Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
The Iraqi government is increasing spending by about 25% next year to USD98.45bn, but higher oil prices will still allow it to balance its books for the first time, reports Reuters. Next year's budget will be based on an oil price of $85, due to consistently high oil prices at $100 or more. Even after […]
As widely reported, anticipation is building around the current preparation by the Iraqi Government for the auction of oil and gas exploration in January 2012. The auction will tender 12 exploration blocs covering 31,500 square miles and will be awarded to international companies interested in investing in the region. With Iraq seeking increasing support from […]
Sterling Energy released an update on Tuesday revealing that important test results are imminent. Here is the statement from the Middle East and Africa oil and gas exploration and production company: Kurdistan Operations Update Sterling (AIM: SEY), the independent oil and gas exploration and production company with interests in the Middle East and Africa, provides […]
Here is the full text of Gulf Keystone Petroleum Ltd's latest update from yesterday: Gulf Keystone today provides an update on its activities in the Kurdistan Region of Iraq. Shaikan-2 Further to the Company's announcement on 22 March 2011, the Shaikan-2 deep appraisal well has now drilled to a depth of 2,655 meters. The well […]
Gulf Keystone, the oil and gas exploration and production company with operations in the Kurdistan Region of Iraq, announced on Monday that the Kurdistan Regional Government (KRG) has asked it to start exporting 5,000 barrels of oil per day. This happens just days after the Iraq central government released the first payment to the KRG after […]
Organizers of Basra Oil & Gas and Baghdad Oil & Gas are glad to announce that both events are officially supported by the Iraq Ministry of Oil. In the document signed by Mr. Ahmed Al-Shamma, Deputy Minister for Refining and Gas Processing, it is clearly indicated that the ministry is pleased with the success of […]
A delegation from Kahlid Group in the United Arab Emirates has revealed intentions to invest in a refinery in Dhi Qar, Iraq, capable of processing 300,000 barrels per day, according to Aswat Al-Iraq. The request is still to be submitted to the Iraq Ministry of Oil, but the project should involve work placements for 6,000 people. […]
A long-running dispute over oil fields on the Iran-Iraq border might soon be resolved, according to Ali al-Sjeri, the Iraqi minister of state for foreign affairs. Speaking to Aknews, he said that talks were now at an "advanced stage". "The Iraqi government looks forward to good relations with neighboring countries, without affecting Iraq's economic interests and […]
Baker Hughes, the world's third largest oilfield services firm, expects drilling activity to pick up in Opec-members Saudi Arabia and Iraq from the second half of this year as delayed projects restart, Reuters reported on Wednesday. "For the second half of 2011, we expect activity to increase, especially if you look at Saudi and 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 […]
