Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By Stan Harbison, Vice President of Research and Analysis at energy consultants EPRINC. The current efforts to dramatically increase Iraq’s oil production are huge in scale and revolutionary in forming a working partnership between Iraq’s own oil industry and the world’s largest oil companies. But more important at the present is the fact that they […]
Further to our reports of major gas contracts being agreed in principal on 20 October for three fields holding 11 trillion cubic feet of gas (4 trillion cubic metres), most of them have now been signed. Turkish Petroleum Corporation (TPAO), Kuwait Energy and Kogas won the right to operate Iraq's Mansuriyah gas fields and have committed to producing 320m cubic feet of […]
Iran's oil ministry has said that prices of US$70-$90 would not hurt the global economy, and even $100 might be safe. "Consumers and producers are unanimous that the oil at $70-$90 prices are suitable prices and will not hurt the global economy," Mohammad Ali Khatibi said. "There are thoughts that an increase in the price of oil […]
Shares in Vast Exploration jumped 16% on Friday after giving the following update on its operations in Kurdistan: - The Qara Dagh -1 well was spud on 12 May 2010 with a planned total depth of 3,600 to 4,000 meters. - As previously reported, the well encountered a 64 meter thick Aalijii zone, potentially containing […]
The Iraqi Oil Ministry said on Friday that Iraq's oil exports to Jordan have reached a post-invasion peak of 12,000 barrels per day. Assem Jihad, the ministry spokesman, told AKnews that the Oil Ministry is seeking to increase its oil trade with Jordan in line with the size and economic importance of Amman in the […]
Bloomberg reports that DNO International ASA, the Norwegian Oil company with operations in Iraqi Kurdistan, regards the formation of a new government in Iraq as an “important milestone” in paving the way for the resumption of oil exports from the Kurdish region. “Getting a government in place is a necessary step for this process to […]
Dana Gas PJSC, the Middle East’s largest regional private sector natural gas company, has announced its financial results for the quarter ended 30th September 2010. In the Kurdistan Region of Iraq, Dana Gas, through its 40% share, produced 1.2 million boe of gas and condensate during the quarter, an increase of approximately 72% over the […]
Iraqi gas is unlikely to be exported to Europe via the planned Nabucco pipeline before 2020, London-based consultant Jennifer Coolidge said on Tuesday. According to the Calgary Herald, Coolidge told a roundtable at the European Autumn Gas Conference: "It might not be . . . until sometime after 2020 when large exports could be coming […]
Iraq Mega Projects 2010 Conference & Exhibition took place in Istanbul, Turkey, on 26-28 October. The event promised to be the gathering for service companies to meet the mega project holders; this did not fail to live up to expectation. Representatives of the contract holders came as delegates to support the gathering, though low profile […]
Iraq's Oil Ministry is studying an offer submitted by a private a Saudi company to rebuild the idled Iraq-Saudi oil export pipeline, ministry spokesman Asim Jihad told Reuters. Jihad and a representative of the Saudi firm, Ali Mahir, said the offer proposed involving Japan's Mitsubishi and a Hungarian company identified as OTV, which took part […]
Marsh has announced that it had signed a mutually exclusive agreement with Anglo Arab Insurance Brokers, the only international broker to be licensed and registered to operate in Iraq with offices across the country. Under the terms of the agreement, Marsh and AAIB will co-operate on insurance coverage, risk management and claims handling issues for […]
Iraq is hoping to buy 9% more gasoline during the first half of 2011 than it did during the first six months of this year, according to Bloomberg. The State Oil Marketing Organisation (SOMO) plans to purchase 880,000 metric tons of gasoline for delivery between Jan. 1 and June 30, according to tenders posted on […]
