Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
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 […]
DNO International ASA, the Norwegian oil and gas company, today announced record operational and financial results for 2011 and unveiled the most extensive drilling program in its 40-year history as it accelerated plans for a listing on the London Stock Exchange later this year. Working interest (WI) production in 2011 more than doubled to 39,966 […]
Iraq aims to more than double oil production in its northern region by the end of 2014, according to a report from AFP. Hamid Abdelrizak al-Saadi, general manager of the North Oil Company, said the planned increases for various fields would bring the total to about 1.3 million bpd, from a current level of about […]
Oil engineering company Lamprell has announced that it has been awarded a contract by Leighton for the fabrication of two topsides and jackets with metering skid and associated piping in connection with the Iraq crude oil export facility reconstruction. The deal is valued at USD 62 million. The works will be performed at Lamprell's Sharjah […]
Foreign oil companies are flocking into Kurdistan, finding new oil fields and bringing hopes that the country could become a big oil producer on its own. Javier Blas, commodities editor of the Financial Times, travels across the Kurdstan region of Iraq to check whether the hopes of many oil executives are for real: Foreign oil […]
Iraq began pumping oil to the first of five floating terminals in the Gulf on Sunday, according to AFP, and the terminal will be ready for exports in a few days. Prime Minister Nuri al-Maliki symbolically opened the valve of a pipeline that runs 535 kilometres (332 miles) from Iraq's southern oil fields to the […]
ExxonMobil is to be excluded from Iraq's fourth licensing auction because of its deals in Iraqi Kurdistan. "The Iraqi government has decided that Exxon won't be allowed to participate in the next oil and gas bidding round," Faisal Abdullah, a spokesman for Iraq's Deputy Prime Minster for Energy, Hussein al-Shahristani, said on Monday. "We are […]
Following Total's statement on Friday that it was considering possible investments in Iraqi Kurdistan, Deputy Prime Minister for Energy Hussain al-Shahristani warned the French major on Sunday that it would bear the "full consequences" if it did. "The position of the Iraqi government will be the same as with the other oil companies, that no company […]
Leighton Holdings Limited (Leighton) has announced that it has reported to the Australian Federal Police (AFP) a possible breach of its Code of Ethics that, if substantiated, may contravene Australian laws. The possible breach related to payments that may have been made by Leighton’s subsidiary company, Leighton Offshore Pte. Limited, in connection with work to […]
Romanian company Syscom 18 has won two orders, totalling EUR 3 million, to provide metering skids for petroleum products in Iraq and Bahrain. The products are to be delivered by the end of this spring. Irak and Bahrain chose the Romanian company instead of companies from India and Pakistan, which are the main suppliers for liquids […]
Reuters reports that Iraq has allowed the privately-owned Korean firm SK Innovation to bid in its fourth energy auction, after the company sold its stake in the Bazian block in Kurdistan. The stake was sold to the state-owned Korea National Oil Corporation (KNOC), which was already barred from participating due to its stakes in both […]
Gulf Keystone has announced that it has appointed Strand Hanson Limited and Perella Weinberg Partners UK LLP as Joint Corporate Advisers with immediate effect. Working alongside Strand Hanson, Perella Weinberg Partners will be jointly responsible for coordination of and advice on the sale of the Company's 20 per cent working interest in the Akri-Bijeel block […]
