Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
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 […]
The Nabucco consortium considers Northern Iraqi gas as an option to secure future gas supply to Europe, Dow Jones Newswires reported on Wednesday "Why shouldn't we pipe gas from Northern Iraq," Nabucco spokesman, Christian Dolezal is quoted as saying. "We should explore that as an option to secure future gas supply for Europe." But he […]
Following the reports earlier in the week that Petrofac has won a major contract in Iraq, the company has issued the following statement to the markets this morning: Petrofac, the international oil & gas service provider, has been awarded a US$330 million lump-sum engineering, procurement and construction (EPC) contract by Gazprom Neft Badra B.V. ('Gazprom') […]
In the three months since its creation, the Anglo-Turkish independent, Genel Energy plc, has moved with "remarkable speed to build the foundations of what I believe will become a major regional oil and gas company," its chief executive Tony Hayward said on Thursday. Previewing a presentation he will make to capital markets, Hayward said revenues […]
Iraq is demonstrating its unique position in the Middle East again, flexing its new diplomatic muscle to resolve an oil exporting crisis between the West, OPEC and Iran, according to this article from NIQASH. But who’s behind these efforts: Iran, the US or Iraq itself? Any opinions expressed are those of the author, and do […]
The following pages show some key slides from Genel Energy's presentation on Thursday. You can also click here to read the statement by the chief executive, Tony Hayward.
LUKoil, Russia's largest private oil company, may start production at the giant West Qurna-2 oilfield in early 2014, according to a report from RIA Novosti. "We will launch [production at the oilfield] at the end of 2013 or at the beginning of 2014," company head Vagit Alekperov said on Wednesday. The Russian company will invest […]
