Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
South Korea, the world's fifth-largest crude oil importer, said on Thursday it had reached a deal with Iraq under which it would receive at least 250,000 barrels per day (bpd) of crude in an emergency situation, according to a report from Reuters. The supply is equivalent to about 10 percent of South Korea's total 2.4 […]
Iraq's parliament, in a bid to lure foreign investors to build new refineries, on Wednesday approved legal amendments to set a 5 percent discount on crude sold to refiners, according to a report from Reuters. Currently Iraq offers crude to refinery investors at a 1 percent discount to the world price, but the new discount, […]
By Chris Bowers, British Consul General in Erbil. This article was originally published by Rudaw, and is re-published with permission by Iraq Business News. Imagine a visitor who arrives at Erbil International Airport. He passes a car showroom and heads to a hotel. He flicks a switch and is pleased to see the room illuminated […]
“Without a change in the law, Iraq’s insurance industry is at risk of standing still”, says CEO of AAIB Insurance Brokers. AAIB Insurance Brokers, Iraq’s leading international insurance broker, together with Marsh, the world’s largest insurance broker, hosted an Insurance Conference in Erbil, in Iraqi Kurdistan, on 27 April. The event brought together over 40 […]
Iraq's South Oil Company said on Tuesday that productivity at the West Qurna-1 oil field increased to 300,000 barrels per day, and stressed that the productivity of the field will rise at the end of the current year to 400,000 barrels per day. ExxonMobil, which along with Shell has the contract to develop West Qurna […]
Sterling Energy Plc has issued its Interim Management Statement for the period beginning 1 January 2011. HIGHLIGHTS Sangaw North-1 exploration well is drilling ahead at 3,760m. Production, net to Sterling from the Chinguetti field, averaged 629 bopd for the first quarter 2011 (Q1 2010: 714 bopd) Adjusted EBITDA in first quarter of $0.6 million (Q1 […]
A senior official in the Iraqi Ministry of Oil said on Wednesday that investors are being invited to contribute to the development of three large Iraqi oil refineries with an overall production capacity of 150,000 barrels per day (bpd), according to a report from Aknews. Undersecretary for refinery affairs, Ahmed al-Shammaa, told AKnews that the […]
Iraq's oil ministry has reported record oil income for the the month of March. Because of rising oil prices combined with a third consecutive month of exports in excess of two million barrels per day (bpd), Iraq exported a total of 66.9 million barrels of oil last month, generating $7.167 billion in income at an […]
Heritage Oil Plc (LSE: HOIL), the independent upstream exploration and production company with operations in Iraqi Kurdistan, has announced that it is commencing with immediate effect, a buy back programme to spend up to $100 million to acquire its Ordinary Shares, as the Board of Directors (the "Board") considers that the current share price is […]
Iraq's Oil Ministry announced on Monday the launch of the fourth round of oil licences for 12 sites in the provinces of Nineveh [Ninawa], Anbar, Diyala, Wasit [Wassit], Basra, Najaf, Muthanna, Qadisiya, and Babil, indicating that the majority of areas include gas and oil. Iraq formally invited international energy firms to compete for these new […]
The Russian Gasprom Oil Company has began implementing the 1st phase of southeastern Iraq’s Badra oil field in Wassit [Wasit] Province, the Province’s Media director said on Sunday, according to Aswat al-Iraq. “Gazprom’s team charged with executing the Badra oil field, 90 km to the east of Kut, has began the first phase of implementing […]
Sonoro Energy Ltd has announced that it has now received an investment permit from the provincial governorate of Salah ad Din [Salahadin, Salahaddin] allowing the Company to proceed with its asphalt (heavy oil) project. This permit allows Sonoro to immediately commence operations and allows for the importation of necessary equipment and personnel. Finally, this permit […]
