Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Russia's Lukoil has awarded a mine clearing contract at Iraq's West Qurna 2 oil field to G4S Risk Management, a division of the London-based G4S Ordnance Management, Lukoil said in a statement sent to Dow Jones Newswires. Lukoil did not disclose the value of the contract, but said work should finish in early 2011, when […]
Spanish equipment rental company GAM (General de Alquiler de Maquinaria) has announced a major investment to enter the Iraqi market. Chief Operating Officer, Carlos Araoz, told IRN that the new depot in Erbil would be part funded using $20 million from an American source. "In Iraq I will not have Loxam or Lavendon competing with […]
Iraqi Kurds have not delivered on promises to ship 100,000 barrels of oil a day to the outside world through Iraqi national pipeline network, the Oil Ministry has said, according to Azzaman News Agency. “The Ministry of Natural Resources in the (Kurdish) region has exhibited no sign of cooperation so far. It has not supplied […]
Syria's Oil Minister Sufian Alao [Sufian Allaw] has met representatives of Chinese companies in Beijing to discuss the long-delayed refinery project that could help save Syria billions of dollars in fuel imports. The refinery could eventually take oil from Iraq, if political differences between Syria and Iraq that have delayed plans to re-activate an oil […]
Iraq plans to increase oil exports to Asia, especially India and China, the State Oil Marketing Organization (SOMO) Director General Falah al-Amri said in Baghdad. “Europe is an old market, and it has made plans to diversify away from oil to cleaner alternatives,” Amri said in a speech marking the 50th anniversary of the Organization […]
The Iraqi Oil Ministry is seeking to open more border crossings to make it easier for foreign firms to bring their oil equipment to Iraq. “Foreign firms working on boosting Iraq’s oil production submitted a request to the Kuwaiti authorities to open a border crossing so that they can bring their equipment into Iraq,” a […]
A Belgian dredger has arrived at Umm Qasr on Wednesday to work on increasing the depth of the shipping channel. The vessel is the 18,620 tonne trailing suction hopper dredger, the 'Francis Beaufort'. It is 142m in length, and has a maximum dredging depth of 71.5m. The report from AKnews says the project was facilitated […]
Gas companies bidding to develop three Iraqi gas fields (Mansouriya, Akkas, and Siba) have had the terms of the deal clarified. Reuters reports that the companies will not have to develop export facilities or pipelines, and that the Oil Ministry will pay the companies anyway so long as they have done the required work (even […]
Iraq is still planning to hold a licensing auction to award three major gas field licences as scheduled on 1st October, but according to Dow Jones, an Iraqi oil official has conceded that a delay is possible. Eleven international companies have paid the participation fees. They are reported to include Italy's Edison (EDN.MI), France's Total […]
Total's Chief Executive, Christophe de Margerie, said on Wednesday that he expected the company's output in Iraq to grow slowly. "We are still in an insecure environment," he said, according to a report from Reuters. "Don't tell me security is there, don't tell me that after the departure of certain soldiers that will create more […]
Shares in Petrel Resources (LSE: PET) were up 14% this morning following the release of its interim results. Chairman John Teeling confirms that "the focus of Petrel remains firmly on Iraq, but the parameters of operating in the country are changing", and reflects in his summary on Petrel's continuing 'Iraqi odyssey': Interim Results for the […]
Leigh Himsworth, Head of UK equities at Gartmore, has tipped Heritage Oil (LSE: HOIL) in UK's Investment Week. Heritage, which operates in Kurdistan and Africa, is singled out because: it has a good record of success; it is well funded in comparison to its peers; and it offers differentiation and diversification from core oil holdings […]
