Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Reuters reports that Iraq has exported its first cargo of crude oil from its second new Single Point Mooring (SPM) floating terminal in the Gulf on Tuesday. The tanker named "A Whale" (pictured) left the terminal with a cargo of of two million barrels of crude oil destined for India's state-run Indian Oil Corporation. The […]
LUKOIL started production drilling and construction of a key production facility, namely a Central Processing Facility, at the West Qurna-2 field in Iraq on Wednesday. Abdel Karim al-Luaibi, the Iraqi Oil Minister, and also the heads of the Basra province, Iraq's South Oil Company, LUKOIL Overseas and of the major contractor companies Baker Hughes and […]
Telecoms networks company Nessco Group of Scotland reports that it has almost doubled its turnover from £16.8m to £33.1m, for the year ending April 2012. During the year, the company secured two new contracts worth a total of £7 million in Iraq. The first project will support a new offshore manifold and metering platform in […]
Production at BP's Rumaila oilfield (pictured) is running at 1.316 million barrels per day (bpd), and is expected to increase by another 250,000 bpd in the second half of the year, the head of state-run South Oil Company said, according to Reuters. Dhiya Jaffar also told reporters at a news conference that ouput from West […]
JBC Energy, the Austria-based research firm, has said that disruptions at a pipeline network carrying Iraqi crude oil to the Turkish Mediterranean port of Ceyhan (pictured) have threatened the reliability of Kirkuk oil exports, Bloomberg has reported. "The closures and reduced flows seen over the last six months raise questions on the viability of Kirkuk […]
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 […]
WesternZagros Resources has announced that the mean estimate of gross unrisked contingent resources ("Mean Contingent Resources") has increased to 147 million barrels of recoverable oil (corresponding to 464 million barrels of mean estimated gross discovered oil initially in place) and the mean estimate of gross unrisked prospective resources ("Mean Prospective Resources") has increased to 1.2 […]
Shaikan-4 Well Test Achieves 24,000 bpd Gulf Keystone Petroleum (GKP) has completed the testing programme for the Shaikan-4 deep appraisal well, drilled 6 km to the west of the Shaikan-1 discovery well in the Kurdistan Region of Iraq. The extensive well testing programme commenced in December 2011 after Shaikan-4 had drilled to a total depth […]
Iraqi Kurds say they have struck a new oil find at the disputed district of Shaikhan, north of the city of Mosul. According to the report from Azzaman, the discovery of reserves of up to 917 million barrels in an area close to Mosul, the capital Nineveh, is certain to fuel tension between Iraqi Kurds […]
Genel Energy, the London listed E&P company and largest independent oil producer in the Kurdistan Region of Iraq, announced on Friday that it has appointed Chakib Sbiti as an independent non-executive director with immediate effect. He will also become a member of the Political Risk and HSSE Committees of the Genel Energy Board. Mr Sbiti […]
Exxon Mobil is conspicuously absent from the finalized list of 47 pre-qualified bidders for the Iraq's fourth round of energy exploration rights. The Petroleum Contracts and Licensing Directorate (PCLD) at the Ministry of Oil has confirmed that the auction will take place as scheduled on May 30-31. The full list of pre-qualified companies is shown […]
Iraq's Deputy Oil Minister, Ahmed al-Shamma, said the country wants to gradually privatise its oil refineries and to attract investment in new plants. "We would like to see the private sector increase its role ... You shouldn't have the ministry of trade buying and selling commodities; it's out of date .., We are looking to complete […]
