Reuters reports progress in the ongoing dispute over oil contracts in Kurdistan. Iraq’s government could end up paying exploration and extraction costs of oil firms working in Iraqi Kurdistan but not their profits, the oil minister said on Monday, signaling a further thaw in a row over oil wealth. “We will not pay any profits […]
Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
The New York Times reports on how terrorist attempts to derail the auctions of Iraqi oilfield development rights have failed, and the process went ahead as planned. “The terrorists tried to send a message to the oil companies through the bombings,” the oil minister, Hussain al-Shahristani, declared on Iraqi television. “But this message was not […]
Emirates National Oil Company (Enoc) has recently hosted His Excellency Dr Barham Salih, Prime Minister of Iraqi Kurdistan, on a tour of the Enoc Processing Company. Saeed Abdullah Khoory, Group Chief Executive of Enoc presented an overview of the company before a tour of the refinery and the Dubai Natural Gas Company Limited (DUGAS). Khoory […]
The federal government could end up paying for exploration and extraction costs of oil companies working in Iraqi Kurdistan on a cost only basis said Iraqi Oil Minister Hussain Shahristani today. "We will not pay any profits to the companies but we will look into the bills for the work they carried out," Reuters quoted […]
Iraq Directory reports that Basra's Director of investment, Haider Ali Fadel, said on Wednesday that the Authority is currently considering a proposal from a local investor to build an oil refinery in the province. He stated that the Basrah Investment Commission is prepared to send all requests for the establishment of such projects to the […]
Azzaman reports that Russian energy giant Lukoil is discussing with local officials in Basra the details of implementing its contract to develop the West Qurna-2 oil field. Governor Shaltah Aboud is reported to have promised the Russians “to engage in full cooperation and do his best to remove all obstacles.” “We have discussed with Russia’s […]
loomberg reports that Iraq raised the official selling prices for crude delivered to the U.S. and lowered them for Europe. The March price for Basra Light oil for delivery to the U.S. rose by 80 cents, to a discount of $4.35 below West Texas Intermediate crude, according to a statement from Iraq's Oil Ministry. The […]
Iraq took a step towards leaving its reputation for corruption and the misuse of oil cash behind today, as the Extractive Industries Transparency Initiative (EITI) board accepted its bid to become a candidate member. Iraq now has two years to implement EITI standards in financial reporting within its oil sector. It must also undergo validation […]
Ninewa Investment Commission has asked the Iraqi Ministry of Oil to approve a project to set up an oil refinery in al-Kasak, west of Mosul, with a planned capacity of 100,000 bpd.
Iraq's oil minister, Hussain al-Shahristani, said he expected exports from Kurdistan to resume in the near future, but the status of disputed oil deals with foreign companies (including Norway’s DNO) remain unclear. This follows resolution of a disagreement between the semi-autonomous region and central government regarding payment mechanisms. Shares in Gulf Keystone Petroleum and DNO […]
Iraq's oil minister Hussain al-Shahristani just made it clear at a press conference that Iraq is gunning to knock Saudi Arabia out of the top slot for oil production. Markets won't to wait too long for this to happen either, and OPEC better not try to stop them: Hellenic Shipping News: “We can’t find a […]
Iraq may not need a quota with the Organization of Petroleum Exporting Countries for five years, OPEC's secretary general said Monday. "When they reach the point to be accommodated, maybe that will not be before five years from now," Abdalla Salem el-Badri said at an industry event. Iraq aims to lift its oil-production capacity to […]