Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
South Korea's state-run petroleum company said on Tuesday that it has discovered crude oil reserves in two blocks in northern Iraq. AFP reports that the Maeil Business Newspaper said the reserves in the Bazian and Sangaw North blocks in the Kurdistan autonomous region are estimated to total two billion barrels. But the Korea National Oil […]
Iraq will produce natural gas in two years, and will become one of the most important gas exporters to Europe, according to a report from Aswat al-Iraq. As we recently reported, the fate of the three gas fields of Akkas, Mansouriya and Siba will be decided in October. A source from the Iraqi Oil Ministry […]
A former member of the Iraqi parliament has announced that Iraq lost oil wells in the border demarcation with Iran and Kuwait. Some other oil wells are located in the common Iraqi-Iranian borders in Faw and Khanaqin, but they are not divided between both parties. The Iraqi government has lost a great amount of its […]
Iraq and Kuwait are expected to reach an agreement soon setting guidelines for investing in oilfields which cross their desert border, The Kuwaiti Al Jarida daily reported on Monday, according to Reuters When Iraq invaded its Gulf Arab neighbour 20 years ago, Iraq accused Kuwait of stealing billions of dollars worth of oil from these […]
Following last week's announcement that Iraq will import gas from Iran, the country's senior deputy oil minister confirmed on Monday that it has tol Iran that it is ready to allow the transit of Iranian natural gas destined for Syria and Mediterranean countries. Kareem Al Luaby gave the confirmation to Dow Jones Newswires by telephone […]
Shares in Gulf Keystone rose 15% on Tuesday, following a 're-organisation of interests' in Iraqi Kurdistan - rumours also continue to circulate regarding a possible bid for the company from China. Gulf Keystone confirms that certain Production Sharing Contract ("PSC") amendments were approved and executed by the Kurdistan Regional Government (KRG) and all the other […]
Shares in WesternZagros Resources were up 4% in early trading, following an update on it's operations in Iraqi Kurdistan. The company reports that it has recovered an additional 1655 metres of drill string at the Kurdamir-1 well, with approximately 800 metres remaining in the well bore. The current operations have proven to take longer than […]
BPS Drilling has plans to open its operational office in the City of Erbil, located in the Kurdish Region of Iraq. BPS will open an operational office in the capital city of Erbil along with secure storage space to support its drilling operations. The company plans to include a full well test/early production facility as […]
Sterling Energy, the AIM listed independent oil & gas, exploration & production company with interests in the Middle East and Africa, has given an update on its activities at the Sangaw North exploration well, in Iraqi Kurdistan: Operations at the Sangaw North #1 exploration well have been halted following a failure of drilling rig equipment. […]
Associated Press reports that federal securities regulators are settling civil charges against two executives charged with bribing Iraqi officials for contracts to supply an oil processing chemical made by their company. The Securities and Exchange Commission says David Turner and Ousama Naaman will pay $1.35 million. It says they funneled $9.2 million to Iraqi and […]
A delegation from the U.S. Chamber of Commerce (USCC) arrived in Basra on Sunday to discuss investment projects and U.S. companies’ involvement with the province, according Max Haivanis, Senior Manager Middle Eastern Affairs. “A visit by USCC representatives to Basra is meant to set the stage for U.S. firms’ entry into business projects in the […]
By Ahmed Salih Al-Janabi - Amereller Legal Consultants (in association with MENA Associates). This article was originally published in Who's Who Legal, and is reproduced in full with their permission. For additional analysis on the status of this challenge, please click here. The Supreme Court of Iraq is currently considering the legality of the Rumaila […]
