Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
[Update: Gulf Keystone closed the day up 31% at 161.75p] Shares in Gulf Keystone jumped 20% on Friday morning following the company's reporting of significant initial oil flow on the Shaikan-2 Appraisal Well in a 44 meter interval (1,792m to 1,836m) in the Jurassic age formation. Substantial smoke and/ or the oil flare is/ are […]
Iraq may not be able to protect its oil facilities because of a shortage of equipment and trained oil police, despite intelligence suggesting new attacks on the vital sector, according to Major General Hamid Ibrahim, head of Iraq's oil protection force. Reuters quotes him as blaming al Qaeda for recent attacks on the Baiji [Bayji, […]
Oil giant Shell hopes its plan to use the huge amount of associated gas expected to come from Iraq's oil output growth over the next decade will be approved soon, the company's chief executive Peter Voser said on Tuesday According to the report from Reuters, he did not clarify what he meant by 'soon'. "We […]
Iraq’s Oil Ministry has completed repairs to the damaged oil pipeline carrying crude from north Iraq’s Kirkuk fields through Turkey, and pumping resumed after mid-night on Tuesday morning, the Oil Ministry’s official spokesman has confirmed. “The Oil Ministry has completed repairs in the damaged Iraqi-Turkish oil pipeline, exporting crude oil to the Turkish Ceyhan terminal […]
Angolan oil company Sonangol started work on Thursday at the Najma [Najmah] and Qaiyara [Qaiyarah] oil fields in Ninewa, and it will start to dig wells in April, according to a report from Aswat al-Iraq. In the second licensing round in 2009, Sonangol was the only company to submit bids for these fields. In both […]
An economist from the Central Bank of Iraq (CBI) has said that per capita income in the country is projected to more than double within the next four years as a result of a sharp increase in Iraq’s oil output and higher market prices for oil, according to a report from RFE/RL’s Radio Free Iraq […]
Iraq’s State Oil Marketing Organisation (SOMO) has adjusted its official selling prices for its Basra Light and Kirkuk crude grades for March. In common with some other countries, Iraq’s oil is priced relative to regional benchmark prices: For shipments to US, contracts are priced are relative to the Argus Sour Crude Index (ASCI); Shipments to […]
WesternZagros Resources has announced that it has closed its previously announced private placement offering (the "Offering") of common shares of the Company (the "Shares"). The Company sold, through a syndicate of agents, 89,665,352 Shares at a price of Cdn$0.48 per share for gross proceeds of Cdn$43 million. The Shares issued under the Offering are subject […]
Shares in oil explorer Heritage Oil (LSE: HOIL) rose more than 6% to 304.9p on Wednesday following rumours of a bid for the company or its assets. The increase came despite British gas firm BG Group (LSE: BG) denying that it was interested in the company. "We do not comment on market rumours or speculation […]
Iraq is preparing to issue a tender for a $388.5 million power plant, according to a report from Bloomberg. Ali Al-Dabbagh, a spokesman for the government, said on Tuesday that the Council of Ministers approved the plan to issue a tender for the plant in the Nineveh province, north of Baghdad. The plant should be […]
DNO International, the Norway-based oil exploration and production company with operations in Iraqi Kurdistan, has reported that it is considering a senior unsecured bond issue of USD 200-300 million, maturing in 2016. The purpose of the loan is refinancing and general corporate purposes. Pareto Securities AS, ABG Sundal Collier ASA and Fearnley Fonds ASA have […]
Associated Press quotes an Iraqi official as saying that security forces have foiled a new attack against the country's largest oil refinery. Salahaddin provincial spokesman Mohammed al–Assi said a bomb was found inside the Beiji [Baiji, Bayji] refinery earlier this week but it was successfully dismantled. It had been placed inside a storage tank. The […]
