Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Clyde & Co has been appointed by Lukoil Mid-East Ltd to support them in their development of the West Qurna-2 field in Iraq. With recoverable reserves of 43 billion barrels West Qurna is the second largest oil field in the world. This is a landmark project for Lukoil, representing as it does a planned production […]
Reuters reports that Iraq's state-run Iraqi Drilling Company has started work at the Zubair oil field under a $250 million contract to drill 23 new wells in the field. Director Idrees al-Yassiri said the two-year contract also included overhauling 63 old wells in Zubair. "We have started executing the contract awarded to us by ENI […]
South Korea’s Hyundai Engineering & Construction Co. has started work on a $219 million project to expand a gas-fired power station near Baghdad, Bloomberg has reported. The Al-Quds station located in a suburb northeast of the capital will increase production to 1,400 megawatts from 900 megawatts withing 18 months, according to Qais al-Waeli, a spokesman […]
We reported last week on the withdrawal of the Kazakhstan-based KazMunaiGas from negotiations on the Akkas gas field in Anbar province. This week the head of KMG, Askar Balzhanov, shed more light on the background to the company's decision, and it reflects very poorly on the Iraqi authorities: "One of the reasons for our withdrawal […]
BP lifted its first cargo of Basra light crude from Rumaila this week, according to a report in the Telegraph. The cargo is worth about $200m [240 billion Iraq dinars]. The company is working with China National Petroleum Corporation (CNPC) on the field and the two companies are due $1bn for boosting production, drilling new […]
A few dozen Iraqis protested on Wednesday against Kuwaiti plans for a new port near Umm Qasr, Iraq’s only deep-water port. AKnews reports that public committees from Basra organized the protests to show public opposition against the Kuwaiti Mubarak port across the border. "Everyone knows that Kuwait does not need this port since it has […]
Iraqi state oil workers have tried to stop foreign workers entering the country's biggest oil field amid a country-wide dispute about pay, according to Iraq Oil Report. State workers have been protesting for some time about receiving lower pay than their colleagues at fields run by the international oil companies. In addition to the action […]
Shares in Heritage Oil Plc (LSE: HOIL), the independent upstream exploration and production company with operations in Iraqi Kurdistan (pictured), were unchanged on Wednesday following the release of its interim management statement. Highlights Rig contract to drill the Miran West-3 well in the Miran Block, Kurdistan, was signed in April and the well is scheduled […]
Iraq's Ministry of Oil stressed that it is cooperating with international companies to sell crude oil, pointing that Iraq is the only country that exports its crude oil to more than 25 international companies. On the sidelines of a forum held by SOMO over Iraq’s oil exports mechanisms the director of Iraq's State Oil Marketing […]
War-torn Iraq, a major buyer of oil products, is seeking nearly 50 per cent more gasoline in a fuel tender for the second half of the year, trade sources said on Monday. Iraq's State Oil Marketing Organisation (SOMO) has issued a tender to buy 1.3 million tonnes of gasoline, around 500,000 tonnes of gas oil […]
This work was written by Ahmed Mousa Jiyad, and it is reproduced here with his permission. It was originally published by MEES v53:n24, Monday 16 May 2011. Mr Jiyad is an independent development consultant, scholar and Associate with Centre for Global Energy Studies-CGES, London. He was formerly a senior economist with the Iraq National Oil […]
Petronor FZE, an oilfield services company operating in Iraq, announced today that, following South Oil Company (SOC) approval, has signed a contract with Shell to provide offices and accommodations in its Iraq Energy City near Basra. A next-generation oilfield supply base, Iraq Energy City provides working and living space to a wide-array of oilfield service […]
