Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
DNO International ASA has redirected nearly one third of its crude oil production in the Kurdistan Region of Iraq to sales to the domestic market in a move that will improve predictability and stability of its revenue stream. The Company recently signed contracts with three buyers for delivery of around 675,000 barrels of oil from […]
Iraq's oil ministry has signed a final deal with Korea Gas Corp. (KOGAS) to develop its Akkas gas field in the western province of Anbar, according to Reuters. Along with Kazakhstan’s KazMunaiGas, KOGAS won the rights to develop the Akkas field during Iraq’s third energy bidding round last October. But KazMunaiGas pulled out of the […]
Bloomberg reports that Iraq will ask companies to build an oil refinery when it invites bids to develop the Nasiriyah field south of Baghdad. Abdul- Mahdi al-Ameedi, the head of the ministry’s licensing department, said, “we will not develop the Nasiriyah oil field on its own but in tandem with the establishment of a refinery”. […]
A Scottish manufacturer of prefabricated buildings has embarked on a major push into the Middle East as it targets construction projects in countries such as Libya and Iraq. Powerwall, which runs a ten-acre production site in Wishaw and employs about 80 staff, is also locked in talks with potential partners in a string of markets, […]
Iraq's deputy prime minister has said that oil contracts signed by the Kurdistan Regional Government (KRG) must be rewritten, and that recent government payments to international producers in the region in no way validate the contracts, according to a report from Reuters. "The contracts as they stand will have to be presented to the government […]
The Director General of the South Oil Company said on Wednesday that they plan to build a fifth floating oil pier when the four currently under construction are completed. Aswat al-Iraq reports that the four piers are expected to be finished by late-2013 or early-2014. The first of these piers will start exporting oil at […]
Output at Iraq’s Halfaya oilfield will rise to 70,000 barrels a day in 2012 with the drilling of 48 wells, As Sabah newspaper said on Tuesday. Bloomberg reports that two projects valued at a total of $187 million will be built next year at the oilfield. The projects include a crude oil processing facility with […]
Gulf Keystone Petroleum has announced that the Ber Bahr-1 Exploration Well has spudded on the Ber Bahr block in the Kurdistan Region of Iraq on Monday, 10th October 2011. Ber Bahr-1 is the first exploration well to be drilled on the Ber Bahr block, which covers an area of 208 km² and lies to the […]
Iraq has the fourth largest oil reserves in the world exporting approximately 96% for the country’s economy, in 2010 100’s of contracts were signed to develop Iraq’s oil and gas infrastructure and increase oil production. Over the last year contract holders have implemented intense geological surveying, drilling, well rehabilitation, security tightening and planning to develop […]
Iraq has delayed its 4th energy bidding round to March 7-8 next year, according to a report from Reuters. "We wanted to give energy companies more time to study the contract terms and also to take into account upcoming holidays like Muslims Eid and Christmas," Sabah Abdul-Kadhim, the head of the legal section of Iraq's […]
Reuters reported on Sunday that output at Iraq's Rumaila South oilfield has been restored to 460,000 barrels per day after pipeline bombings last week. The report said two production stations were restarted on Sunday morning to start pumping 460,000 bpd to Zubair storage, and two more stations would be operating by the afternoon. Output from […]
Iraq named a new electricity minister on Monday, after the previous minister Raad Shallal [Shalal, Shallal al-Ani] stepped down under government pressure in August following allegations of fraud in two electricity contracts. "Parliament voted by majority to nominate Abdulkarim Aftan [Abdul Karim Aftan al-Jumaili] as electricity minister," Faiza al-Obeidi, an MP with the Iraqiya list that […]
