Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
The Iraqi State Oil Marketing Organization has launched a tender to buy 3,400 tons of gasoil per day for 12 months to power electricity generators. In July 2011, Iraq signed a one-year deal with Iran to receive approximately 1,300 tons per day of gasoil to help power the growing needs of a country already short […]
The high price of oil could prove the latest projection of a USD14.5bn budget deficit in 2012 as being too pessimistic. The Cabinet approved a $100bn budget for 2012 in the first week of December, although it is still waiting for Parliament to give its approval. The budget is based on oil at an average […]
In his joint press conference with Iraqi Prime Minister Nouri al-Maliki on December 12, 2011, President Barak Obama noted that “In the coming years, it’s estimated that Iraq’s economy will grow even faster than China’s or India’s.” Foreign and regional investors interested in Iraq’s economic potential, but uncertain about the country’s investment regulations, arbitration laws […]
Malaysia's Synergistic Generation Sdn Bhd (SGSB), which is 60 percent owned by UMW Holdings Bhd, has entered into a $30 million contract with Petronas Carigali Iraq Holding BV (PCIHBV). The contract is for the procurement of materials and equipment and installation and commissioning of all equipment and facilities by SGSB for the setting up of […]
The following video purports to show Iraqi oil smugglers digging up an underground pipeline, tapping into it, and then sucking up the overflowing oil. From the Musings on Iraq website: (Sources: Musings on Iraq, Youtube)
Genel Energy, the oil and gas company headed by Tony Hayward (pictured), the former BP chief executive, has confirmed that it is in talks about a deal that would expand its presence in Iraq's energy industry. The company issued the following statement on Wednesday: "Genel Energy plc notes the press speculation with regard to the […]
Baker Hughes (BHI) has secured a $640 million contract to drill 60 wells at Iraq's southern Zubair oil field, according to a report from Dow Jones. Iraqi government spokesman Ali Al Dabbagh reportedly said on Tuesday that the Iraqi government and the consortium led by Italy's Eni had awarded the contract to an unnamed U.S. […]
Gulf Keystone has announced that the Shaikan-6 appraisal well has spudded on the Shaikan block in the Kurdistan Region of Iraq on 16th December 2011. Shaikan-6 is the fourth deep appraisal well to be drilled on the Company's major oil discovery with independently audited gross oil-in-place volumes of between 8 billion barrels and 13.4 billion […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Mr Jiyad is an independent development consultant, scholar and Associate with Centre for Global Energy Studies (CGES), London. He was formerly a senior economist with the Iraq National Oil Company and Iraq’s […]
Iraq increased its oil exports 1.9 percent in December to an average of 2.175 million barrels a day, according to a report from Bloomberg. The country may export at an average 2.6 million barrels a day next year, Falah Al-Amri, director of the State Oil Marketing Organization (SOMO), said in an interview. Iraq exported 2.135 […]
Gulf Keystone has issed the following statement regarding recent takeover speculation: Gulf Keystone notes the continued unfounded press speculation regarding a potential offer for the Company. The Board of Gulf Keystone ("the Board") does not normally comment on speculation, but confirms that it remains committed to creating value for shareholders, via the continuing 2011/2012 exploration […]
Gulfsands Petroleum (LSE: GPX) announced after the close of trading on Monday that Waterford Finance & Investment Limited had increased its stake in the company to 15%. The shares closed up 2.1% at 167.37p
