Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
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 […]
According to a report from Associated Press, Iraq's Foreign Minister Hoshyar Zebari (pictured) says that a dispute over a planned Kuwaiti port has been resolved, and that the facility will not disrupt Iraqi shipping in the Persian Gulf. The minister said that a technical review showed that the Mubarak port on Boubiyan Island "won't affect our […]
Gulf Keystone provided an update on its ongoing exploration and appraisal programme for the Shaikan block in the Kurdistan Region of Iraq on Monday: 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 with a mean value […]
Hunt Oil Co. was warned before it signed a contract with the Kurdish government in Iraq that it might not be dealing in Kurdish territory, UPI reports. The Dallas-based energy company signed a production-sharing contract (PSC) with the Kurdistan Regional Government (KRG) in 2007. It was warned by the U.S. Embassy in Baghdad that the […]
Reuters reports that Iraq's Oil Ministry has excluded American oil firm Hess Corp from competing in its 4th energy auction because the company signed deals with Iraq's northern Kurdish region. As we reported last week, Hess was one of the 41 companies pre-qualified for the auctions, but it was not included on a new list […]
ONGC Videsh Ltd (OVL), the overseas arm of the Indian state-owned Oil and Natural Gas Corp (ONGC), may invest over $ 1.5 billion in exploring for oil in Iraq in a block that was awarded to it by the regime of Saddam Hussein, according to a report in the Economic Times. “We are nearing finality […]
Defense Solutions Holding, Inc. (DFSH:PK), CEO Timothy Ringgold outlined the firm’s five year growth plan that capitalizes on the firm’s extensive opportunities in Iraq. Defense Solutions has worked in Iraq since 2005 when it was the only supplier of battle tanks to the new Iraqi Army. Release of the business plan followed meetings in the […]
According to lawmakers, the border area between Kuwait and Iraq should no longer be disputed territory. However Iraqi locals see it differently and accuse Kuwait of blocking their waterways, stealing their oil and teaching their children untruths about the area, according to this report from Niqash. As dusk falls along the southern borders that Iraq […]
The Egyptian Natural Gas Holding Company (EGAS) is considering several new natural gas projects in Iraq in collaboration with Iraqi and foreign firms, according to the company’s director, Hassan al-Mahdy, told Al-Masry Al-Youm. He said the projects would include excavation and the construction of distribution networks, and provided multiple opportunities for Egyptian construction and consultancy […]
Iraq and Iran have agreed that the Iraqi committee for demarcation of borders between the two countries should complete its mission by the end of the year, according to AKnews. Ahmed al-Shekhani, a member of the committee, told the agency that the related bodies agreed for the committee to assign landmarks on the border areas of […]
Maersk Oil, a fully-owned subsidiary of the A.P. Moller – Maersk Group, has acquired a 20% shareholding in HKN Energy Ltd., a subsidiary of U.S.-based Hillwood International Energy, whose sole asset is a licence in Kurdistan Region. The acquisition is a step into the prolific but as yet underdeveloped area of Kurdistan in oil output […]
Shares in Gulf Keystone were up nearly 8% in early trading on the London Stock Exchange, following a Sunday Times newspaper report that it looking to sell itself for up to 1.4 billion pounds ($2.3 billion). The company issued the following statement on Monday morning, saying that press estimates significantly undervalued the company: Gulf Keystone notes […]
