Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
British businessman Mark Jessop has admitted breaking United Nations sanctions during the Oil For Food Programme by making illegal payments to Saddam Hussein's government. He has been sentenced today at Southwark Crown Court to 24 weeks' imprisonment and ordered to pay compensation and costs. Background Mark Rodney Jessop, aged 53, sold medical goods to the […]
Najaf Investment Commission has announced that it granted six new licenses for investment in various sectors, with a total value of $98.5 million [115 billion Iraqi dinars]. The head of the board, Wafi Albhash, told AKnews that the investment licences included: a five-star hotel valued at $36.2 million, consisting of 12-storeys, 210-rooms and 10 hotel […]
Perhaps the most positive news out of Iraq in the past week came late on Wednesday, as the Canadian-based explorer ShaMaran Petroleum announced a major oil discovery at its Atrush-1 well in Kurdistan. ShaMaran has an 80% stake in the project, with Marathon Oil Corp holding the remaining 20%. The news comes as Baghdad and […]
ShaMaran Petroleum Corp has announced a major oil discovery in the recently drilled Atrush-1 exploration well in Kurdistan. The Atrush-1 well was spud on October 5, 2010 and successfully reached a revised total depth of 3400m on January 21, 2011 after 91 days. The well was drilled on time and within budget and encountered a […]
The Oil Projects Company (SCOP) announces a Design & Supply tender to be performed in two phases. -Supply of five metering skids. -One Small volume prover. - Two drainage vessels. The origin of the materials should be American, Japanese or Western European. Tender documents may be collected by an authorized representative of the tenderer at […]
Midland Refineries Company has announced the tenders listed below: * Tender no 1239/2011 : Purchasing 26 items of Spare for P.918 Wbe 1.A,B * Tender no 1260/2011 : Purchasing 2 items of Spare for centrifugal fan * Tender no 1253/2011 : Purchasing 10 items of Spare for Gearbox Type ASR 450 SPEZ * Tender no […]
Today [Monday] the Kurdistan Regional Government (KRG) Prime Minister Barham Salih, following the visit to Erbil of Iraqi Federal Finance Minister Rafie al-Issawi, welcomed the new efforts made by all parties in the federal government on Iraq’s planned oil and gas legislation. “We have had excellent discussions with Finance Minister al-Issawi,” said Prime Minister Salih. […]
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 […]
