Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
KBR (NYSE: KBR) today announced that it has been awarded two contracts by the Republic of Iraq Ministry of Oil through the South Refineries Company. KBR will provide licensing and basic engineering services for the construction of Fluid Catalytic Cracking (FCC) and Solvent Deasphalting (SDA) units at the planned grassroots Maissan Refinery in Maissan [Maysan], […]
Kuwait has signed an agreement to share oil from cross-border fields with Iraq and is waiting for its northern neighbour to reciprocate, the emirate’s oil minister has said, according to a report from The National. The deal could help to smooth the often thorny relationship between the two countries 20 years after Saddam Hussein’s armies […]
By Jody Ray Bennett for ISN Security Watch In hopes of making good on a campaign promise just months before the November elections, President Barack Obama successfully oversaw the last of combat troops depart from Iraq just a few weeks shy of the 31 August deadline. While 50,000 soldiers will remain in Iraq as ‘advisors,’ […]
Revenue from Iraq's crude oil exports increased 3% to $4.009 billion in July, compared with $3.889 billion in June, the Iraqi oil ministry said in a statement Tuesday. It said Baghdad sold its crude oil at an average price of $71.21 a barrel in July (versus $71.10 per barrel in June). July oil revenue brought […]
Iraq has intensified efforts to resolve its debt problems with neighboring Kuwait, in order to end the international restrictions imposed on the country following the invasion of Kuwait two decades ago, said Iraq’s deputy foreign minister. Iraq was placed under United Nations’ Chapter 7 status in 1991 after Saddam Hussein invaded Kuwait. Speaking to AKnews, […]
Iraq expects to increase daily crude production by about 13 percent next year, an Oil Ministry official said. “We expect an increase of about 300,000 barrels per day,” Abdul Mahdy al-Ameedi, deputy director general at Iraq’s Petroleum Contracts and Licensing Directorate (PCLD), said in a telephone interview with Bloomberg. “This includes about 60,000 barrels per […]
China's CNPC and its partners plan to start drilling new wells next month in Iraq's Halfaya oilfield as part of a plan to boost output to 70,000 barrels per day in 2011, a CNPC executive said on Tuesday, as reported by Reuters. CNPC has a 37.5 percent interest in the consortium with French oil major […]
Reuters, quoting a top Russian official, says Russia's largest oil producer Rosneft will invest $630 million in a joint project with UAE firm Crescent Petroleum to drill for gas in the Middle East. In May, Rosneft's Chairman Igor Sechin, who is also Russia's Deputy Prime Minister, said Russia was keen for projects to drill for […]
Following our recent reporting of Petrofac's (LSE: PFC) new business in Iraq's Majnoon oilfield, the company issued its half-year results this morning (Monday). While the only reference to Iraqi business in the results was the following statement: "In Iraq, we have commenced early stage engineering work for an International Oil Company which is expected to […]
Shares in oil rig manufacturer Lamprell (LSE: LAM) were up 3% in early trading on Monday following the announcement of its half-year earnings, but gave up those gains in the afternoon to close down 1.3% at 260.4p. The company identified Iraq as a key target over the coming years. In his Chairman's Statement, Jonathan Silver […]
The Nabucco pipeline project has taken another step forward. At their latest Steering Committee meeting in Ankara, the shareholders agreed on a modification of the feeder line concept. Two feeder lines were confirmed and the respective engineering works were ordered but due to the current political situation, Nabucco Gas Pipeline International is not planning a […]
Iraq's Oil Ministry hopes to resume supply through the Kirkuk-Ceyhan pipeline by Thursday, after a rupture halted the flow of crude, a spokesman said on Sunday. Pumping was halted early on Saturday; the cause of the rupture was not immediately clear but an official at Iraq's North Oil Co said on Sunday that it was […]
