Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Gulf Keystone has announced that the Shaikan-5 appraisal well has spudded on the Shaikan block in the Kurdistan Region of Iraq on 28th October 2011. Shaikan-5 is the third deep appraisal well to be drilled on the Company's major oil discovery with independently audited gross oil-in-place volumes of between 4.9 billion barrels and 10.8 billion […]
WesternZagros Resources has received payment for its first sale of crude oil to the domestic market in the Kurdistan Region of Iraq. First oil production from the Sarqala-1 extended well test was achieved on October 18, 2011, and first lifting occurred by truck on 27th October. "Production start-up marks a new chapter in the Company's […]
DNO International has announced on Monday the resumption of its share buyback program, originally announced on 10 August 2011. Between 18 August and 7 October, the Company acquired a total of 25,500,000 shares, which are currently held in treasury, pursuant to a shareholder approval to acquire up to 80,000,000 shares. "We believe that in current […]
The Missan Oil Company expects to increase output by 20 percent to 120,000 barrels a day by the end of this year The company’s Director General Ali Muarej told Boomberg that ten wells will be made operational at the Halfaya field south of Baghdad in the next two months to raise production. Total, China National […]
In our ongoing efforts to brings you all the best information on doing business in Iraq, we continue to add to the list of reports available from our reports service. This week we've added two reports on energy exploration and electricity generation: Oil and Gas Exploration and Production Outlook in Iraq to 2015, an essential […]
Bloomberg reports that Iraq will ask to rejoin OPEC’s quota system for crude output in 2014. The holder of the world’s fifth-largest oil reserves plans to increased production from an average of 2.9 million barrels a day to 3.4 million barrels a day next year, and 4.5 million barrels a day in 2013, said Falah […]
In an interview with Bloomberg, the new CEO of the Abu Dhabi National Energy Company (TAQA) said the state-run company looking at more opportunities in Iraq, and aims to exploit the synergy in its oil, gas and power businesses. Last week the company agreed to invest $46 million in WesternZagros Resources, acquiring a 19.9 percent […]
Senior executives and industry experts gathered at the three day conference and seminar Iraq Mega Projects 2011 hosted by The CWC Group at the Ritz Carlton, Istanbul between the 18-20 October 2011. Focusing on the recent developments of Iraq’s oil and gas fields, water projects drilling activates, infrastructure growth and corporate social responsibility the event […]
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 […]
