Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
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 […]
WesternZagros Resources Ltd. (TSX VENTURE:WZR) has announced that it has successfully concluded the first cased hole test of the Lower Oligocene formation in the Kurdamir-1 exploration well. The tested zone was between 2,365 metres and 2,415 metres. The test achieved a maximum flow rate, after acidization, of 18.3 million cubic feet per day of gas […]
Bijeel-1 Discovery Well Update Gulf Keystone notes the announcement made today by MOL Hungarian Oil & Gas Plc regarding the successful end of testing of the Bijeel-1 discovery well, in which Gulf Keystone holds a 20% Working Interest. Highlights: The cased hole test, performed at a depth of 3,804 - 3,967 meters in the Jurassic […]
MOL Hungarian Oil and Gas Plc. has informed the markets that it has finished the testing of the first well, Bijell-1 in Akri-Bijeel Block in the Kurdistan Region of Iraq. The cased hole test performed in the depth of 3,804 – 3,967 m from Jurassic formations produced 2,700 bbl/d 12-13 °API oil through 40/64” choke. […]
MEED reports that prospects look good for the only oil services companies eligible to bid for work on Iraq’s oil fields. At the Adipec oil and gas conference, which took place between 1-4 November in Abu Dhabi, the stands belonging to the ‘big four’ US oilfield services companies -- Schlumberger, Baker Hughes, Halliburton and Weatherford […]
Murphy Oil Corporation (NYSE: MUR) announced on Thursday that its wholly-owned subsidiary, Murphy Central Dohuk Oil Co., Ltd., has finalized an agreement with the Kurdistan Regional Government-Iraq (KRG) to acquire an interest in the Central Dohuk block. Murphy will operate and hold a 50% interest in the block. The Central Dohuk block covers approximately 619 […]
The International Energy Agency (IEA) has reportedly poured cold water on Iraq's plans to quadruple oil production to 12 million barrels a day by 2017, saying it could take 20 years just to reach half the target total. But the agency predicted in a draft of its annual World Energy Outlook that Iraq will succeed […]
According to a report from Interactive Investor, foreign oil companies operating in Kurdistan have been thrust into the limelight as the race for a new Iraqi Prime Minister gets underway. There are over 25 international oil companies operating in the region, including UK-listed Gulf Keystone Petroleum (LSE: GKP) and Heritage Oil (LSE: HOIL). AIM-listed Gulf […]
Iraq's Oil Ministry expects to sign the initial contracts for the Mansuriyah and Akkas gas fields on 14th November, and for the Siba gas field the following day, Abdul-Mahdy al-Ameedi, head of the ministry's licensing and contracting office said on Thursday. "And after the signing we will send the initial contracts to the cabinet for […]
Shares in Sterling Energy (LSE: SEY), which has operations in the Kurdistan region of Iraq, fell 10% on Thursday morning following an Interim Management Statement for the period beginning 1 July 2010. HIGHLIGHTS · Sangaw North #1 exploration well is drilling ahead at 2,927m. · Production, net to Sterling from the Chinguetti field, averaged 621 […]
