Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
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 […]
Reuters reported at the weekend that Iraq's government has received a letter from Exxon Mobil saying the it had frozen its deal with the Kurdistan Regional Government (KRG), but other reports say this has not happened. "We received a letter from Exxon on March 5 saying they are freezing the contract with the Kurds," oil […]
In an attempt to deal with any potential crisis should Iran close the Strait of Hormuz, Iraq has approved a plan to expand its oil export routes by adding capacity from its northern fields and building a pipeline to ship oil from southern oilfields to the Turkish port of Ceyhan (pictured), according to Reuters. "Short […]
UPI reports that the Iraqi government has given assurances to South Korea that it could cover an oil shortage if sanctions against Iran disrupted supplies In response to Western sanctions against Iran, South Korea is looking to replace the 10 percent of its crude oil that it gets from Iran. South Korean officials said they […]
The Oil Ministry expects that Iraq's crude oil reserves will double, the ministry's official spokesman said on Wednesday. "The definite crude oil reserves (143 billion barrels) will double ... due to the ministry's activities in exploration and Iraq's oil licences," Aasem Jihad told Aswat al-Iraq news agency. "We hope that Iraq's fourth round of oil […]
A delegation from the Ministry of Industry paid a visit to the headquarters of Italian company Paresa on Wednesday to discuss the building of eight oil tanks for the South Oil Company. According to Aswat al-Iraq, each tank will have a capacity of 58,000 'cubic liters' (sic); we believe this should read 'cubic meters'. (Source: […]
The Kurdistan Regional Government (KRG) has said Baghdad must investigate a difference of about 35,000 bpd of crude oil exports from the region that is failing to appear in the national total, and demands payment of over $1 billion owed. The full text of the KRG statement follows: Oil exports from the Kurdistan Region in […]
Among the options being considered by Iraqi lawmakers to reduce dependence on the Strait of Hormuz, is the reopening an oil pipeline to Saudi Arabia that's been closed since the Gulf War in the 1990s. Currently, most of Iraq's oil exports are shipped by tanker from Basra through the Strait of Hormuz, but Iran has […]
Iraq will ship 18 cargoes of Basra Light grade from the Persian Gulf in the second half of March, according to a loading schedule obtained by Bloomberg News. The is four more than in the first half of this month. (Source: Bloomberg)
Update from Gulf Keystone Petroleum (GKP) on litigation with Excalibur Ventures: On 14 March 2012, the English Commercial Court in London ordered Excalibur Ventures LLC ("Excalibur") to make a payment of £6,000,000 into Court within 21 days as security for the costs of Gulf Keystone and two of its subsidiaries (the "Companies") of defending the […]
The Iraqi Oil Ministry will issue the final draft contracts for the next round of energy-exploration rights on 20th April 20, according to a report from Bloomberg. Companies that were pre-selected to bid in the two-day May 30 licensing round have until today (Thursday) to comment on the preliminary drafts, Abdul Mahdy al-Ameedi, the director-general […]
Lukoil plans to boost investment at its West Qurna-2 oil field in Iraq to about $2 billion this year. Russia’s largest non- state company plans to carry out drilling and begin construction of a pipeline as it prepares the field for the start of production. The company invested more than $200 million in the project […]
