Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Iraq plans to build four new refineries with an announcement expected in 2011, the country's deputy Oil Minister Motassam Akram Hassan said on Sunday, adding that the bidding round could be conducted for all four refineries at once. Reuters reports that total expenditure on the four plants is expected to be at least $9 billion. […]
Shares in Gulf Keystone Petroleum (LSE: GKP) jumped 6.5% on Monday morning following an update on theie current exploration and testing activities in the Kurdistan region of Iraq: Shaikan-3 The well is currently in the Cretaceous Garagu Formation at 1,229 metres, measured depth. Oil shows have been observed both while drilling and also in a […]
Russia's Lukoil announced on Friday that it has it awarded a 3D seismic contract at Iraq's West Qurna Phase 2 oil field to Terra Seis Trading Ltd. [Terraseis] (TSTL). TSTL has been conducting seismic exploration in Iraq since 2005 and "possesses vast operational economic and legal experience, and is well aware of the country’s natural […]
A branch of the Project Management Institute (PMI) in the Arab Gulf was opened in the city of Mosul, to make a qualitative leap in managing projects, Ninewa's governor said on Wednesday. “The PMI opened a branch in the city of Mosul with around 120 engineers and administrators,” Atheel al-Nijiefi said at the 2010 development […]
The deputy director of the Babel Investment Commission said that an Iranian company has been granted an investment licence to build an oil refinery in the province. Abbas al-Tai told AKnews that the Iranian company, IR Haval, will set up the refinery for filtering diesel oil, which is produced in abundance by the Iraqi refineries. […]
Iraq is aiming to become a major oil and gas supplier to Japan, Baghdad's oil minister, Hussein al-Shahristani, said on Wednesday after a meeting with Japanese officials. The Minister also said that Japan offered economic aid in the form of loans and investments to help build Iraq's infrastructure. The statement was released following a meeting […]
Kurdistan's Prime Minister, Barham Salih, asserted that Kurdistan has had a successful oil policy and that any prospective government must allow the region to manage its own oil autonomously, according to a report from Rudaw. Due to the policy under which the Kurdistan Regional Government (KRG) has signed dozens of contracts with foreign companies independently […]
Iraq is meeting with Royal Shell Dutch to finalise a draft of a $12 billion deal to develop a gas-structure project in southern Iraq, and may sign a deal by the end of this year, a senior Iraqi oil official told Dow Jones Newswires on Tuesday. "There is a meeting being held in Basra to […]
Iraq may earn $4.2 trillion in revenue from oil fields being developed by international companies after rights for production from the deposits were auctioned last year, Oil Minister Hussain al-Shahristani said. Reuters quotes the minister as saying that the fields, whose development rights were assigned after two bid rounds held last year, will produce 60 […]
The al-Iraqiya political coalition, which includes prime-ministerial candidate Ayad Allawi, has stated its objection to the outgoing government’s rounds of licensing gas and oil investments by foreign companies, regarding them as breaching the constitution and violating the law, according to a report from AKnews. This might expose the Ministry’s officials to legal accountability by the […]
Sri Lanka’s state-run oil company Ceylon Petroleum Corporation (CPC) has concluded talks with iraq's State Oil Marketing Organization (SOMO) to buy crude oil from Iraq. Speaking to the Asian Tribune , the Deputy Director General of SOMO, Majed Kadhim Yousif, who was in Sri Lanka to attend the seventh session of Sri Lanka- Iraq Joint Committee […]
Sonoro Energy (TSX-V: SNV) announced on Monday that it has formed a strategic alliance with Inglett & Stubbs International whereby Inglett will support the execution of certain operations in Salah ad Din, Republic of Iraq. Inglett has developed advanced design and building procedures that allow them to efficiently manage the most technically complex construction projects […]
