Archive | Iraq Oil & Gas News

Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.

Iraqi Oil Exports Hit a New High

According to AFP, Iraq's oil exports in February were the highest since 1990, at 2.069 million barrels per day. Reuters puts the figure slightly higher, at 2.083 million bpd, up from 1.926 million bpd in January. The average selling price was $73-$74. 1.612 million bpd were shipped from the southern oil hub of Basra, and […]

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Turkish TPIC Wins $318m Iraq Oil Contract

Reuters reports that TPIC, the foreign exploration unit of state-run Turkish Petroleum, has won a $318 million contract to drill 45 wells in Iraq's supergiant Rumaila oilfield, near Basra. British firm BP and its Chinese partner CNPC signed a 20-year development contract last year for Rumaila, which has an estimated 17 billion barrels of crude […]

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Talks on Nassiriya Oil Field Break Down

According to a variety of sources, Iraqi Oil Minister Hussein al-Shahristani has said that talks with a Japanese energy consortium over the development of the Nassiriya oil field have broken down. “The talks reached a deadlock and we aren’t going to meet again,” Abdul Mahdy al-Ameedi, head of the ministry’s petroleum Contracts and Licensing Directorate, […]

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OPEC Crude on the Rise

Crude oil supply from OPEC is rising to the highest in 14 months led by Angola and Saudi Arabia, a survey showed, further reducing compliance with output targets. Supply from the 11 OPEC members with output targets, all except Iraq, is averaging 26.80 million barrels per day (bpd), up from a revised 26.69m bpd last […]

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Iraqi Talks with Shell Continue

Reuters reports that talks are still ongoing between Iraq and Royal Dutch Shell on a natural gas deal near the southern oil hub of Basra, although they are taking longer than expected, a senior Iraqi oil official said on Friday. "The heads of agreement will be extended and the project will be presented to the […]

Iraq Sees '10 Oil Output Up 0.25 Million B/D on Basra Deals

Iraq's crude oil production could increase by more than 250,000 barrels a day by the end of this year as some oil deals recently signed with international oil companies to develop giant Iraqi oil fields have become effective, the head of the country's largest oil firm, the South Oil Co., said Thursday. BP PLC (BP) […]

Oil Deals between Iraq and Global Majors

Iraq has signed a raft of deals with foreign oil companies that could take its crude output capacity up to 12 million barrels per day, rivaling top producer Saudi Arabia. There are still hurdles in the way, not least a March 7 parliamentary election that could usher in a new government inclined to try to […]

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Playing Field for ID1bn

The Missan Oil Company has agreed to construct a playing field for its Sports Club at a total cost of 1 billion Iraqi dinars (ID), a club official said on Tuesday. “The playing field is designed to seat more than 2,000 persons,” the deputy director of the club’s administrative board, Saad Abd Ali, told Aswat […]

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$4.4b Iraq’s Oil Revenues in January

The Iraqi Oil Ministry said on Tuesday that it achieved a revenues level of $4.416 billion through oil sales of 59.7 million barrels in Jan. 2010. It said that oil price was $73.97 per barrel. In Dec. 2009, the Ministry accomplished revenues of $4.449 billion through sales of 61.3 million barrels of oil at a […]

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Ministry Demands Foreign Info

The Iraqi Oil Ministry demanded on Tuesday that foreign oil firms working in Iraq release all the information related to their production rates. “The information is necessary to achieve transparency,” the Ministry said in a release received by Aswat al-Iraq news agency. It said that the information should be released periodically (Aswat Al Iraq)

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DNO Seeks Growth outside Iraq

DNO International ASA, the first foreign company to pump oil in Iraq since the 1970s, may invest outside the war-torn country as the regional Kurdish authority and Baghdad officials argue over export payments. “It’s important for us to look for opportunities in other areas, to have a more diversified portfolio,” Chief Executive Officer Helge Eide […]

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Iraq Doubts OPEC Output Changes

Oil Minister Hussain al-Shahristani told The Associated Press on Monday that prices are at satisfactory levels and he does not expect OPEC to make changes to output during its meeting next month. The 11-member Organisation of the Petroleum Exporting Countries will instead discuss disappointing member compliance with output targets. Al-Shahristani made the comments a few […]

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