Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
Kuwait has given initial approval to open a special border crossing with neighbouring Iraq for international oil firms working there, an Iraqi oil official said on Monday, according to a report from Arab News. “There is kind of initial approval from Kuwait’s side,” Abdul-Mahdy al-Ameedi, director of the Oil Ministry’s licensing office, told Reuters. “This […]
The Najaf refinery increased production of oil derivatives by 32% in the first half of 2010, compared to the same period last year, according to the refinery’s director. “The refinery produced in the first half of 2010 33.4 million liters of Kerosene compared to 26 million liters in the same period last year, an increase […]
Iraq’s plans to expand its oil pipelines and other export facilities will cost $50 billion, the Middle East Economic Survey reported today, without saying where it got the information. As part of this program, the country intends to build a pipeline that would carry heavy oil from the Majnoon, East Baghdad, Qayara and Najma fields […]
US oil major Occidental Petroleum Corp and Indonesian state oil firm Pertamina have shown an interest in taking a stake in Sonangol's two Iraqi oilfield development projects, a company official said on Sunday. "Our proposal will be for Sonangol to have 45 per cent in Najmah and Qayara [Qaiyarah]," Sonangol executive J. da Graca Luis […]
British oil major BP, along with its partner China National Petroleum Corp, plans to increase production from Iraq's Rumaila oil field by more than 100,000 barrels a day at the beginning of next year, a BP executive said Sunday, according to a report in the Wall Street Journal. "Initial production will go up by 10% […]
Saudi industrial and energy services company Taqa (TAQA.AD) is considering investing $1.6 billion in pipelines and $133 million in offshore platforms in Qatar and Iraq, an Arabic newspaper said on Friday. Officials from Taqa told the Saudi-owned daily Asharq al-Awsat they were considering investing in the gas industry in Qatar and the oil industry in […]
Iraq expects the CNPC-operated al-Ahdab oilfield to have an initial production rate of 60,000 barrels per day from July 2011, Deputy Oil Minister Abdul Kareem Luaibi said on Sunday. Al-Ahdab was the first major oilfield development contract awarded by the Iraqi government after the 2003 US-led invasion when it agreed to revive a Saddam Hussein-era […]
France has taken a leap ahead of its rivals in the race to tap investment opportunities in Iraq by building a heavily fortified business centre and boutique hotel where businessmen can sleep, eat and work in safety, according to a report from Reuters. The complex, financed by private companies, is near the French embassy in […]
Iraq lacks appropriate measures in its energy sector that prevents it from managing its export revenues effectively, officials told the U.N. Security Council. Jun Yamazaki, the assistant secretary-general at the United Nations' office of planning and budgets, told the Security Council that Iraq needs to implement an oil-metering system to funnel export revenue toward development […]
According to one Iraqi politician, Iraq could afford to sever relations with Kuwait without any risk to its economy. Kuwait's relations with Iraq have been on decline for a while, so Iraq would not be harmed if it cut all its ties with this country, according to Wa'il Abdul-Latif [Wael Abdul Latif], of the Iraqi […]
Special equipment to dig 20 oil wells arrived in the al-Bazerkan oilfield in Amara, according to the media director of the Missan Oil Company. “U.S. oilfield services company, Weatherford (WFT.N) sent equipment to the oilfield to start digging 20 wells, 70 km east of Amara,” Ali Abbas told Aswat al-Iraq news agency. “The project will […]
Iraq's oil ministry is holding an international symposium beginning on Sunday to discuss the best ways for the government to co-ordinate and implement the country's oil expansion plans, a senior Iraqi oil official said Thursday. Two oil licensing auctions last year awarded 11 deals to international oil companies that promise to add nearly 10 million […]
