Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Bloomberg, quoting the Nikkei newspaper, says Mitsubishi's gas project in Iraq will receive long-term trade credit insurance from Japan's state-backed Nippon Export and Investment Insurance. According to the report, this is the first time in 21 years that Japan has provided this facility for a venture in the Middle East. The company will insure Mitsubishi’s […]
In a recent interview on EU's energy security with World Security Network Foundation (WSN), former Austrian Chancellor Dr. Wolfgang Schüssel (pictured) said that Europe should also diversify sources of energy supply by looking, for instance, to the Kurdish Region of Iraq. Europe is heavily dependent on Russia for its energy supply, especially natural gas, which […]
Iraq, the third-largest producer in OPEC, cut the official price formulas for all its crude grades and destinations for February, according to price lists published by the State Oil Marketing Organisation (SOMO). Basrah Light and Kirkuk, the two grades sold by the Middle Eastern state, will sell for 20 cents a barrel less in February […]
Iraq's state-run Iraqi Drilling Company plans to drill 76 wells in 2011 as part of a national effort to boost oil output to more than 200,000 barrels per day, the head of the firm said on Friday. According to Reuters, the firm's director, Idrees al-Yassiri, said the plan included drilling more than 15 wells at […]
According to a report in The Engineer, Iraq’s South Oil Co. has awarded Emerson Process Management a contract to provide crude oil metering systems and related technologies for the new Al-Basra Oil Terminal (ABOT) now under construction in the Persian Gulf. The new terminal, which includes both onshore and offshore facilities, will boost Iraq’s oil […]
Forty-five companies are qualified to compete for the third round of oil licenses, Iraq's oil minister said on Wednesday. "The coming round will be bigger than the previous ones due to the improvement of the security and political situation in Iraq,' Abdulkarim al-Luhaiebi [Luaibi, Elaibi] told Aswat al-Iraq news agency. "There is a new project […]
Iraq's oil production could rise to 4.4 million barrels per day (bpd) by 2015, according to a report by Bank of America Merrill Lynch on Friday. Reuters reports that the revision from 3.8 million bpd forecast a year earlier had been prompted by "higher reserve estimates" released by the government, the bank's commodities research team […]
Vast Exploration and Groundstar Resources have issued an update on the drilling progress of the Qara Dagh - 1 Exploration Well. Since the last update on December 13, 2010 the well has been drilled down to 2,522 meters, and over the past several days, an intermediate 9 5/8 inch casing string has been successfully set […]
Output at Iraq's Zubair oilfield has reached 265,000 bpd compared to baseline production of 184,000 bpd and Italy's Eni and its partners can start to recover investment costs, an oil official said on Wednesday, according to a report from Reuters. The service contracts that Iraq awarded to international oil companies stipulate that the firms start […]
The Rumaila Operating Organisation (ROO) has met a major milestone in the re-development of the super-giant field in Southern Iraq by increasing production by more than 10 per cent above the 1.066 million barrels a day (b/d) initial production rate agreed in December 2009. Meeting this production target, and the approval of the Rumaila rehabilitation […]
Iraq plans to invite international oil companies to develop the giant Nassiriya oilfield in a bidding round later this year, a senior Iraqi government official said on Monday. Pre-qualified Japanese companies will be invited to develop the field, along with other interested global oil firms, Deputy Prime Minister for Energy Affairs Hussain al-Shahristani told reporters, […]
Iraq's Northern Gas Company, through the Ministry of Oil, has issued tenders for the supply of : lathes - deadline 9th February; safety containers - deadline 6th February.
