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 […]
Archive | Iraq Oil & Gas News
Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Iraqi Gas Auction to be Delayed?
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 CEO Cautious on Halfaya Ramp-Up
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 […]
Petrel's Shares Jump 14%; Focus "Remains Firmly on Iraq"
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 […]
Tip of the Week: Heritage Oil 'Stands Out from the Crowd'
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 […]
Tags: Heritage Oil
Another Tender to Supply Halfaya Oilfield
China's CNPC and its partners have invited bids from energy companies to supply a liquefied petroleum gas (LPG) compressor unit for the 4.1 billion-barrel Halfaya oilfield, according to a report from Reuters. This is in addition to the tenders we reported on last week. State-run Maysan [Missan] Oil Company has invited bidders to supply and […]
Iraq's Crude Oil Exports Fell in August
Iraq's crude oil exports fell in August to 1.789 million barrels per day, a source at the Iraqi Oil Ministry said on Tuesay, according to Reuters. Average exports from the southern oil hub of Basra reached 1.45 million bpd, while exports from oilfields in the north around Kirkuk averaged 339,000 bpd. A combination of attacks […]
Tags: Iraq Oil Exports News
Groundstar Resources Operations Update
We reported yesterday on Vast Exporation's Qara Dagh operations in Kurdistan. Groundstar Resources (TSXV: GSA), Vast's partner in the project, have now given their take on the situation: Qara Dagh-1 well is drilling 12 1/4 inch hole at about 2,200 meters. The well was spud on 12 May 2010 with a planned total depth of […]
Iraq Cuts October Crude Supplies
Iraq will supply crude to two Asian term buyers at between 5 percent and 10 percent below contracted volumes for October, compared with near full volumes for September, traders said. (Source: Tehran Times)
Tags: Iraq Oil Exports News
Gulf Keystone Interim Results
Gulf Keystone (LSE: GKP), the independent oil and gas exploration company focused on exploration in the Kurdistan region of Northern Iraq, has announced its interim results for the six months to the end of June: Interim Results for the six months ended 30 June 2010 HIGHLIGHTS Financial Summary · Loss after tax $3.1 million (1H09: […]
Tags: Gulf Keystone
Iraq Oil Policy Needs Radical Change
A former Iraqi oil minister says the country needs a “radical revision” of its current oil policy in order to adapt to the new changes in the world. Speaking to AKnews, Ibrahim Bahr al-Ulum said, “Despite efforts by the oil ministry to raise the level of oil production, Iraq still lags behind other oil-producing nations.” […]
Tags: Ibrahim Bahr al-Ulum
Vast Exploration Updates on Kurdistan Drilling
Vast Exploration (TSX-V: VST) has issued a progress update on the drilling of its Qara Dagh -1 exploration well, and announced the appointment of General John P. Abizaid to the Advisory Board of the Company. The Qara Dagh Well was spud on 12 May 2010 with a planned total depth of 3,600 to 4,000 meters. […]
Tags: Qara Dagh, Vast Exploration