Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
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 […]
WesternZagros Resources has started drilling operations at the Mil Qasim-1 well on the Garmian Block in the Kurdistan Region of Iraq. Mil Qasim-1 is located three kilometers to the south-east of the Company's Sarqala-1 discovery well. Mil Qasim-1 is targeting the prospective Upper Fars interval that exhibited numerous oil shows, including oil to surface in […]
On Sunday 28th August the Council of Ministers approved the draft oil and gas law prepared by the Ministry of Oil, considering it the only text that represent the council's view, and treating all other previous versions as invalid. Also the council decided to send the proposed draft to the parliament and request to table […]
Iraq has agreed to increase oil exports to Jordan by 50%, according to AKnews. The Iraqi Oil Ministry has signed the agreement with its Jordanian counterpart today to increase oil exports from the Baiji [Bayji, Beiji] refinery (pictured) from 10,000 barrels per day (bpd) to 15,000 bpd. Falah al-Ameri, director of the State Oil Marketing […]
