Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Following Iraq's exit last week from the UN's Chapter VII restrictions, an Iraqi economist has called for a rescheduling of the country's debt repayments. “Iraq’s financial funds are under UN trusteeship, according to UN’s Article 7,” Dr. Nabil Jaafar of Basra Univesity told Aswat al-Iraq news agency, pointing out that “the official and private debtors […]
PetroChina has invited seven contractors to submit the bidding documents for engineering, procurement and construction work on the first phase of development at the Halfaya oilfield in Iraq in the first week of 2011, the Norway-based energy newspaper Upstream has reported. The report said the companies invited to participate in the tender include the UK-listed […]
Iraq's new oil minister, Abdul Kareem Luaibi, put building infrastructure at the top of his priority list and said yesterday he expected the expansion of Basra's crude export facilities to be finished by the end of 2011, according to a report from Gulf Daily News. Luaibi, who was sworn into office with Iraq's new government […]
Iraq's daily oil production rose to 2.5 million barrels, the biggest since 2003, a spokesman for the oil ministry said on Wednesday. “The daily oil production rose by 10% through cooperation among national and foreign companies,” Essam Jehad told Aswat al-Iraq news agency, pointing out that this is the highest production since 2003. Iraq’s newly […]
Shares in ShaMaran Petroleum (TSX VENTURE:SNM) rose 8% today following an update on its Atrush-1 exploration well in Kurdistan. The well was spudded on October 5, 2010 and 9 5/8" intermediate pipe was set after logging the Jurassic section to the top of Kurrachine at a depth of approximately 2,230 metres. Drilling operations have progressed […]
In addition to proposing his new cabinet, Iraq's Prime Minister Nouri al-Maliki presented his government's new program to Parliament this week. The full text of Iraq's program for government is as follows: 1. Maintaining and commitment to Iraq's constitution completely, and that any subsequent modifications will be in accordance with Article 142 of the Constitution, […]
Following on from our listing on Monday of the main cabinet positions, we present a more complete line-up below, compiled from information sourced from Iraq Oil Report and Reuters. The official website of the Iraq cabinet has not published the official list, and has chosen instead to lead with an article about the importation of […]
DNO reports a working interest (WI) production of 9,883 bopd in November. The November net entitlement production was 6,355 bopd at an average realized oil price of USD 62 per barrel. As the local sales from the Tawke field recommenced in the beginning of December, the Company expects a WI production of around 20,000 bopd […]
"Major progress" is reported in negotiations between Iraq's Oil Ministry and the local government in Anbar Province in western Iraq regarding the contracts to develop the gas fields in the province. Aswat al-Iraq quotes Assem Jihad, a leading Oil Ministry spokesman, as saying on Sunday that “the Oil Ministry has discussed with Anbar Province and […]
Italian oil company ENI plans to invest in Basra province in the fields of economy, science, and sport. Basra's Governor says the company dedicated about $ 5 Million to implement several projects to enhance relations with Basra and its citizens, he added that the company is ready for real investments in agriculture and cattle projects, […]
The following update on output at Iraq's oilfields comes from Early Warning, citing a report from UPI: Rumaila: Iraq's biggest field with the equivalent of 17.8 billion barrels of oil. That makes it the fourth largest oil field in the world. It contains around 15 percent of Iraq's oil. It is operated by BP and […]
As we predicted in our report last week, Iraq's acting Electricity Minister, Hussain al-Shahristani, asked investors on Saturday to compete to build four new power plants to help the country meet it increasing electricity demands. According to Bloomberg, the Minister promised a healthy profit for the winners. At a meeting of 33 local and international […]
