Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
WesternZagros Resources has made a major oil discovery in the Oligocene reservoir at the Kurdamir-2 exploration well in the Kurdistan Region of Iraq. The Kurdamir-2 well has reached the intermediate casing depth of 2,812 metres, and has drilled through the Oligocene interval. Wireline logs indicate a porous zone of 140 metres thickness within the Oligocene […]
Iraq's oil ministry says oil exports in February have declined by nearly 4.5 percent compared to the previous month, as a result of bad weather and sabotage of pipelines. "Iraq exported 58.4 million barrels of crude in February, down from 65.3 million barrels a month earlier and the lowest such figure since November 2010, figures […]
The Kipp Report, citing sources at Iraq's state-owned South Oil Company, reports that Iraq's new offshore oil export terminal had resumed operations at 7.30 p.m. (1630 GMT) on Thursday, and was loading at a rate of 576,000 bpd. Iraq’s Oil Minister Abdul Kareem Luaibi had said earlier on Thursday that bad weather rather than technical […]
AKnews reports on Saturday that Iraq's state-owned North Oil Company has signed a preliminary agreement with BP to increase production at the Kirkuk oilfield from about 280,000 barrels per day (bpd) to 580,000 bpd. Hussein Allam, the undersecretary of North Oil Company said: "The initial agreement is part of a high-level plan carried out by […]
Todd Kozel (pictured), CEO of Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) will receive a $20 million pay package, making him one of the UK's highest paid executives. According to Reuters, his earnings doubled in 2011 to at least 12.8 million pounds ($20 million), 11 million of which is in share awards plus a cash […]
The Iraqi oil ministry is said to be still considering whether to allow Exxon Mobil to bid in the country's 4th energy licensing auction, lifting a ban that was imposed because of the deal it struck with the Kurdistan Regional Government (KRG). "We are going to discuss this matter in the ministry and, God willing, […]
The citizens and authorities in what is potentially Iraq’s wealthiest oil boom town are upset. They say oil companies are causing environmental problems and Baghdad is getting rich while they’re missing out, according to this article from NIQASH. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq […]
Iraq said on Thursday that weather, rather than a technical fault, was behind an interruption in the operation of the new single point mooring (SPM) terminal on the Persian Gulf. The new facility loaded 2 million barrels of oil into its first ship, the Maersk Hirado, between 8th March and 13th March, but has not […]
The United Nations Development Programme (UNDP) and Shell Iraq have signed an agreement to implement a range of development projects in Southern Iraq. The four year partnership aims to increase the number of local area development activities, promote local small and medium enterprises and provide vocational training to respond to the private sector’s needs. “UNDP […]
Shares in Norwegian oil firm DNO International were up as much as 15% in intraday trading on Wednesday, following the company's announcement that it has stuck oil at its Tawke oilfield in Iraqi Kurdistan. Genel Energy, with which it shares the field, was up nearly 5% at one stage before falling back. The full text […]
Oil exports from Iraq's southern ports have jumped by 150,000 bpd this month, according to shipping data tracked by Reuters. Exports from the al-Basra Oil Terminal (ABOT), Khor al-Amaya, and the new single-point mooring on the Gulf have averaged 1.81 million bpd in the first 19 days of March, up from about 1.66 million bpd […]
Iraq Deputy Prime Minister for Energy, H.E Dr Hussein Al-Shahrestani, will announce large-scale investment opportunities in Iraq’s refining industry at the Iraq Refinery 2012 conference (www.iraqrefinery.com) on 17 -18 April 2012 in London. Major incentives for foreign investment already include discounted oil and acreage. The conference will represent the largest ever gathering of Iraqi oil […]
