Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Business Monitor International (BMI) has published a new report on the oil industry in Iraq. Summary: BMI forecasts that Iraq will account for 10.27% of Middle East (ME) regional oil demand by 2015, while providing 11.56% of supply. Middle East regional oil use of 4.98mn b/d in 2001 will rise to an estimated7.40mn barrels per […]
A Fox News talk show host has called for the US to take Iraq's and Kuwait's oil to "make them pay for their liberation". Sean Hannity (pictured), who was discussing high oil prices with his “Great American Panel”, expressed outrage at the proposed increases in the price of oil and suggested that Kuwait and Iraq […]
Reuters reports that Iraq's semi-autonomous Kurdish region of Iraq has agreed with Baghdad to resume oil exports from the start of February, the Kurdish prime minister Barham Salih (pictured) said, taking the two sides closer to resolving bitter disputes over oil and land. Around 40 companies, such as Norway's DNO, have invested in Kurdistan, but […]
Citing a report from Reueters, we reported at the weekend that Iraq's state-owned Iraqi Drilling Company was planning to dig 76 wells in 2011. But according to Aswat al-Iraq, the company dug 189 oil wells in 2010 and is planning to dig and rehabilitate another 140 other oil wells in 2011. "Our Company had dug […]
WesternZagros Resources has announced that Sproule International has completed an independent audit of the Company's resource assessment of: the Tertiary Eocene and Cretaceous reservoir intervals of Kurdamir-1; the Jeribe reservoir at Sarqala-1; and the Upper Fars reservoir at Mil Qasim in the Kalar-Bawanoor Block ("Block K44"). This audit, together with the previous audit results of […]
By Stan Harbison, Vice President of Research and Analysis at energy consultants EPRINC. In the past week, the ministry announced that two fields won at Iraq’s 2009 oil auctions had achieved their first significant benchmark. Production at Rumaila and Zubair each met the 10% production increase which allows them to begin to earn their per […]
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 […]
