Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Oil Minister Hussein al-Shahristani has signed a Memorandum of Understanding on strategic cooperation in oil and gas field with his Syrian counterpart Sufian Allaw, according to Syrian news agency (SANA). “In the presence of Prime Minister Nouri al-Maliki and his Syrian counterpart, Naji Otri, a Memorandum of Understanding on strategic cooperation in the field of […]
Russia’s Lukoil aims to produce 120,000 barrels of oil a day at Iraq’s field by the end of 2012, and is seeking customers for the fuel in Asia, according to a report from BusinessWeek. The Moscow-based company plans to begin selling crude from the field in 2013, Paul Hawkins, director of supply and trading […]
Delays in the Nabucco gas pipeline project, which re reported on in recent days, are not a problem because there has been a dip in European gas demand due to the economic downturn, the chief executive of shareholder OMV said on Tuesday at the Reuters Central European Investment Summit in Vienna. The 7.9 billion euro […]
Reuters reports that the Chief Executive of Weathford International, one of the largest suppliers of goods and services to oil companies, said the oil services industry needed more consolidation. Weatherford is currently operating in Iraq's al-Bazerkan oilfield in Amara. "We need to get larger," said Bernard Duroc-Danner, citing the fact that oil services companies face […]
WesternZagros Resources, the Canadian-listed oil and gas exploration company with operations in Iraqi Kurdistan, reported on its operations this morning. The TSX market has not yet opened, but shares in WesternZagros have risen 50% over the past week. The text of the company's statement follows:
Just a week after Iraq finally re-stated its oil reserves, jumping from fourth to third place ahead of Iran, the Iranians have decided to re-state their oil reserves. And by a strange coincidence, they have re-taken their place ahead of Iraq. The moves comes ahead of an OPEC meeting on Thursday; oil reserves and production […]
Royal Dutch Shell (LSE: RDSB) has already raised oil production from Iraq's Majnoon field to 70,000 barrels a day, up from 45,000 barrels a day previously, the company's Chief Executive, Peter Voser, said on Tuesday. The risk of operating in Iraq has increased in recent months, but operations are still going well, he said. The […]
An Italian company is planning to build a new shopping mall in Basra, a source from the Basra local council said on Tuesday. “A delegation from the company, which belongs to the Italian energy giant ENI, held a meeting with Basra's governor and a number of local officials to discuss the establishment of a large […]
Gavin Jones, Director of Iraq Business News, and Partner at consultancy firm Upper Quartile, was recently interviewed by Iraq's Radio Dijla. The full transcript is shown below: Radio Dijla: How do foreign investors look at the Iraqi market today? Gavin Jones: There are three main reasons for foreign investors committing to a market – a […]
Iraq’s State Oil Marketing Organisation (SOMO) has raised the official selling prices for its Basra Light and Kirkuk crude grades for October loading to the U.S. and Asia, but dropped prices to Europe. In common with some other countries, Iraq’s oil is priced relative to regional benchmark prices: For shipments to US, contracts are priced […]
The British Iraqi Friendship Society (BIFS) will host its Annual Gala Dinner and charity auction at the Royal Garden Hotel, London, on 17 November. BIFS was founded to inform the British public about all aspects of Iraqi life and culture, including its history, heritage, arts, language and traditions. The society organises a programme of events […]
Basra Oil & Gas Conference and Exhibition 2010, the most important oil and gas event in the oil rich city of Basra, will take place between 25th and 28th of November at the Basra International Fair Ground. We currently have 150 participants operating in the oil & gas industry from 25 countries. Our goal through […]
