Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Iraq's oil exports declined slightly in January compared to the previous month, according to both Dow Jones and Associated Press. Exports averaged 2.107 million barrels per day in January, compared to 2.145 million bpd in December. Sales grossed $7.123 billion based on an average price of $109.081 per barrel, up from December's figure of $7.061 […]
Reuters reports that Iraq's cabinet has approved a $329.8 million tender with British oil service firm Petrofac for the country's Badra oilfield. Petrofac plans to build a major crude processing facility to help production at the field to reach 170,000 barrels of oil per day (bpd) in 2017, a target which was set by Iraq's […]
Iraq's gross domestic product (GDP) is expected to grow by an average of at least 9.4 percent annually between 2012 and 2016, the deputy governor of the central bank, Mudher Kasim, told Reuters on Sunday. "We expect Iraq's GDP in 2015 to jump to $360 billion from $170 billion currently ... The reason will come […]
Iraq has reportedly made "favourable" changes to some of the terms of the 20-year technical service contracts offered under the 4th energy licensing round. International companies have been invited to compete for the rights to explore for oil and gas in 12 blocks to be auctioned in May. According to Dow Jones, the most important […]
Shares in Kurdistan-focussed Gulf Keystone Petroleum (GKP) jumped more than 5% on the London market on Monday, achieving a new closing high of 432.66p, following an intra-day peak of just over 460p. A statement by the company confirmed its intention to move from the junior AIM market to a full listing on the London Stock […]
Statement by the office of the Deputy Prime Minister of Iraq, Dr Rowsch Shaways: In the last few days, some media outlets have reported statements by federal Iraqi government officials related to the oil contract with Exxon Mobil and a potential contract with Total. These statements have drawn the attention of many local and foreign […]
Iraq has reportedly offered to supply oil to Pakistan with a long-term deferred payment facility. A Special Assistant to the Prime Minister said that a delegation would go to Iraq to negotiate a deal. “Oil refineries in Pakistan are designed to refine low sulphur oil [so] new refineries would be required to process Iraqi oil,” […]
Iraq's Oil Minister, Abdul Kareem Luaibi [Elaibi], has held talks with his Syrian counterpart Sufian Allaw (pictured), according to the Syrian official SANA news agency. The talks focused on reopening the old Iraqi oil pipeline and enhancing cooperation between the two ministries. The two sides also discussed the possibility of benefiting from the gas available […]
Fadel Mohammed, legal adviser to Prime Minister Nouri al-Maliki, has said that the Iraqi government is currently pursuing more than 150 foreign companies accused of corruption in the UN's Oil-for-Food program. AKnews reports that the government is determined to bring these companies to justice, adding that there are several other companies under investigation. The Oil-for-Food […]
WesternZagros Resources has made an oil discovery in the Upper Fars Formation at the Mil Qasim-1 exploration well in the Kurdistan Region of Iraq. Mil Qasim-1 Discovery Well (Garmian Block) Lower Bakhtiari and Upper Fars Formations Mil Qasim-1 was drilled to a total depth of 2,425 metres in December 2011 ahead of time and on […]
Kurdistan, along with East Africa and the North Sea, has been identified by an analyst at brokerage Seymour Pierce as a key oil and gas region that is likely to see significant positive momentum this year. Dr Doug Youngson initiated coverage on eleven stocks and picked the three places as his ‘Top Regions’. In Kurdistan, […]
Iraq has threatened to expel Leighton Holdings from the country’s lucrative oil and gas fields, following the company's announcement on Monday of an investigation into possible corruption. The deputy head of the Iraqi Oil Ministry’s petroleum contracts and licensing directorate, Sabah Al-Saidi, told The Australian Financial Review he was shocked by claims that Leighton Holdings […]
