Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
WesternZagros Resources has announced its intention to raise C$40 million in a brokered private placement of common shares. The funds will be raised through a syndicate of agents led by TD Securities Inc. and Scotia Capital Inc. (the "Agents") on an overnight-marketed best efforts basis (the "Offering"). WesternZagros has also granted the Agents an option […]
Iraq's Electricity Ministry has announced that 11 international companies presented investment projects under the first licensing round to develop the electricity sector in the country. The Iraqi government set February 10th as the deadline for receiving offers under this first licensing round. Musab al-Mudarres, the spokesman of the Electricity ministry told AKnews that the award […]
BP and its partner China National Petroleum Corporation (CNPC) will be the first companies to be paid back by the Iraqi government for developing Iraq's supergiant Rumaila oil field, a senior Iraqi oil official told Dow Jones Newswires. "The first company that we are going to pay back costs and remuneration fees to will be […]
By Stan Harbison, Vice President of Research and Analysis at energy consultants EPRINC. A year ago, Iraqi oil officials were no doubt justifiably proud of their achievement in 2009. Against all skepticism they had in hand contractual agreements with foreign oil companies to rapidly develop over 60 billion barrels of oil reserves. It was an […]
The Iranian Deputy Energy Minister Mohammad Behzad (pictured) has said the Iranian-built Al Sadr power-plant in Iraq is an important project which is now ready to come on stream. IRINN quoted the minister as saying that the first unit of this 324 MW plant has been completed and is waiting for its fuel supply, and […]
Shares in WesternZagros Resources fell more than 7% in early trading on Tuesday, following the release of audit results for its Block K44 in Iraqi Kurdistan. Simon Hatfield, WesternZagros’ Chief Executive Officer, said, “we’re very encouraged by the rising resource estimates for our Block. As well as giving us a clearer picture of the opportunity […]
WorleyParsons has been awarded a contract by BP Iraq NV and its partners PetroChina and the State Oil Marketing Organisation (SOMO) of the Republic of Iraq, to provide conceptual design, front end engineering design, minimum work obligations and integrated project management team services to boost production from the super-giant Rumaila Oil Field in Southern Iraq. […]
Nabucco Gas Pipeline International may revise its cost estimate for the link to ship Caspian natural gas to Europe if it has to build a connection from the Iraqi border, according to its managing director, Reinhard Mitschek, quoted in the Moscow Times. The Vienna-based company expects to determine the project's cost this year after it […]
The 2nd Basra Oil & Gas Conference, sponsored as 'Official Digital Media' by Iraq Business News, is heading to be the foremost oil and gas event in Iraq. Shell’s participation in the event as one of the super-majors of the oil and gas industry clearly indicates how successful the event will be. At the start […]
Iraq aims to have another round of oil and gas licensing auctions during the fourth quarter of 2011, an Iraqi oil official said from Baghdad. Iraq has had three rounds of oil and gas auctions since the U.S.-led invasion in 2003. Increasing production at some of the fields, however, could mean overcoming some major technological […]
Six of Cameron’s JISKOOT CoJetix sampling systems have been ordered for installation at the new Iraqi Al-Basra Oil Terminal (ABOT). The terminal, currently under construction in the Persian Gulf, will enable Iraq’s oil export capacity to be boosted by 2.7 million barrels per day. Due to the importance of this measurement location to Iraq, the […]
Crude production from oilfields in Iraqi Kurdistan has reached about 80,000 barrels per day, but only about 50,000 bpd are being exported, sources at Iraq's North Oil Company said on Friday. "We have between 45,000 and 50,000 barrels per day being pumped from the Tawke oilfield to the export pipeline, while crude from Taq Taq […]
