Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
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 […]
Reuteres reports that a senior Iraqi oil ministry official said on Friday that two bombs hit pipeline networks transporting crude from Iraq's giant Rumaila oilfield. The impact on production from Rumaila was not immediately clear, but firefighters were working to put out blazes caused by the blasts. (Source: Reuters) (Picture: an oil pipeline at Rumaila)
Articles from the October/November issue of fDi Magazine, available free of charge to registered users: Iraq begins building towards long-term prosperity Security issues, corruption problems, processes bound up in bundles of red tape... The problems facing companies wanting to do business in Iraq are myriad, but the country's promise – as one of the world's […]
Global oil prices below $90 a barrel would be “difficult” to accept, Iraq’s Deputy Prime Minister for energy, Hussain al-Shahristani, told Reuters on Wednesday. Brent crude oil dipped below $100 a barrel on Tuesday on growing concern about a Greek debt default and the health of the global economy, tumbling from a 2011 peak of $127 […]
Iraq has awarded a $523 million [612 billion Iraqi dinar] contract to expand oil export facilities in the south of the country to Leighton Offshore, a subsidiary of Australian firm Leighton International, according to AFP. Leighton is the Australian unit of Germany construction group Hochtief. The project must be completed within 16 months and will […]
Heritage Oil has announced that it has completed testing of the oil bearing Upper Cretaceous reservoir in the Miran West-3 well in the Kurdistan Region of Iraq ("Kurdistan"): Maximum flow rate achieved from the Upper Cretaceous reservoir was 1,950 bopd, restricted by surface equipment Confirmed gross in-place P50-P90 contingent volumes of 53-75 MMbbls of oil […]
The Iraq Energy Institute has translated the new draft hydrocarbon law into English. There are two versions provided: Compiled by the Parliamentarian Oil & Energy Committee, and presented to the Council of Representatives on 17th August 2011; Compiled by the Federal Ministry of Oil, and presented to the Council of Ministers on 25th August 2011. […]
The Iraqi Oil Ministry wants to build two new refineries in the provinces of Karbala [Kerbala] and Missan [Maysan], in order to reduce the country's dependency on foreign oil imports, according to AKnews. The one in Karbala will produce up to 140.000 barrels of fuel per day, the one in Missan up to 150,000. The […]
A delegation from the Indian company Jindal recentlty visited Basra Investment Commission and presented an industrial investment project to construct a plant for pipe production and coating. The assistant director of the company revealed that the investment capital of the project is 200 million dollars and that the project requires an area of 160 acres. […]
The Qatari petroleum company, Woqod, has revealed a plan to invest in the oil sector through the construction of oil warehouses for logistic support to oil companies in Basra. The representative of the company, Mr. Khaleel Hassan, said during his meeting with the deputy chairman of Basra Investment Commission that his company has several similar […]
