Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
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 […]
The Vice President of the Basra provincial council said on Friday that the visit of the U.S Deputy Defense Secretary to Iraq came to discuss the issue of attracting the foreign companies to work in Basra, according to a report from AKnews. "An extended meeting between the U.S Deputy Defense Secretary and a number of […]
The director of the Iraqi Ports Directorate objected to the Iraqi Municipalities Ministry’s decision to close Maaqal port, 10 km north of Basra city, according to a report from AKnews. Salah Khudair Abboud told AKnews that this decision is unfair since the Maaqal port receives more than 10 commercial ships each day. "The Directorate will […]
Iraq's proposed budget, which has gone to Cabinet, should give it a deficit of $18.6bn dollars in 2011 and surplus in 2012, according to Kippreport. Iraq's huge reliance on oil will continue as it needs 2.4m barrels of oil per day next year to reach its target, said Deputy Finance Minister Fadhil Nabi. Assuming an oil price […]
Iraq's Ministry of Oil will auction off more gas fields on the 20th October 2010. Xinhua was told by an official: "The bidding for the gas fields of Akkas in Iraq's western province of Anbar, Mansuriyah in eastern Diyala province and Siba in the southern province of Basra, will be held on October 20th." Ministry of […]
American companies should invest in Iraq now to avoid losing out on opportunities to other international firms, Under Secretary of Commerce Francisco Sanchez said during a trade mission to Iraq. According to the report in Reuters, he urged corporate leaders to hurry while acknowledging that security concerns remained high. "The time is now. I think […]
