Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
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 Europe. In common with some other countries, Iraq’s oil is priced relative to regional benchmark prices: * For shipments to US, contracts are priced are relative to the […]
China's CNPC and its partners Total and Petronas have invited oil service companies to bid for the redevelopment of 10 oil wells in the 4.1 billion-barrel Halfaya oilfield. Bidders are invited to provide acid stimulation services on 10 wells within a one-year period to maximize the inflow area of the wellbore in oil and gas […]
The Iraqi government has formed a committee to discuss its numerous disputes with the Kurdistan Regional Government (KRG), AKnews reports. Salam Yaseen, an economic adviser to the Iraqi government, told AKnews that the committee will discuss a range of issues with the Kurds including the oil and gas exports by the KRG that recently caused […]
By Tariq Abdell, Founder & Chairman, Mesopotamia Insight. The opinions expressed here are those of the author, and do not necessarily reflect the views of Iraq Business News. The end of U.S. combat operations in Iraq presents a unique opportunity for a new beginning in U.S.- Iraq’s relationship. However, given Iraq’s crippling challenges and U.S. […]
Iraq's South Oil Company, working with the IOCs, has set quarterly production targets for the country's southern oilfields for 2011, according to documents obtained by Reuters. Production is targeted reach an average of nearly 2.3m bpd by Q4 2011. Oilfields Q1 Q2 Q3 Q4 Rumaila 1,175,000 1,201,000 1,226,000 1,250,000 West Qurna 1 260,000 270,000 285,000 […]
South African President Jacob Zuma said there are no legal means to prosecute traders for paying bribes to win Iraqi oil contracts under the United Nations’ oil- for-food program that operated before 2003, according to a report from Bloomberg. Zuma closed an investigation into trader Sandile Majali, citing loopholes in local laws. Majali was named […]
Iraqi Oil Minister Hussain al-Shahristani sees no reason for OPEC to reconsider its current production levels at its next meeting, due to be held in Vienna on 14th October. According to report from Reuters, he sees no big demand for crude and says current production levels should be maintained, but OPEC should hold an extraordinary […]
Shell continues to work hard to deliver joint projects with its Iraqi partners, the South Gas Company, and expects a final agreement on the Heads of Agreement (HoA) soon, after the Iraqi cabinet endorsed the project end of June this year. This is according to the architect of the 2008 agreement, Mounir Bouaziz, Shell EP […]
Turkey's Energy and Natural Resources Minister, Taner Yıldız, has said Turkey will renew the agreement with Iraq for the Kirkuk-Yumurtalık crude oil pipeline on Sept. 19. The flow of oil through the pipeline was severely affected by the seven-year US occupation of Iraq. The very limited flow has continued to decrease over the last few […]
Iraq has tightened security around oil infrastructure and oilfields in the south, in response to intelligence suggesting al Qaeda and other insurgent groups plan to attack oil facilities, a security official said. Reuters reports that Ali al-Maliki, head of the municipal security committee in the southern oil hub of Basra, said the information indicated that […]
Reuters reports on Sunday that the cut in Baghdad's allocation of fuel to Iraqi Kurdistan is related to the admission last month that the region is has been exporting petroleum products through Iran. We reported at the weekend that the cut was in response to the new gas agreement between the Kurdistan Regional Government (KRG) […]
Seven years after the invasion that ousted Saddam Hussein, Iraq largely has been unable to revamp business laws that would help make the country more attractive to investors, according to a report from Bloomberg. “Investors still note security concerns, but now are more likely to cite regulatory hindrances and other practical barriers to doing business,” […]
