Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
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 […]
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 […]
