Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
A media department official in Wassit Council said on Sunday that they had expelled executives from the Al-Ahdab oil field accusing them of embezzling public funds. Taha Hassan Abdul told AKnews that the decision came after a delegation from Wasit council including its deputy chairman visited the field, 30 km west of Kut, with a […]
The Iraqi Oil Ministry is "optimistic" if it expects that Iraq is going to produce 12 million barrels per day in 2016, an Iraqi expert said on Monday. “It is a sort of optimism to think that Iraq could reach an oil production level of 12m barrels a day in six years,” Nazar Ahmed told […]
The investment outlook in Iraq will be probed at a key summit in Bahrain. In its ongoing commitment to provide intelligent market analysis for the region in a frank and open forum, Economist Conferences, part of The Economist Group, will host the Iraq Business and Investment Summit. It will be held at the Ritz-Carlton Bahrain, […]
Egyptian private- and public-sector officials have criticized the Foreign Ministry's seeming disregard for demands by the Trade Ministry’s Trade Representation Agency for US$1.1billion in compensation to be paid out to Egyptian companies and workers in Iraq as part of the UN's longstanding Oil-for-Food Program, according to a report in Al-Masry Al-Youm. Egyptian companies operating in […]
Iraq’s crude oil exports through Turkey “suddenly” dropped by about 20 percent due to a technical fault on the Iraqi side of the border, according to an official for the state-run North Oil Co, as reported by Bloomberg. “The flow suddenly dropped from the usual level of 600,000 barrels a day to between 400,000 and […]
The oil pipeline from the south oil reservoirs in Nasiriya to the reservoir at Kut has been re-opened, according to a report from the National Iraqi News Agency. Head of Wassit Provincial Council, Mahmoud Abdul-Ridha Talal, told (NINA): "The re-operation of the oil pipeline carrying oil between the two provinces will solve the serious and […]
Gulf Keystone Petroleum Limited (AIM: GKP) has announced that it received notification that on 23 September 2010 Lord Peter Truscott, a non-executive director of the Company, and his wife sold 33,000 common shares at an average price of £1.44 per share. Following this sale Lord and Lady Truscott are interested in 500,333 common shares representing […]
An Iraqi government spokesman said on Tuesday that the water injection project to help boost production from Iraq's southern oilfields is expected to exceed $10 billion. Reuters reports that Iraq's cabinet approved a plan on Tuesday to repay the cost of the scheme to the international oil companies that would need to initially fund the […]
BP's boss in Iraq says the political impasse that has delayed the formation of Iraq's new government for more than six monthsit has had no effect on its work on Iraq's biggest oilfield. BP is moving ahead with developing the supergiant Rumaila oilfield and could award new contracts for work in the field later in […]
Momentum Logistics, the Sharjah-based third-party logistics (3PL) service provider and subsidiary of international port management company, Gulftainer, has officially opened its new office in Erbil. The new office will allow Momentum to react more efficiently to the daily needs of its clients. Erbil is the management centre of the Northern Iraq's oil industry, and Momentum […]
Iraq has agreed to allow Kuwaitis who owned real estate in Iraq to recover property seized under Saddam Hussein's regime after the invasion of Kuwait 20 years ago, according to a report from Reuters. Kuwaitis can recover their Iraqi property provided there is no legal decision prohibiting it, Iraq’s government spokesman, Ali al-Dabbagh (pictured), said […]
Francisco Sánchez, Under Secretary of Commerce for International Trade, will lead a historic trade mission to Baghdad, Iraq, in October. Sánchez will accompany representatives from 14 U.S. companies on the department’s first trade mission to Iraq since the end of the U.S. combat mission in Iraq. “The U.S.-Iraq bilateral relationship is entering a new phase […]
