Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Shares in WesternZagros Resources fell 18% on Tuesday following the release of its year-end results. There is uncertainty about the company's ability to continue as a going concern, and additional funds will be required. The text of the company's announcement is shown below, and the full announcement can be downloaded here. WesternZagros' highlights and activities […]
A delegation from Al-Rahmani Group visited Basra Investment Commission (BIC) and presented a plan to construct a technical training centre in a cost of $5 million [6 billion Iraqi dinars]. The executive chairman of the group, Eng. Raid Al-Rahmani, said, "our plan includes the construction of a training centre to develop the local working staff […]
Halliburton has been awarded a contract by ExxonMobil Iraq Limited (EMIL) to provide drilling services for 15 wells in the West Qurna (Phase I) oil field located in Southern Iraq. Halliburton will provide a complete range of well construction services utilizing three drilling rigs to safely deliver the wells. Joe Rainey, president of Halliburton's Eastern […]
By Anthony V Raftopol. This article was originally edited by, and first published on, www.internationallawoffice.com - the Official Online Media Partner to the International Bar Association, and International Online Media Partner to the Association of Corporate Counsel, and European Online Media Partner to the European Company Lawyers Association. Register for a free subscription at www.internationallawoffice.com/subscribe.cfm […]
Gulf Keystone Petroleum (AIM: GKP), the oil and gas exploration and production company operating in the Kurdistan Region of Iraq, has announced its results for the year ended 31 December 2010. HIGHLIGHTS Financial Summary · Loss after tax $26.0 million (2009: $96.3 million) · Loss per share 4.17 cents (2009: 22.80 cents) · Cash, cash equivalents […]
The Ministry of Labor and Social Affairs has said it will require foreign companies operating in Iraq to ensure that local Iraqis make up at least 50% of their work force, in a bid to reduce unemployment in the country. Official figures indicate that Iraq has more than 25% unemployment with unofficial statistics indicating up […]
Shares in ShaMaran Petroleum rose slightly on Friday following the release of the company's final resutls for the year ended December 31st, 2010. The Company reported a net loss of $1.0 million (2009: net income of $2.9 million). Cash balance was $58.7 million as at December 31, 2010 (2009: $63.6 million). Please click here to […]
Groundstar Resources has announced the following update on the drilling progress of the Qara Dagh - 1 exploration well in Kurdistan, Iraq. Since the last update on January 14, 2011, the well has drilled to 3,558 meters measured depth ("MD"). Over the past several days, a 7 inch liner has been set and cemented at […]
Iraq's proven oil reserves total around 173 billion barrels, Deputy Prime Minister Hussain al-Shahristani (pictured) said on Wednesday, according to a report from Dow Jones Newswires. Only 143 billion barrels of these reserves have been fully audited, he said. Another 30 billion barrels located in the Kurdish region of Iraq are considered proven but haven't […]
Iraq's Electricity Ministry said on Wednesday it had shortlisted two private Kurdish-owned companies to build and operate a power plant costing up to $1 billion in Iraq's southern Basra province, Reuters reports. The companies concerned are the Jordan-based Mass Global Investment Co and Arbil-based Kar Group. A winner will be selected at the end of […]
Adnan Al Janabi, the chairman of Iraq's Oil and Energy Committee has said an agreement is likely to be reached in the second half of 2011with Kurdistan on revenues from crude oil exports, Reuters has reported. "The Kurdish authorities requested it for June or July but I think we will miss it. I expect it […]
An advertisement for Trust Petro Serve in this week’s IBN Newsletter, sent out this morning, was linked to the wrong web site in error. Anyone wishing to contact Trust Petro Serve may reach them at: www.trustpetroserve.com, or email Mark O’Hanlon at [email protected], telephone number: +44 1892 704 165 We apologise for any confusion.
