Shares in Afren, the oil exploration company with interests in the Kurdistan Region of Iraq, were up nearly 5% in early trading on the London markets following the announcement of full-yer results: The results included the following statement on operations in Kurdistan: Kurdistan Region of Iraq - a world class petroleum play 2011 saw the […]
Archive | Iraq Oil & Gas News
Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
WesternZagros Shares Up on Oil Find and Results
Shares in WesternZagros closed up more than 10% on Monday following the announcement of a new oil find in Kurdistan, and the publication of results:
Tags: WesternZagros
KRG Demands Say Over Kirkuk Oil Contracts
The Kurdistan Regional Government (KRG) has issued the follow statement on the reported granting of a contract to BP for the development of oilfields in Kirkuk: Neither Iraq’s federal oil ministry nor state-owned oil companies have the right to unilaterally award contracts to develop currently producing fields in Kirkuk province or in other adjacent areas, […]
Dunia Weekly Iraq Market Tracker
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 […]
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Major New Oil Discovery in Iraqi Kurdistan
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 […]
Iraqi Oil Exports Dip in February
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 […]
Tags: Iraq Oil Exports News
Operations Resume at Iraq's New Oil Export Terminal
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 […]
Iraq and BP sign Deal for Kirkuk Oil Field
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 […]
Gulf Keystone Boss Pockets $20m
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 […]
Iraq Still Considering Exxon Bidding Ban
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, […]
Basra’s Unfair Share: Wealthy in Oil, Poor in Every Other Way
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 […]
Tags: Basra News
Iraq Denies Tech Fault in New Oil Terminal, Blames Weather
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 […]