Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
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 […]
A delegation from the German company Liebherr visited the Basra Investment Commission (BIC) and discussed available investment opportunities and advantages provided by the Iraqi Investment Law to the investor, in addition to the support for the industrial projects in Basra. The delegation presented a project to build a maintenance center, training center, laboratory and factory, […]
The UK's Foreign Office Minister, Lord Howell, addressed the Iraq-British Business Council (IBBC) on 24 May: It is a pleasure to address you today here at the IBBC’s Iraq Day Summit Conference. The IBBC’s commitment to Iraq is much welcomed by this Government. The UK Government continues to develop a strong and supportive bilateral relationship […]
Gulf Keystone has announced that the Shaikan-4 Deep Appraisal Well has spudded on the Shaikan block in the Kurdistan Region of Iraq on Friday 27th May 2011. Shaikan-4 is the second deep appraisal well to be drilled on the company's significant oil discovery with gross oil-in-place volumes of between 4.9 billion barrels to 10.8 billion […]
