Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Korea Gas Corp (Kogas) said on Tuesday that it will receive 500,000 barrels of crude oil on 15th December as "remuneration fees" and as a return on investment for helping develop Iraq's Zubair oil field. Kogas plans to sell the crude in the international market, according to a report from MarketWatch. Its project partner, Occidental […]
Gulf Keystone (GKP) today provided an update on its ongoing exploration and appraisal programme in the Kurdistan Region of Iraq, which includes the Shaikan block, a major discovery with independently audited gross oil-in-place volumes of between 8 billion barrels to 13.4 billion barrels calculated on the P90 to P10 basis with a mean value of […]
WesternZagros Resources Ltd. (TSX VENTURE:WZR) provided an operational update for its drilling operations at Mil Qasim-1 and Kurdamir-2, and the continued ramp up of production from the Sarqala-1 extended well test. Sarqala-1 Extended Well Test Production from the Sarqala-1 extended well test has continued to increase with the addition of tank capacity and the construction […]
Nouri al-Maliki has said that the iraqi Government has no intention to cancel the contract with ExxonMobil to develop the West Qurna 1 oil field. "We haven't cancelled its contract in the south," said Mr. Maliki in an interview with The Wall Street Journal. "We are looking for a way for [ExxonMobil's] other contracts in […]
DNO International has announced that told investors that Petrolia Invest AS and Erik J. Frydenbø have filed a request for an injunction with the Oslo District Court seeking to block the completion of the merger with RAK Petroleum PCL's MENA operating subsidiaries. Petrolia Invest AS is a subsidiary of Petrolia ASA, a company controlled by […]
Todd Kozel, the founder and chief executive officer of Iraq-focussed Gulf Keystone Petroleum Ltd. (GKP), said he may have to pay a $6 million fine to U.S. tax authorities because he didn’t declare overseas accounts and trusts. According to the report from Bloomberg, the penalty came to light when his attorneys listed it among his […]
Iraq’s State Oil Marketing Organisation (SOMO) has adjusted its official selling prices for its Basra Light and Kirkuk crude grades for January. In common with some other countries, Iraq’s oil is priced relative to regional benchmark prices: For shipments to US, contracts are priced are relative to the Argus Sour Crude Index (ASCI); Shipments to […]
Patrick Kron, Chairman and Chief Executive Officer of Alstom, and the Iraqi Vice Minister of Electricity, His Excellency Salam Kazzaz, signed on 11 December, in the presence of His Excellency Karim Aftan El Jumaily, Minister of Electricity, a contract worth approximately €400 million to build the 728 MW Al Mansuriya gas-fired power plant in the […]
The following article was published by Reidar Visser, an historian of Iraq educated at the University of Oxford and currently based at the Norwegian Institute of International Affairs. It is reproduced here with the author’s permission. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. […]
Officials in Basra are reportedly trying to cancel a $17 billion Shell gas deal because they want a bigger say, highlighting the pressure on central government to ease its control over the provinces. According to the report from Reuters, the province is increasingly restless with the slow pace of development and wants more control over […]
WesternZagros Resources Ltd. (TSX VENTURE:WZR) will be profiled in a BTV - Business Television feature to be broadcast on national TV in Canada and the U.S. on December 10 and 11, 2011. BTV, a half-hour weekly business news program, profiles emerging publicly-traded companies across Canada and the U.S. WesternZagros's BTV segment will feature interviews with […]
Norwegian oil company DNO, which has extensive interests in Iraqi Kurdistan, has issued an updated corporate presentation. Please click here to download (7.6 MB).
