Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Italy's Eni SpA and its partners will raise oil production from Iraq's Zubair oil field 10% above its previous level of around 180,000 barrels a day by the end of this year, the company said on Tuesday. Dow Jones reports that once the 10% increase is achieved, Eni will start receiving payment in the form […]
GE (NYSE: GE) has signed a contract with Iraq’s Ministry of Electricity to supply an advanced fuel oil treatment technology, FuelSolv, to help enhance the reliability and productivity of the Al-Quds power plant on the outskirts of Baghdad. “The Al-Quds power station provides much-needed electricity for Iraq and GE’s innovative gas turbine technology and fuel […]
The Iraqi Minister of Planning and cooperative Development said on Sunday that delays in reconstruction projects in the country are due to the re-sale of projects to subcontractors. Minister Ali Baban told AKnews that the re-sale system of secondary projects had a negative impact on the reconstruction of the country and that it would require […]
Shares in Sterling Energy (AIM: SEY), the independent oil and gas exploration and production company operating in Iraqi Kurdistan, fell by 20% in early trading on Tuesday, following an update on the company's operations at the Sangaw North block, in which it has a 53.33% working interest. The Sangaw North-1 exploration well has been drilled […]
The oil and finance ministries agreed to set the price of oil barrel at $73, to be endorsed in the 2011 state budget, oil ministry spokesman Assem Jihad told Aswat al-Iraq news agency at the weekend. “The agreement comes in light of an export rate of 2.3 million barrels per day (bpd), including the oil […]
The Head of Tehran's Chamber of Commerce, Industries and Mines, Yahya Al-Ishaq, said Iran regards Iraq as one of the major investment locations in the Middle East region, the local satellite Press TV reported on Monday. Iraq's market and economic relations with Iran is a great opportunity for Tehran, and any failure to grasp this […]
WesternZagros Resources Ltd. (TSX VENTURE:WZR) has announced its results for the period ended September 30, 2010. On October 14, 2010, the Company safely and successfully completed well control operations at the Kurdamir-1 well, which is WesternZagros' second exploration well in the Kurdistan Region of Iraq ("Kurdistan"). The open hole in the well has been plugged […]
Kuwait and Iraq have reached an initial agreement on sharing border oilfields, Kuwaiti Oil Minister Sheikh Ahmad al-Abdullah al-Sabah said on Wednesday, according to a report from Reuters. 'They [the two countries] have agreed in principle. We have signed it from Kuwait's side. They [Iraq] will be signing it maybe this week or next week,' […]
DNO International ASA, the first foreign company to pump oil in Iraq since the 1970s, has raised 360 million Norwegian kroner ($60 million) to fund exploration drilling and license acquisitions. DNO sold 45 million shares at 8 kroner each, a 5.8 percent discount from the previous closing price. The offering was oversubscribed, the company said. […]
Iraq is among the countries reportedly boycotting the Nobel Peace Prize ceremony in Oslo. A Nobel official said that China has been putting unprecedented pressure on a number of countries to stay away from the prize-giving ceremony. This year's prize has been won by Liu Xiaobo, who is currently serving an 11-year prison sentence for […]
Shares in Heritage Oil Plc (LSE: HOIL), the independent upstream exploration and production company with operation in Iraqi Kurdistan, were up more than 5% this morning after the company issued an Interim Management Statement for the periond July 2010 to 17 November 2010. Highlights The Miran West-2 well, in the Kurdistan Region of Iraq, has […]
The balance of risk and reward for investing in Iraq's vast oil reserves is changing, according to a report by Turner Investments. The report, called Oil in Iraq: A Profitable Gamble? considers safety risk for oil company employees and their families, risks to operations from bombs and landmines, and political risks ranging from a line of […]
