Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Shell has announced that it has granted a $63 million contract to build an electricity generation plant for its gas capture project southern Iraq to Swiss engineer ABB Ltd. Jasser Hanter, general director of the Shell gas project, told reporters that ABB will build two 25 megawatt power plants at Khor al Zubair. The $17 […]
Heritage Oil has announced that it has commenced drilling the Miran East-1 exploration well in the Kurdistan Region of Iraq. Highlights The Miran East-1 exploration well has commenced drilling with a second rig on the Miran Block in Kurdistan This is the first well to be drilled on the large, highly prospective Miran East structure, […]
Platts reports that the Iraqi oil minister, Abdul Karim Luaibi [Elaibi], has approved the sale of Statoil's 18.75% stake in the giant West Qurna-2 oil field to the project operator, Russia's Lukoil. Meanwhile, Reuters reports that the Norwegian oil giant has confirmed that it is in talks to sell its stake to Lukoil. "Both Lukoil and […]
Reuters, citing two sources at the state-owned South Oil Company, reports that Iraq began loading oil from a long-awaited new floating Single Point Mooring (SPM) platform in the Gulf on Thursday. "We started the loading at 2:45 pm (1145 GMT). The loading process is normal. The situation of pipes and the SPM is stable, and […]
The 2013 edition of the definitive guide on doing business in Iraq, The New Iraq – Discovering Business, is underway. Produced by allurentis and in association with the National Investment Commission of Iraq and UK Trade and Investment, it provides a comprehensive framework on conducting business in Iraq and is an invaluable reference source for […]
Iraq's oil production has risen above 3 million barrels per day for the first time in more than three decades, according to Reuters. "While I am talking to you today, the Iraqi oil production has exceeded 3 million barrels per day," Deputy Prime Minister Hussain Al Shahristani told a conference in Baghdad on Tuesday. "Loading […]
Analysts at HSBC have reviewed on Monday the prospects for companies operating in the Iraqi oil sector, and issued new price targets: Afren: reduces its discounted-cash-flow-(DCF)-based target price to 175p from 179p, and maintains an overweight rating; Dana Gas: maintains an overweight rating and a sum-of-the-parts-(SOTP)-based target of AED 0.64; Genel Energy: initiates coverage with […]
More than £1 billion ($1.6 billion) was wiped off the value of Gulf Keystone Petroleum (GKP) during trading on Tuesday, as its share price fell by one third to 228.5p. Some of those losses have been recovered on Tuesday afternoon and Wednesday morning, with the shares currently changing hands at 275p. The falls were attrributed […]
ExxonMobil has reportedly asked the Iraqi central government to give it a few more days to decide whether or not it will cancel an exploration deal with the Kurdistan Regional Government (KRG). Baghdad has asked the U.S. giant to choose between the KRG deal and the existing contract with central-government to develop the 370,000 barrels-a-day […]
A departmental head at Iraq's South Oil Company (SOC) has reportedly fled the country after being accused of accepting bribes from a subsidiary of Australia's Leighton Holdings to help it secure contracts in southern Iraq. Uday Awad, a member of the Iraqi parliament's oil and energy committee, told The Australian that the head of the […]
Iraq is expected to challenge the Saudi contender for the post of Secretary General of Organisation of Petroleum Exporting Countries (OPEC), according to a report from Middle East Oil & Gas. An Iraqi official told the Gulf Times: “Iraq is working to nominate Thamer Ghadban for this position”. Ghadban is currently the top energy adviser […]
Shares in Heritage Oil have fallen more than 10% in the past two days following its announcement that drilling at Miran West-3 in Iraqi Kurdistan in taking longer than expected. The company owns 75% of the block, with Genel Energy owning 25%. Shares in Genel have shed 14% since Friday's close. CEO Tony Hayward commented: […]
