Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Bloomberg reports that Iraq will increase its exports of Kirkuk crude for January from the Turkish Mediterranean port of Ceyhan (pictured) by 3.5 percent from last month. The loading program obtained by comprises 18 cargoes totaling 13.88 million barrels, or 447,742 barrels a day, compared with 432,677 barrels a day for December. The cargo sizes […]
Shares in Sonoro Energy rose 11% on Thursday following its announcement that the company, through its wholly-owned subsidiary, Sonoro Energy Iraq B.V. (“Sonoro Iraq”), has entered into a Farmout Agreement with Geopetrol International Holding Inc. and its subsidiary, Geopetrol Iraq Corp. The Agreement provides for the assignment by Sonoro to Geopetrol of a thirty percent […]
Reuters reports on Wednesday that Iraq has delayed its 4th energy bidding round by more than a month. Originally scheduled for 7-8 March, the auction for the 12 new gas and oil exploration blocks will now be held on 11-12 April. Abdul-Mahdy al-Ameedi, director of the oil ministry's contracts and licensing directorate, told Reuters: "We […]
Iraq plans to start shipping crude from the first of its three new offshore export terminals in the Gulf at the start of February, according to Reuters. The new single-point mooring (SPM), which will boost export capacity by 900,000 barrels per day, was due to start operation on 1st January, but testing of new pipelines has […]
Iraq's oil exports rose by 10,000 barrels per day in December, from 2.135 million bpd to 2.145 million bpd, according to a report from Platts. Citing data from the State Oil Marketing Organization (SOMO), the agency also says that the country's oil production fell by 13,000 bpd in December, to 2.652 million bpd from 2.665 […]
Piling Tech, a subsidiary of the UAE-based business conglomerate Tech Group, said that it has won its first oil sector contract in Iraq, valued at $10 million. Under the terms of the agreement, Piling Tech will be involved in the installation of piles, foundations and wells for the West Qurna-2 oil field in southern Iraq. […]
Iraqi Foreign Minister Hoshyar Zebari has told the Trend news agency that his country was keen on taking part in the planned Nabucco natural gas pipeline. "Iraq is able to propose its resources for this strategic project, which is of great importance for the country," he was quoted as saying. UPI reports that Europe aims […]
Capacity at Al-Ahdab oilfield reached 120,000 bpd on Friday, three years ahead of schedule, according to Reuters. The one-billion barrel field in Wassit Province, central Iraq, is being developed by Chinese firm CNPC. The firm started production at 60,000 bpd in summer, six months ahead of schedule and it has doubled it far faster than […]
Halfaya is not currently the most exciting oil field, but it is growing fast. In less than two years, the large consortium of Chinese, Malaysian and French companies developing it has increased production from 3,000 barrels per day to around 15,000 bpd, with 2,000 bpd of those having just been added with a new well, […]
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 […]
