Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Business Monitor International (BMI) has published a new report on business in Iraq. Summary: The oil sector contracts signed between Iraq and international energy companies in 2009 reflect the first stirrings of what the oil and gas industry hopes will be the reestablishment of a strong working relationship. Following years of underinvestment as a result […]
Iraq’s North Oil Company has drilled 31 new wells in latest bid to boost output from the aging Kirkuk’s oil fields, according to a report from Azzaman. Oil first was pumped from Kirkuk more than seven decades ago. Kirkuk’s fields, once believed to be one of the world’s largest, have seen their output fall to […]
The flow of crude oil from northern Iraq's Kirkuk oilfields has again been interrupted, according to a report from Dow Jones. Shipping agents report a technical fault since Sunday on the Turkish part of the Kirkuk-Ceyhan pipeline. This is the third time the flow has been suspended this month, sometimes due to technical faults and […]
A delegation from the Saudi al-Jumaih Holding Company briefed Iraqi Vice President Abdel Abdulmahdi [Adel Abdul Mahdi] on the projects the firm is planning in the oil and electricity sectors, according to a report from Aswat al-Iraq. Abdulmahdi welcomed the Saudi firm and all other Arab and foreign companies planning to invest in the Iraqi […]
Sterling Energy Plc, the AIM-listed independent oil & gas company with operations in Iraqi Kurdistan, provided an update this morning on its exploration well at Sangaw North. Further to the announcement dated 6 August 2010, the repairs to the Sakson drilling rig have now been completed and the rig has resumed operations. Sterling's plan is […]
We reported yesterday on the new gas deal between the Kurdistan Regional Government and the German giant RWE. Today, a new row has broken out between Erbil and Baghdad regarding the legality of Kurdish oil and gas contracts. Aswat al-Iraq reports that the Iraqi Oil Ministry, through the State Organization for Marketing Oil (SOMO), claimed […]
"Seven years after the U.S.-led invasion, Iraq's petroleum industry shows signs of living up to the potential that American planners hoped for at the start of the military operation, a potential boost to the war-ravaged country's economic recovery. "After fits and starts, Iraq's oil production has rebounded to pre-war levels." So reports the Wall Street […]
Iraq's oil minister, Hussain al-Shahristani, has said Baghdad will consider applying OPEC quotas once its crude oil production reaches at least 4 million barrels a day in two to three years, according to an Associated Press report. He says there is no rush to discuss quotas with other members of the Organization of the Petroleum […]
Prime Minister Barham Salih today announced the signing of a Cooperation Agreement between the Kurdistan Regional Government and RWE. The RWE Group is a leading European utilities company headquartered in Essen, Germany. It has extensive experience in the building, modernisation, and upgrading of energy infrastructure. Under the agreement, RWE will provide assistance to the KRG […]
Reuters reports that Russian energy company Lukoil and its partners have issued a tender for seismic surveys at Iraq's West Qurna-2 oilfield, according to a statement published on Saturday. Lukoil, which along with Norway's Statoil won a contract to develop the field, invited companies to bid for carrying out 3D field seismic surveys at the […]
PetroChina , the world's second-most valuable oil and gas producer after Exxon Mobil Corp, said on Thursday that it wants to further strengthen relationships with Iraq as it looks for new sources of oil. It is also focusing on Venezuela and Kazakhstan. The company was also in discussions for cooperation agreements with BP in the […]
Iraq, site of the world’s third-largest oil reserves, will hold a third bidding round for gas fields which will take place on October 1, an Oil Ministry official has confirmed, according to a report from Bloomberg. “Definitive model contracts and final tender protocols will be ready on September 10, and the bidding process will be […]
