shahristani Accuses Kurdistan of Oil Smuggling
The ongoing dispute between Iraq's central government in Baghdad and the Kurdistan Regional Government (KRG) reached new heights on Monday as Iraq's Deputy Prime Minister for Energy, Hussain al-Shahristani (pictured), accused the northern region of smuggling rather than meeting its export obligations. According to Reuters, Shahristani told reporters: "Most of the crude produced in the […]
Dunia Weekly Iraq Market Tracker
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 […]
Tags: Allawi, Arab League, Arab League Summit, Auction, BP, ExxonMobil, Iraqiya, Kirkuk, Kurds, North Oil Company, Nouri al-Maliki, Peshmerga, Politics, Total, WesternZagros
DNO Updates on Operations in Kurdistan
Following Sunday's statement from the Kurdistan Regional Government stopping oil exports from the region, Norway's DNO International has issued the following statement: As of 1 April 2012, the Ministry of Natural Resources of the Kurdistan Regional Government (KRG) has instructed DNO International ASA to halt delivery of that portion of crude oil produced from the […]
Oil Exports from the Kurdistan Region Halted
The export of oil from the Kurdistan Region of Iraq has been stopped from today because the federal government in Baghdad has not honoured its payment commitments, Kurdistan's Ministry of Natural Resources (MNR) said on Sunday. “After consultation with the producing companies, the Ministry has reluctantly decided to halt exports until further notice. There have […]