Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
North Gas Company announces a new quotation of spares for Ajeel Gas Field scrubber. Offers must be in sealed envelopes (technical & commercial offers) with indent number & closing date clearly mentioned on the envelopes, addressed to the attention of B.B.C (Broadly Bids Box) at North Gas Company , Po box: 16 , Kirkuk , […]
Shares in Sterling Energy (AIM: SEY) lost nearly a third of their value on Monday morning following an update on the company's operations in Iraqi Kurdistan. The British company has a 53.33% working interest in the Sangaw North block. A flow test has been completed across the open hole section of the Sangaw North-1 well […]
Iraq’s State Oil Marketing Organisation (SOMO) has adjusted its official selling prices on Sunday for its Basra Light and Kirkuk crude grades for July. In common with some other countries, Iraq’s oil is priced relative to regional benchmark prices: For shipments to US, contracts are priced are relative to the Argus Sour Crude Index (ASCI); […]
Jordan's official news agency, Petra, reports that drilling will start at the Risha natural-gas deposit straddling the country’s border with Iraq by the end of the year. Citing Energy Minister Khalid Touqan, the agency says work will start at the first of two wells to be initially drilled at a depth of between 3 kilometers […]
Norwegian investor Berge Gerdt Larsen was booted out as chairman of DNO International on Thursday, in a boardroom coup led by majority shareholder RAK Petroleum. RAK chief executive, Bijan Mossavar-Rahmani (pictured), was voted in as new chairman at the Norwegian independent’s annual general meeting in Oslo, after the Middle East shareholder disclosed its plan to […]
Iraq is open for business, and American companies should make an effort to invest there, Secretary of State Hillary Clinton (pictured) has said, according to a report from CNN. The Secretary was addressing the Business Forum Promoting Commercial Opportunities in Iraq, which included executives from companies as far-ranging as Occidental Petroleum, JP Morgan Chase, General […]
The Chairman of Southern Iraq’s Missan Energy Committee has said on Thursday that the Province’s Council had decided to sack the Director-General of Missan Oil Company from his post. According to the report from Aswat al-Iraq, he has been accused of poor administration and failing to achieve higher oil production results during his assignment. “Missan […]
The China National Petroleum Corporation (CNPC) and its partners in the southern Halfaya oilfield have awarded a $174 million contract to the China Petroleum and Engineering Corp. (CPECC) to build three crude processors, an Iraqi oil official told Reuters on Sunday. Ali Maarij, head of Iraq's state-run Missan Oil Company said the new plants will […]
The chief executive of BP, a major foreign player in Iraq's oil industry, said the country's output is likely to be only half the government's official target at the end of this decade, due to infrastructure problems, according to Reuters. "Five to six million barrels per day is maybe a more realistic level," Bob Dudley […]
Iraqi Deputy Prime Minister Hussain al-Shahristani talks about the outlook for the country's oil production and the Organization of Petroleum Exporting Countries' (OPEC) quotas. He speaks with Bloomberg's Lara Setrakian. (Source: Bloomberg)
Iraq’s oil production has risen to 2.63 million barrels a day, up by 15 percent from the same period last year, according to Bloomberg. Crude exports averaged 2.18 million barrels a day in the first five months of 2011 and are expected to increase in the second half of the year, Hussain al-Shahristani, deputy prime […]
Iraq will cut its 'overambitious' oil targets, the oil minister, Abdul-Kareem Luaibi [Elaibi] said on Tuesday. AKnews reports that the country had planned to up output to 12 million barrels per day (bpd) by 2017, but now aims for 8 million bpd within 13 or 14 years. Independent experts had challenged the ability of Iraq’s […]
