Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
A spokesman for Iraq's Ministry of Oil recently told Al Jazeera that unexplored regions of Iraq could yield an additional 100 billion barrels of oil, and that Iraq's production costs are among the lowest in the world. Additionally, the report says that only about 2,000 wells have been drilled in Iraq to date, compared with […]
Iraq's Oil Ministry announced on Wednesday that it has discovered a new oil field in the Missan [Maysan] province, and described it as the biggest achivement in 30 years. According to the report from AKnews, the Iraqi Oil Minister Abdul Kareem Luaibi [Elaibi] told a press conference: "Iraqi Oil Company and the Southern Oil Company […]
A British businessman has pleaded guilty to conspiracy to corrupt, including making corrupt payments to Iraqi officials. Dr David Turner (56), the former Innospec Limited Global Sales and Marketing Director (Tetraethyl Lead), appeared before His Honour Judge McCreath at Southwark Crown Court on Tuesday and pleaded guilty to three counts of conspiracy to corrupt. The […]
The Iraqi government has temporarily detained more than 100 international workers in recent weeks over visas and paperwork issues, according to the International Stability Operations Association, a trade group representing contractors. “We want to ensure that you are aware of the seriousness of this issue and the impact it is having on our members’ ability to […]
Mehdi Fakour (pictured), Managing Director of the Iranian Central Oil Fields Company (ICOFC), has announced that Tehran and Baghdad have decided to establish a joint company to developing three joint oil fields, according to the Iranian Fars News Agency. "An Iraqi delegation will visit Iran on February 6 to finalize the establishment of the company," […]
The parliamentary Finance Committee said on Sunday that it is considering adding 42,000 jobs to the 58,000 allocated in the 2012 budget, according to AKnews. On Jan. 5 the Iraqi government approved the 2012 budget of $100 billion USD (117 trillion IQD) with a deficit of up to $13.5 billion USD (20.5 trillion IQD), based […]
The Middle East Economic Survey (MEES) reports that Norwegian producer Statoil ASA is trying to sell its stake in the West Qurna-2 oilfield. According to the report, the company may use the negotiations to improve the terms of the West Qurna-2 contract and decide against pulling out. If a sale happened, it would be the […]
The first of four new single-point mooring facilities will be ready to commence operations on Jan. 25, according to a report from Bloomberg. If correct, this would be a pull-forward of the schedule reported by Reuters on 4th Jan. Dhia Jaafar, director general of South Oil Company, said the project involves laying pipelines, building eight […]
Russia’s Interfax news agency reports that OAO Bashneft is in talks to form a consortium to develop Iraqi oil fields. The company, controlled by billionaire Vladimir Evtushenkov’s AFK Sistema, reportedly wants to be a junior partner in a consortium that will bid in the next round of tenders for Iraqi oil fields. (Source: Bloomberg)
Reuters reports that a Japanese consortium is planning to build and operate a $2 billion fertilizer plant in Basra. Citing an article from Japanese business daily The Nikkei, they say the Japan International Cooperation Agency (JICA) will provide up to 150 million yen ($2 million) to Mitsui, Toyo Engineering Corp and Tokyo-based consulting firm Unico […]
ShaMaran Petroleum shares fell by 33% on Thursday following this update on its Pulkhana and Arbat blocks in Kurdistan: ShaMaran Petroleum is in the process of examining options to re-focus its asset base in Kurdistan and as a consequence has agreed with the Kurdistan Regional Government to suspend operations on both the Pulkhana and Arbat […]
AKnews reports that uniformed militants have blown up about 10 machine tools used by Sonangol, Angola’s national oil company, in the province of Nineveh on Thursday. Sonangol won contracts to develop the al-Najma and al-Qayara oil fields near the provincial capital Mosul in 2009. The equipment was blown up by IEDs that were placed inside […]
