Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Heritage Oil has held the 10% gain in its share price, following the report in the Thursday's Financial Times that the company had received a informal takeover offer from an un-named Abu Dhabi-based company. The company has not commented on these latest rumours, and is understood to have rejected the offer, which would value the […]
According the a report from Aswat al-Iraq, the Director General of Iraq’s State Oil Marketing Organisation (SOMO), whom it names as Hussein Jamal Abdullah, has been shot dead in Baghdad. The attack was carried out by a group of armed men close to west Baghdad’s People’s Stadium. A colonel in the Iraqi Army has also […]
Platts reports that reduced pumping rates through Iraq's northern oil export pipeline to the Turkish port of Ceyhan are expected to cause delays of eight to nine days to crude oil loadings. Pumping through the pipeline, damaged by a bomb attack over a week ago, resumed on Wednesday but at below normal levels, the sources […]
The following report was presented by Ahmed Mousa Jiyad to the Institute for Energy of the European Commission in Amsterdam, and it is reproduced here with his permission. Mr Jiyad is an independent development consultant, scholar and Associate with Centre for Global Energy Studies-CGES, London. He was formerly a senior economist with the Iraq National […]
[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 […]
