Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Following our report of a guerrilla attack halting the transport of oil through the Kirkuk-Ceyhan pipeline, news agencies report the resumption of oil flow to the port through the second pipeline. Oil flow was restored to 350,000-400,000 barrels per day, the same rate as before the bombing, said an official with Iraq's North Oil Company […]
ShaMaran Petroleum Corp. (TSX VENTURE:SNM) has announced that the Company has entered into an agreement with the Kurdistan Regional Government of Iraq ("KRG") to amend the Pulkhana Block 10 and the Arbat Block Production Sharing Agreements ("PSC"). The amendments relieve the Company of its contractual requirement to allot 150 million common shares of ShaMaran for the […]
Baker Hughes (NYSE: BHI) announced it has signed a three-year strategic alliance with Iraq’s South Oil Company (SOC) to provide technical services to SOC’s wireline logging department in Burj Esya, Basra south Iraq. Under the terms of the technical services agreement (TSA), Baker Hughes will supply wireline technologies to SOC and other Iraqi oil and […]
WesternZagros Resources Ltd. (TSX VENTURE:WZR) ("WesternZagros" or "the Company") provides its results for the period ended June 30, 2010, key highlights, and activities to date. During the second quarter, the Company continued to drill the Kurdamir-1 well sidetrack. At a depth of 3,214 metres the well encountered high-pressure sour gas which resulted in well control […]
Iraq is starting the holy fasting month of Ramadan in blistering summer heat: up to 49 C (120 F) in places! It has been a hot week for oil news too: The Korea National Oil Corp (KNOC) hits oil in the Bazian and Sangaw North blocks in Kurdistan; Dana Gas has increased gas its production […]
Dana Gas PJSC, the Middle East’s largest regional, private sector, natural gas company, has announced its financial results for the quarter ended 30th June 2010. Revenue from the sale of hydrocarbons increased to AED 428 million, with gross profit reaching AED 179 million. These figures represent increases of 41% and 84% respectively, compared to the […]
A bomb attack stopped the export of oil through the Kirkuk-Ceyhan pipeline on Tuesday, and killed two people and wounded a third after their vehicles caught fire on a road that runs alongside the link. Reuters, citing a spokeswoman for Botas, Turkey's state-run pipeline operator, reported on Wednesday evening that "the fire continues, and the […]
2009 was a momentous year for Iraq’s oil and gas sector, for the first time in more than three decades, two bidding rounds took place. What was on offer? Development of just some of the countries prized oil and gas fields. In a country where investment from the world’s IOCs is vital to its development […]
The NGO Coordination Committee in Iraq (NCCI) has issued the following statement regarding the $8.7 billion of Iraqi funds that cannot be accounted for: Last week, the US Special Inspector General for Iraq Reconstruction (SIGIR) issued an audit stating that the Pentagon cannot account for 96 percent of $9.1 billion that was set aside for […]
Occidental Petroleum is planning to build a water desalination plant in Umm Qasr, Basra, an oil expert said on Monday. “The oil company seeks to implement the project as the South Oil Company refused to provide it with the water it requires to inject into wells to develop oilfields,” Dr. Jabar al-Halfi told Aswat al-Iraq […]
Gulf Keystone has announced the results of further testing of the Mus (1,627m to 1,667m) section of the Jurassic on its Shaikan-1 discovery well. Final, stable, production rates during this week's re-test, using a much improved test setup versus the original 2009 test, were measured at 1,250 bopd with an API gravity of 19.7 degrees […]
Based on a proposal from RAK Petroleum PCL and after consultation with other shareholders, the Board of DNO International recommended to the General Meeting (AGM) on 17 June 2010 that Dr. Zalmay Khalilzad and Ms. Shelley Watson be elected as new members of the Board of Directors. DNO has received the following statement from Dr. […]
