Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Former BP chief executive Tony Hayward (pictured), who heads the cash-rich Genel Energy group, said he would be interested in buying Norwegian oil company DNO and its Kurdish oil licences. Norwegian newspaper Finansavisen reported on Tuesday that the remarks come a week before DNO shareholders are to vote on a contested proposal to buy UAE-based […]
Russia's RIA Novosti reports that the country's largest private oil firm, LUKoil, has started exploration drilling on the giant West Qurna-2 oilfield in Iraq. Company head Vagit Alekperov said on Tuesday, "we have launched drilling, well borers are already there". In 2009, a consortium comsisting of LUKoil and Norway's Statoil won a tender to develop […]
ShaMaran Petroleum reports that, subject to regulatory approval, it will carry out a non-brokered, private placement of up to an aggregate of 125 million common shares of the Company at a price of $0.40 per share for gross proceeds of up to Cdn $50 million. Shares issued pursuant to the private placement will be subject […]
Subsea excavation specialists Marin Group recently played a key role in clearing unexploded ordnance from the route of three new pipelines crucial to Iraq's future oil exports, according to an article in Maritime Journal. Operating company Marin Subsea Ltd was contracted by UK based Maritime and Underwater Security Consultants (MUSC), which had been awarded overall […]
Unique System FZE, a Unique Maritime Group company, has recently been awarded a $5.2m contract to supply a 12 MAN ABS Classed saturation system and 3 air diving systems for the Leighton Offshore diving project, based in the Middle East. Unique Maritime Group will provide their 12 MAN ABS Classed saturation system, complete with SPHL […]
Dr David Turner appeared before Westminster Magistrates' Court in London, England, on Tuesday. He is charged with alleged offences of conspiring to make corrupt payments to public officials in Indonesia and Iraq to secure contracts for Innospec Ltd for the supply of its products. He is also charged with conspiring to defraud a competitor company […]
ShaMaran Petroleum has issued an operational update on the Pulkhana-8 re-entry well. The Pulkhana-8 Re-entry well (“PLK-8RE”) tested an average rate of 2,650 barrels of 31.6 degree API oil per day from the Upper Cretaceous Shiranish formation (high rates of up to 3,530 barrels of oil per day were recorded during the test). The well […]
The Oslo City Court yesterday fully dismissed a claim from Erik J. Frydenbø, a director in Petrolia ASA and a close associate of Berge Gerdt Larsen, demanding an investigation into the relationship between DNO International ASA's management and its largest shareholder RAK Petroleum PCL. The Court ruled in favour of DNO and awarded DNO compensation […]
Dow Jones reports that Lukoil and its partners are about to award a feast of contracts to international engineering and construction companies as it moves full speed ahead with development of its supergiant West-Qurna Phase 2 in southern Iraq. The company is in the final stages of evaluating commercial and technical bids for contracts competing […]
Gulf Keystone provided an update on Monday on its ongoing exploration and appraisal programme for the Shaikan, Ber Bahr and Akri-Bijeel blocks in the Kurdistan Region of Iraq. Shaikan is a major discovery with independently audited gross oil-in-place volumes of between 4.9 billion barrels to 10.8 billion barrels calculated on the P90 to P10 basis […]
US oil field services provider Halliburton is beginning to see project activity ramp up in Iraq after delays led to financial losses in the country, reports Argus News. The company commenced drilling at three rigs late in the third quarter, and expects three more to come on line by the end of the year. “We […]
Iraq is looking for $1.5 billion [1.8 trillion Iraqi dinars] in investment in its natural-gas industry in the country’s 4th energy licensing round, set for March, according to Bloomberg. Natik al-Bayati, a senior petroleum expert on the prime minister’s advisory commission, said that gas from the seven or eight concessions to be offered for bids […]
