Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
British training body OPITO has signed a landmark memorandum of understanding with the Iraq Ministry for Oil, Training and Development Directorate to help the war-torn country develop the skills and training necessary to enable exploitation of its hydrocarbon resources. With Iraq gearing up to produce 12 million barrels of oil per day, OPITO estimates they […]
Iraq wants Brazilian state-run energy company Petrobras to help the country increase its refining capacity, Iraq's vice prime minister for energy policy, Hussain Al-Shahristani, told Brazilian business daily Valor Economico. "Companies from China, South Korea and Europe are interested, but we would also like to have Petrobras involved because of its importance." Dow Jones reports […]
Iraqi Kurdistan has not yet started exporting crude oil, despite a reported agreement that exports would resume from 1st February, Iraqi oil ministry sources said on Tuesday. Two top oil ministry officials, speaking on condition of anonymity, told Platts that there had been no additional oil supplied from two producing fields in the Kurdish region […]
A leading spokesman for the Iraqi Oil Ministry has said on Monday that the current tense situation in Egypt would not affect Iraq's oil exports, reiterating that the rise in oil prices would benefit Iraq, according to a report from Aswat al-Iraq. Assem Jihad said that "the Iraqi Oil Ministry is exporting oil from two […]
Dana Gas PJSC, the Middle East’s largest regional private sector natural gas company, has announced its preliminary financial results for the year ended 31st December 2010. Revenue from the sale of hydrocarbons increased to AED 1,785 million, with gross profit reaching AED 781 million. These figures represent increases of 40% and 79% respectively, compared to […]
Gulf Keystone provided an update this morning on its active work program in Kurdistan. Sheikh Adi - 1 The Sheikh Adi-1 exploration well is currently at the 13.375 inch casing point at the bottom of the Cretaceous interval after side tracking around a section of the bottom hole assembly that had become stuck in the […]
Gulf Keystone this morning announced the completion of an additional third party analysis of the gross oil in place resources resulting from the Shaikan-1 discovery well. The Company has previously reported gross oil in place resources, on a P90 to P10 basis, of 1.9 to 7.4 billion barrels with a mean value of 4.2 billion […]
Heritage Oil (LSE: HOIL), whose shares fell heavily on Wednesday following its descovery of a major gas field in Kurdistan, has updated it's corporate presentation. Please click here to download the full document.
Shares in Sterling Energy (LSE: SEY) rose 11% on Thursday after it stated it is ready to sidetrack and re-drill its Sangaw North-1 well in Kurdistan after recovering further 280 metres of drill pipe from the well after it ran into trouble in November. Interactive Investor quotes Keith Morris, analyst at Evo Securities, as saying: […]
Norwegian oil company DNO has issued a statement clarifying its position on exports from Kurdistan: In a Stock Exchange Notice released on 24 January 2011 DNO made reference to a press released published by the KRG on 22 January 2011, where amongst other things it was reported that the central government in Baghdad and the […]
An official spokesman for Iraq's Oil Ministry's said on Wednesday that there were fewer attacks on Iraq's oil pipelines in 2010 than in previous years. "The Oil Ministry's Technical Department had prepared a statistic on the number of attacks against oil installations that reached 65 attacks in 2010, compared with 81 attacks in 2009," Assem […]
Iraq exported slightly less crude in 2010 compared to the previous year, but still earned 26.3 percent more due to an increase in global oil prices, reports AFP, quoting an official statement on Wednesday. The country exported $52.2 billion (38.1 billion euros) worth of oil last year, compared to $41.3 billion in 2009. Exports totalled […]
