Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Just days after WesternZagros struck oil at Sarqala, Austria's OMV announces that it too has struck oil at its Bina Bawi block in the Kurdistan Region of Iraq. OMV is currently drilling an exploration well (Bina Bawi 3) and encountered hydrocarbons in one of the primary reservoir targets. The well is still being drilled and […]
Reuters reports that Iraq signed the final contracts on Sunday to develop its Siba and Mansuriyah gas fields in deals involving Turkish, Kuwaiti and South Korean companies that will help diversify the country's fossil fuel production. The Korean Gas Corporation [KOGAS] signed the deal for the Akkas gas field earlier in the week. "This is […]
A bomb attack on an oil storage depot in Iraq’s Zubair oilfield set one tank ablaze and halted pumping from the station, sources said on Sunday. AKnews reports that firefighters have got the flames under control, but 27,000 cubic meters of oil have been lost. Four devices were planted, one started the fire, two were […]
Iraq exported oil at a rate of 2.23 million barrels per day (bpd) in May, with record revenue this year of $7.4 billion, according to Falah al-Amri, chairman of the State Oil Marketing Organization (SOMO) Iraq sold crude at an average price of $108 a barrel last month, he said today in a telephone interview […]
According to a report today from Iraq Oil Report, union activists in Iraq's oil sector have been fined and relocated to remote locations as part of a campaign of seeming retaliation against their role in organising workers. The agency also says that following a separate stoppage at the Basra refinery in 2010, 16 workers were […]
UOP LLC, a Honeywell (NYSE: HON) company, announced that its technology has been selected for a new transportation fuel refinery to be built in Iraq. The State Company for Oil Projects (SCOP), under the Ministry of Oil for Iraq, has selected Honeywell’s UOP to provide key technologies to process 300,000 barrels per day (bpd) of […]
Shares in WesternZagros Resources are up 35% on Tuesday following the company's announcement of an oil discovery in the Jeribe Formation at the Sarqala-1 exploration well in the Kurdistan Region of Iraq. The cpmpany says the Jeribe Formation flowed light, 40 degrees API oil at a stabilized rate of 6,000 barrels per day over the […]
Iraq has warned Shell that it needs to finalise a $12 billion [14.4 trillion Iraqi dinar] gas deal by next week or it would cancel negotiations over the agreement, the country's deputy oil minister, Ahmed al-Shamma, said on Monday. "We warned Shell that either we finalise... the deal next week or we will cancel everything", […]
The UK's former prime minister, the Rt Hon Sir John Major KG CH, addressed the Kurdistan National Assembly on Sunday 29th May. The full text of his address is provided below: I am immensely grateful to President Barzani for his kind invitation for me to visit Kurdistan. His invitation was issued a long time ago […]
China National Petroleum Corp (CNPC) has started to get paid for developing Iraq's Rumaila oilfield, according to reports from the China Petroleum Daily. The company received its first cargo of oil as payment for helping to develop the oilfield on 28th May, two weeks after partner BP loaded its first shipment. A crude oil carrier […]
Teh Arab Times reports that Kuwait is ready to sign an agreement with Iraq to guarantee that the Mubarak Al-Kabeer port project will not hinder the construction of Iraq's Grand Faw port. According to the Director of Information at the Iraqi Ministry of Foreign Affairs, Aous Al-Tamimi, the Iraqi Minister of State for Foreign Affairs […]
Bloomberg reports that Iraq has signed an initial agreement to import 25 million cubic meters of natural gas a day from Iran in order to supply its power stations. The agreement provides for the installation of pipelines within 18 months to transport gas from Iran to the Sadr and al-Quds power stations in Baghdad, Mosaab […]
