Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Gunmen shot their way into Baiji [Bayji] refinery early on Saturday, killing five members of staff, according to the Washington Post. Guards killed two of the gunmen, but the rest escaped. The gang set off explosions that forced the facility to shut down for at least two weeks, officials said. Baiji, situated about 150 miles […]
Riad El-Taher has been jailed for 10 months for making illegal payments to the Iraqi Government of Saddam Hussein in contravention of United Nations sanctions and UK law Riad El-Taher, a British citizen aged 71 from Esher, Surrey, has admitted that in 2001 he made four illegal payments totalling over $500,000 to the Iraqi Government […]
The United Nations has prepared a comprehensive Briefing Book on Iraq, and presented it to Prime Minister Nouri al-Maliki. The book is comprised of two parts: The first part addresses key policy issues, including: macroeconomic challenges, development planning and prioritization, governance and public sector reform, anti-corruption, private sector development, social protection and the challenges of […]
Fluor Corporation has announced that ExxonMobil Iraq Limited has awarded the firm an early works program contract for the West Qurna (Phase I) field near Basra, Iraq. The engineering, procurement, construction and management contract is a reimbursable continuing services agreement for oil field and related infrastructure development with an expected duration of three years. Fluor […]
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 […]
