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.

A Fourth State Oil Firm to Oversee Development

According to a report in the Lebanese “Monday Morning” magazine, the Oil Ministry will create a fourth state oil company, to be called The Middle Oil Company. It will have responsibility for managing oilfields in Anbar, Babil, Diyala, Diwaniya, Karbala and Wasit provinces, and will also manage the Iraqi Oil Exploration Company, which has a […]

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Four New Deep-Water Moorings Offshore

In preparation for the planned increase in production from Basra's oilfields, the Iraqi Oil Ministry plans to build 4 new offshore moorings for tankers in the Persian Gulf. Oil Minister Hussain al-Shahristani said the moorings will be ready by the middle of next year, so that giant oil tankers too big for the ports of […]

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No More Iraqi Oilfields for Foreign Companies: Prime Minister

Reuters reports Prime Minister Nuri al-Maliki as saying that there will be no further deals with foreign oil companies for the development of Iraq's oilfields. "I told the oil minister during a cabinet meeting that we will never sign any more contracts with foreign oil companies", Maliki told supporters at a rally in the southern […]

Zubair Deal Kicks in

Thursday 18th February was the effective date of the deal to develop the 4 billion barrel Zubair oilfield, west of Basra, according to a report from Reuters. The consortium that won the deal, consisting of Italian company Eni, US's Occidental, and South Korea's Kogas, is due to pay the $300 million signature bonus within 30 […]

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Crude Diplomacy – Iraq, Iran, and the Politics of Oil

The Economist reports that Chinese oil companies are shifting their focus from Iran to Iraq, as Iraq attracts the latest technology to increase its oil production. “Iraq will have to pull off an unprecedented feat. In the history of the modern oil industry, no country has increased output with the speed the Iraqis envisage. Over […]

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Iraqi Oil Production: Industry Hopes To Profit From Increased Iraqi Output

Oil industry leaders believe Iraq's resurgence as a major producer will change the face of the world's energy market, but they warn that the country – and the Middle East generally – still needs to improve infrastructure, security and export paths. At the annual International Petroleum Week conference in London, energy executives and analysts said […]

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Presidency Approves Foreign Oil Firms Taxing Law

Aswat Al Iraq reports that the Iraqi Presidency Council has approved “foreign oil firms taxing law no. 19 of 2010”. “The companies, their branches, offices, and sub-contractors working in Iraq will be taxed by 35 percent,” the bill said. The bill has been enacted to support Iraq’s national economy. (Source: Aswat Al Iraq)

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$1.5m Fine for Insider Dealing re Kurdish Oilfield

Mehmet Sepil, Chief Executive Officer of Turkish oil exploration company Genel Enerji, has paid the biggest fine handed out by the UK's Financial Services Authority (FSA) to an individual for market abuse. Genel has a 25% stake in the licence to explore the Miran oilfield in the Kurdistan Region of Iraq, with London-listed Heritage Oil […]

Iraq Negotiates with CNOOC over Maysan Oilfields

Iraq's Oil Ministry is negotiating with China's CNOOC (China National Offshore Oil Corporation) for a service contract for the 2.5 billion barrel Maysan oilfield complex, Iraqi oil officials said on Monday. Oil Minister Hussain al-Shahristani said the Chinese company, which he did not identify, had accepted the government's proposed remuneration fee of $2.30 for every […]

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Iraq May Pay Costs of Oil Firms in Kurdish North

Reuters reports progress in the ongoing dispute over oil contracts in Kurdistan. Iraq’s government could end up paying exploration and extraction costs of oil firms working in Iraqi Kurdistan but not their profits, the oil minister said on Monday, signaling a further thaw in a row over oil wealth. “We will not pay any profits […]

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Iraqi Oil 'a Complete Game-Changer'

The New York Times reports on how terrorist attempts to derail the auctions of Iraqi oilfield development rights have failed, and the process went ahead as planned. “The terrorists tried to send a message to the oil companies through the bombings,” the oil minister, Hussain al-Shahristani, declared on Iraqi television. “But this message was not […]

Enoc hosts Kurdistan Premier

Emirates National Oil Company (Enoc)  has recently hosted His Excellency Dr Barham Salih, Prime Minister of Iraqi Kurdistan, on a tour of the Enoc Processing Company. Saeed Abdullah Khoory, Group Chief Executive of Enoc presented an overview of the company before  a tour of the refinery and the Dubai Natural Gas Company Limited (DUGAS). Khoory […]