Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Iraq’s Deputy Prime Minister for Energy Affairs, Hussein al-Shahristani, has said that Iraq has oil reserves of 200 billion barrels, according to Aswat al-Iraq. This would place Iraq in third place in the worldwide rankings of oil reserves. While the officially-announced oil reserves are 143 billion barrels, the report says that this does not include […]
Dana Gas PJSC, the Middle East’s largest regional private sector natural gas company, and which has operations in Kurdistan's Khor Mor, has announced its financial results for the quarter ended 31st March 2011, with a Net Profit after tax of AED 92 million, a 180% increase compared to the first quarter of 2010, and a […]
The consortium of Chinese, Malaysian and French companies working on the Halfaya oil field, 35 km east of Amara, in Maysan [Missan] province, have completed drilling four oil wells. Ali Altarfi, the media department of Missan Oil Company, told Aswat al-Iraq that, "the plan is to drill 300 wells in this gigantic oil field within […]
Reuters reports that Iraq has signed a consultancy contract valued at around $13.5 million with Canada's SNC Lavalin Group (SNC.TO) for a strategic oil pipeline project. "Today we have signed a contract with an international consultancy company to execute an important and vital project, which is an oil export facility," Oil Minister Abdul-Kareem Luaibi said […]
An audit of Iraq's oil revenue management and accounting system found the plan to fully install and calibrate a full crude oil and products metering system by 2012 is only 39% complete, according to a report from Platts. US auditing firm PricewaterhouseCoopers, the UN mandated International Advisory and Monitoring Board, and Iraq's Committee of Financial […]
Shares in Petrel Resources (AIM:PET) jumped 11% this morning following the company's update on its operations in Iraq. The board announced that Petrel has received the final US$2.5m payment due in relation to the Engineering, Procurement and Supervision of Services (EPC) contract on the Subba and Luhais oil field development. The company retains a 10% […]
If Iranian President Mahmoud Ahmadinejad doesn't choose a minister for the ministry to replace the Iranian Ministries of Oil and Energy, then Iraq will chair the 159th meeting of the Organization of Petroleum Exporting Countries (OPEC) in the Austrian capital Vienna next June, an oil expert has said. Jawad Barjani, speaking to Iranian news agency, […]
Iraq has lost a total of about US$493 billions in the period from 2003 and 2011, due to the hampering or postponement of projects, bad administration and planning, according to a report from Aswat al-Iraq. Expert Nizar Haider of the Research Section in the US DTI Company for Energy Affairs said in a report that, […]
BPA Worldwide has been contracted to complete the event audit of the 2nd Basra International Oil & Gas Conference and Exhibition to be held in Basra, Iraq. The event, which is supported by the Ministry of Oil and Ministry of Trade State Company For Iraqi Fairs, will be held at the Basra International Fair Ground, […]
Midland Refineries Co (MRC) intends to install an automatic in-line lube oil blending unit of 40m3/hr capacity at its Daura Refinery. The unit shall be designed to produce five types of finished lube oils. Closing date is June 6, 2011. Please click on this link to obtain biddings conditions.
The Oil Projects Company (SCOP) announces the issuance of the below tenders: - Supply of Electrical cables & accessories for new Samawa Depot Project -Power Transformers -Fire Fitting equipment Please click on the above links to obtain further information about the tender's conditions.
A major landmark was reached in the past week when the Iraqi federal government and Kurdistan Regional Government (KRG) agreed on the first payments to oil companies operating in Iraqi Kurdistan. And while oil revenues are the backbone of the Iraqi economy, and international oil companies (IOCs) are essential to that reconstruction of the country, […]
