Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
The 2009 contract between BP and the Iraqi government for oil production at the Rumaila oil field has been quietly rewritten in favour of the oil giant, according to Aknews. the Iraqi government will now continue to pay BP when production is affected by civil disruption, disruption in oil transportation, political decisions or OPEC cuts. […]
Afren has announced the acquisition of interests in two contiguous Production Sharing Contracts ("PSCs") located in the Kurdistan region of Iraq. The Company has agreed to acquire an operated 60 per cent. participating interest in the Barda Rash PSC from Komet Group S.A. ("Komet") and a non-operated 20 per cent. participating interest in the Ain […]
Petroceltic International, the Irish-based AIM and ESM listed oil and gas exploration and production company focused on North Africa, the Middle East and the Mediterranean, has announced that, in partnership with Hess Middle East New Ventures, a subsidiary of Hess Corporation, it has executed two Production Sharing Contracts ("PSCs") with the Kurdistan Regional Government of […]
ShaMaran Petroleum has announced that its wholly owned subsidiary ShaMaran Petroleum BV (“ShaMaran BV”) has exercised its option under an Option Agreement signed in July 2009 with the Kurdistan Regional Government (KRG), to enter into a Production Sharing Contract (PSC) in respect of the Taza Block (formerly Block K42) in the Kurdistan Region of Iraq, […]
By By Mu Chunshan. Originally published in The Diplomat, and re-produced with permission by Iraq Business News. The visit by Iraqi Prime Minister Nouri al-Maliki to China didn’t just fail to grab much international media attention – there was also little coverage in the Chinese media, too. Most Chinese associate Iraq with Saddam Hussein and […]
An Iraqi MP has stoked rising political tensions with Kuwait, by claiming that Kuwait has been stealing Iraqi oil through slant-drilling. According to the report from the Kuwait Times, he emphasized that the parliamentary committee, of which he is a member, will investigate the issue. MP Oday Awwad, a member of Iraq's parliamentary energy committee, […]
Iraq’s oil ministry says oil exports increased in June by slightly over 2 percent compared to the previous month, according to the Washington Post. Tuesday’s statement says last month oil exports averaged 2.273 million barrels per day (bpd) - up from the 2.225 bpd in May. The sales yielded $7.173 billion with an achieved average […]
AFP reported on Tuesday that Iraqi forces took charge of security at Basra's oil export terminals at the southern port of Basra from US troops. Nearly 80 percent of Iraqi oil is exported through the south. "Today, we took charge of the oil terminals at Basra from the Americans," an Iraqi navy official said, speaking […]
The Iraqi Ministry of Oil signed a Memorandum of Understanding (MoU) in principle with a group of Italian investors to build a refinery in Karbala, the oil undersecretary for refineries affairs said on Tuesday. Ahmed al-Shamma said in a statement that the signature was made to enable the consortium complete its procedures for the project, […]
Ahmed Mousa Jiyad is an independent development consultant, scholar and Associate with Centre for Global Energy Studies (CGES). He was formerly a senior economist with the Iraq National Oil Company and Iraq’s Ministry of Oil, Chief Expert for the Council of Ministers, Director at the Ministry of Trade, and International Specialist with UN. He is […]
Gulf Keystone has announced that Excalibur Ventures LLC confirmed in the English Commercial Court in London today that it no longer intends to pursue the International Chamber of Commerce Arbitration in New York (the "ICC Arbitration") against Gulf Keystone and two of its subsidiaries. Excalibur also confirmed today that it is content that all its […]
The Iranian Shana news agency reports that senior oil officials from Iran, Iraq and Syria have signed a trilateral deal on gas trade in Iran on Monday. The deal, reportedly worth 10 billion dollars [12 trillion Iraqi dinars] involves the construction of a 5,000-kilometer (3,100-mile) pipeline to transfer Iran’s gas from the South Pars gas […]
