Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Iraq has tightened security around oil infrastructure and oilfields in the south, in response to intelligence suggesting al Qaeda and other insurgent groups plan to attack oil facilities, a security official said. Reuters reports that Ali al-Maliki, head of the municipal security committee in the southern oil hub of Basra, said the information indicated that […]
Reuters reports on Sunday that the cut in Baghdad's allocation of fuel to Iraqi Kurdistan is related to the admission last month that the region is has been exporting petroleum products through Iran. We reported at the weekend that the cut was in response to the new gas agreement between the Kurdistan Regional Government (KRG) […]
Seven years after the invasion that ousted Saddam Hussein, Iraq largely has been unable to revamp business laws that would help make the country more attractive to investors, according to a report from Bloomberg. “Investors still note security concerns, but now are more likely to cite regulatory hindrances and other practical barriers to doing business,” […]
Gulf Keystone (LSE: GKP), the Kurdistan-focused oil explorer widely rumoured to be a takeover target, has announced the commencement of drilling operations on its Shaikan-3 appraisal well, effective September 2, 2010. This is a shallow appraisal well, very close to the Shaikan-1 well, the site of last year's discovery of the giant Shaikan oil field. […]
Germany's Siemens is eyeing up electricity investments in Basra. “A delegation from Siemens met today (Sept. 2) with officials of the provincial council’s electricity committee to discuss ways to carry out projects in the power sector in Basra,” Ziyad Ali told Aswat al-Iraq news agency. “The delegation expressed readiness to carry out power projects in […]
ShaMaran Petroleum (TSX VENTURE:SNM), the Canadian oil company with operations in Iraqi Kurdistan, has announced a new share placing to raise capital. The Vancouver-based company has agreed to sell, on a non-brokered, private placement basis, an aggregate of up to 111.2 million common shares at a price of Cdn $0.45 per share for gross proceeds […]
Baghdad has increased the stakes in the row that has flared up over the new German/Kurdish gas contract. Last week we reported on the dispute relating to KRG's agreement with German energy giant RWE. Now AKnews reports that the Iraqi oil ministry said last week that it will cut Kurdistan’s fuel share in half as […]
The German government has refused to be drawn into the row over RWE's new gas agreement with the Kustdistan Regional Government. The Iraqi oil ministry has said the agreement is illegal because the country's oil and gas are federal resources to be administered centrally. Asked about the dispute, a spokesman for the German economy ministry […]
Iraq exported around 320,000 barrels of oil to Jordan during August 2010, according to Aswat al-Iraq. “The transportation process by trucks is going very well,” a source told the news agency on Thursday. He referred to a high-level of coordination between Iraq and Jordan to facilitate the oil transportation process. (Source: Aswat al-Iraq)
Speculation that Gulf Keystone Petroleum (LON:GKP), which has significant operations in Iraqi Kurdistan, will become a takeover target continues today, following a report from small-cap broker Daniel Stewart & Co. Following an analyst field trip to the Kurdistan region of Northern Iraq, the broker's oil and gas expert Richard Nolan said the company had “astonishing […]
US President Barack Obama delivered a major speech from the Oval Office on Tuesday, marking the official end of combat operations in Iraq. As just over 50,000 US troops will remain in the country until the end of 2011 in non-combat roles, the real significance of the military draw-down is hotly debated. But it is […]
DNO's shares were up 0.9% in mid-morning trading on the Oslo stock exchange, following the release of July production figures. DNO’s working interest production increased from 23,478 bopd in June to 27,279 bopd in July, and net entitlement production increased from 15,135 to 17,621 bopd. The increase is mainly due to higher deliveries of crude […]
