Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Iraqi Oil Minister Abdelkarim al-Luaybi [Luaibi, Elaibi] said on Sunday that the country plans to produce three million barrels of crude per day by the end of the year, and export 2.5 million bpd next year. The minister told a conference in the Jordanian capital Amman, which is being attended by the 46 oil firms […]
Iraq’s State Oil Marketing Organisation (SOMO) has adjusted its official selling prices for its Basra Light and Kirkuk crude grades for October. 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 […]
Following reports that the Kurdistan Regional Government (KRG) had suspended oil exports through the Iraq-Turkey pipeline, the KRG has issued the following statement: The Ministry of Natural Resources of the Kurdistan Regional Government would like to state that there has been no policy decision for suspending oil exports from Kurdistan via the Iraq-Turkey pipeline. Over […]
WesternZagros Resources has announced encouraging results from a recently-completed study of the drill cuttings from its Kurdamir-1 well (pictured) utilizing advanced technology. The study, by Weatherford Laboratories in Houston, confirmed the potential of a gross oil and gas interval over 1,900 metres thick in the Kurdamir-1 well. These results significantly increase the Company's confidence of […]
Bloomberg reports that Iraq is seeking about $30 billion in investment to build five new oil refineries as it plans to add enough fuel-processing capacity to avoid importing gasoline and diesel. The projects would boost Iraq’s capacity to refine crude oil into fuel by 900,000 barrels a day, the country’s Deputy Oil Minister Ahmed al-Shamma […]
Tony Hayward (pictured), the Chief Executive Officer of Genel Energy Plc, a group formed via a merger of Vallares Plc and Turkey's Genel Enerji, said he plans acquisitions in Iraqi Kurdistan. Reuters reports that the former boss of BP told reporters in Istanbul that the company plans to make the acquisitions with its $2.2 billion […]
Iraq has discovered an oil and gas field in Anbar province in the west of the country, Bloomberg reports. The Khasfah [Khasfa] field is between Al-Qaim and Rawa, Saadoun al-Shaalan, deputy head of the Anbar province council, said today in a statement. No data on the field’s reserves are available, according to the statement. (Source: […]
Just over two months after raising more than US$2.0 billion to invest in promising oil and gas projects in developing markets, Vallares PLC ("Vallares" or the "Company") today announces that it plans to merge with Genel Energy International Ltd ("Genel"), the largest oil producer in the Kurdistan Region of Iraq. Genel has stakes in two […]
Boards of Directors of DNO and RAK have approved the merger of RAK Petroleum MENA into DNO International. Please click on the following pages to see the full presentation from the companies:
Reuters reports that Iraq has approved six more energy companies to participate in its 4th energy auction, raising the number of pre-qualified bidders to 46. "We have six companies that were not qualified first, but after reviewing their information, we asked them to submit further documents to support their position. We have decided to qualify […]
The Kurdistan Region Presidency (KRP) issued a statement on Sunday on the Iraqi Council of Ministers’ approval of a draft federal hydrocarbons law. The following is a translation from the original Arabic: Following six years without a federal oil policy; the unjustified failure to implement political agreements; the clear avoidance of the ratification of a […]
Iraq's August crude oil exports hit 68 million barrels per day (bpd) in August, according to a report from AKnews. The figure represents an increase of about 1% from the previous month's 67.2 million bpd, with a total revenue of $7.31 billion. Deputy Iraqi Oil Minister, Akram Mu'tassam, told AKnews that the average daily oil […]
