Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Louis Besland, Partner at A.T. Kearney, a global management consulting firm recently participated in an interview with the World Refining Association (WRA) to discuss the current challenges and future opportunities faced by the refining industry. The oil and gas downstream industry in the Gulf has a bright future. Currently though, with the exception of Oman […]
Iraq’s oil exports dropped slightly in February compared to the previous month, the country's oil ministry said on Thursday. According to AKnews, Mutassam Akram, Undersecretary of the Iraqi Oil Ministry, said that February's oil exports averaged 2.106 barrels per day, down from 2.145 bpd in January. Gross revenues for February will be published at a […]
CNN has produced a new video report on the development of Kufan Group's Basra Logistics City, which occupies the site of the former Camp Bucca [Boca] near Umm Qasr. (Source: CNN)
Jordan's Prime Minister, Awn Khasawneh (pictured), has called for practical steps to extend an oil pipeline between Iraq and Jordan and to connect the two countries by rail, according to the Jordanian news agency Petra. During a meeting with Iraq’s planning minister Ali al Shukri, Khasawneh stressed the need to facilitate the movement of people […]
Genel Energy is still awaiting government approval for its plan to increase its interest in the Chia Surkh block in the Kurdistan Region of Iraq from 20% to 80% and to become the operator of the field. This morning (Thursday) the company issued the following update to the market: On 16 January 2012, Genel Energy plc […]
Long-term investors in many Iraq-focused oil companies have had their patience amply rewarded, as shares in companies such as Gulf Keystone Petroleum (GKP) and DNO have registered significant gains. Tony Hayward, CEO of Genel Energy, puts this down in part to ExxonMobil's entry into Kurdistan, which has highlighted the opportunities in the region. So much […]
According to reports by various U.S. government agencies, multilateral institutions and other international organizations, long-term Iraq reconstruction costs could reach $500 billion or higher. The proposed Hydrocarbons Law, which governs oil contracting and regulation, has been under review in the Council of Ministers since October 26, 2008, but has not received final passage. Iraq was […]
Oil giant BP is reported to be in talks with Iraq to boost output from the Kirkuk oilfield in the north of the country. Bloomberg, citing sources at the Middle East Economic Survey (MEES), says BP officials will meet with Iraq’s North Oil Company (NOC) within weeks to discuss increasing capacity at Kirkuk from about 260,000 […]
Sami al Araji, chairman of Iraq's National Investment Commission (NIC), has told a business audience in New Delhi that his country needs $500-$700 billion in investment to rebuild its infrastructure. Araji compared the opportunities in Iraq to "Germany after the Second World War", adding, "our message to the world is that we are open for […]
AFP reports that Japan is to offer $530 million in loans to Iraq, in part to help rebuild oil refineries, as Tokyo seeks to diversify fuel supplies after the tightening of sanctions on Iran. A Japanese foreign ministry spokesman said that loans totalling 42.5 billion yen have been pledged to Baghdad to aid four infrastructure […]
ExxonMobil has finally broken its silence regarding its plans to explore for oil in Iraqi Kurdistan. In the company's 10k statement filed on Friday, it says: "During 2011, production sharing contracts were negotiated with the regional government of Kurdistan ... Exploration and production activities in the Kurdistan region of Iraq are governed by production-sharing contracts […]
Iraq's crude oil exports to Jordan have dropped from 10,000 barrels per day to 6,000 bpd, reports Aknews. An agreement from 2008 specifies exports of 10,000 bpd, while an August 2011 agreement to increase to 15,000 bpd was described as not feasible "due to technical and administrative issues". Sixty percent of Iraq's oil exports go […]
