Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
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 […]
A survey of more than 300 senior executives by the Economist Intelligence Unit (EIU) found that foreign investors are still put off by violence in Iraq, but most companies believe the security situation will improve, despite the withdrawal of international troops. The EIU surveyed 367 senior executives from 52 countries about their perceptions of investment […]
Further to our report last week Halliburton has confirmed that it has been awarded a letter of intent by Shell Iraq Petroleum Development B.V. for the development of the Majnoon field in Southern Iraq. Dow Jones suggests the contract for the 15 wells could be worth $150m. The giant Majnoon field is one of the […]
Minister of Natural Resources in the Kurdistan Regional Government, Ashti Hawrami, announced on Thursday that his ministry seeks to increase the daily oil production in the region to 3-4 million barrels in the next four years, noting that revenues will increase during this period to $25 billion [30 trillion Iraqi dinars]. “The region has 45 […]
More details are coming to light regarding Petrofac's new contract in Iraq, about which we reported last week. Dow Jones reports that the two crude-oil processing plants will be at Iraq's super giant Majnoon oil field, which is run by Iraq's state-run South Oil Co., Royal Dutch Shell PLC (RDSA) and Malaysia's state-run Petronas, and […]
